Refinancing My Car

Somewhere in there we bought a 2007 Chevy Impala LTZ that cost us about $28,000 and a 6 year loan. This was an impulse buy that we never should have done. At the time, the goal was to sell this investment property and have the profits pay for half the car, then we would refinance it for a normal loan. The problem was that we were never able to sell the house, it turned into a rental. Now we had this $560/mo payment that we couldn't afford, not to even mention my own car which was another $489/mo.

My own loan for $489/mo was going to be ending in a few months anyway. However, I did have the funds to pay it off, if I chose to. At 1.9% it seemed pointless to pay it off. I would make more leaving it in the bank. So I decided to leave regular monthly payments, and pull the money from savings as needed.

I went to e-loan.com and had them bid for my wife's loan. I got two offers. One from RoadRules or some such nonsense, and one from Wachovia. Guess which one we went with?

They only lowered the payment by like $20/mo, so in that way it wasn't worth it. The thing is, since we lowered our interest rate from 10% to 8% it ended up shortening our term by two months. i also got to skip a month's payment as well.

Did I really skip the payment? Nope, put it into the savings account.

Lowered Interest Rate from 10% to 8%
Shortened Loan Term by 2 months
Skipped 1 payment worth $560