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CAR PAYMENTS?

Posted by on Apr. 8, 2009 at 1:20 PM
  • 4 Replies

ok we have tiny bits of money a month that is extra. i wanted to pay down the new car, not pay off, just pay extra a month. i have heard lots of different ways of going about this, and i was wondering what you guys do/have done?! i was told a few things, first that i should not write it all in one check, that i need to make my normal payment with one check, then a separate check for the amount over. why is that? and that i needed to write something about 'principal only' on the second check or i will be paying the interest as well. so if anyone out there has any good financial advice about this it would be greatly appreciated. thanks!

by on Apr. 8, 2009 at 1:20 PM
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Replies (1-4):
orange4agua72
by on Apr. 8, 2009 at 1:24 PM

I don't know about writing a separate check, but you DO need to specify Principle ONLY for the extra part or they will apply it to the total!!!


For You formed my inward parts; You covered me in my mother's womb. I will praise You, for I am fearfully and wonderfully made; Marvelous are Your works, And that my soul knows very well. Psalm 139:13-14

chamelinmom
by on Apr. 8, 2009 at 1:28 PM

ive never heard of the double check, i always paid over when i had my truck before i had my kids, i paid it off in 9 months. The rest of our vehicals we paid stright out no payments or anything. It is going to be interesting for my dh. I keep trying to get his credit better, he has none and i have it all. We need to get a bigger vehical soon so im going to try to put it in his name so his credit can go up too. We want to get a house soon. Right now we are dept free

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canthaveboys1
by on Apr. 8, 2009 at 1:32 PM

On my statment it has lines where you can tell them how much you want applied to what. I dont know about seprate checks that sounds silly to me. 

fcangel9
by on Apr. 8, 2009 at 1:34 PM

the way i always did it was i would send my check for my payment and write a seperate check and in the memo line "for principal amount only"

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