Would you give up your savings account to lower your car payment?

Question

i don't have a huge amount of money in my account but enough to keep me feeling safe...should i forfeit it to refinance my double upside vehicle and reduce my monthly payment by 200 bucks or (btw i wouldn't be adding anymore months of payment) or should i just deal so i can rest assured if i got fired i'd be fine..or should i take the chance and save myself some money and free up some money each month..

also my payment is quite high..to the tune of 450 a month and i have a little less than 5 years to pay still..

and i qualify for section 8 housing

i didn't buy beyond my means, somebody made an illegal left in front of a bus..nearly totaled my old car..when igot it back it wasn't working..it cost me almost 8000 more plus the price of the cheapest new vehicle i could find..at the time i needed a very reliable vehicle so i had to buy new...amongst the fact i got bait and switched when buying the new car...it's a mess..but now i have a high payment, what do you guys think?.

Answer 1

Of course.  Let's just say you had a car that was paid for.  Would you go take out a loan against your car and put the money in the bank?  Of course not.  That would be stupid.  it's REAL EASY to go back in debt when you get in trouble.  You don't have to stay in debt.  That makes other people rich.  Make yourself rich.  Think of yourself.

Everybody who's not a nut takes money out of the bank to buy a car.

As for Sam's answer, all I can say is this.  Don't worry Sam, about all that money you borrowed and didn't pay back. I work hard, and I pay my bills.  I paid your part too.  Lots of Americans who work to earn money took care of you. So don't you worry about it.

Answer 2

Heres the real question.....Would you invest money on something that is going to loss it value?  Keep in mind...the investment you did by buying a car is a short term investment that goes south.  Its not like investing money into cd's where in the future is going to give you positive results.  As time goes and the more you drive, the less your car is worth.  You are not going to recieved all the money you payed for when you bouth, are you?  In case of and accident, the insurance company is not going to pay you the total amount of the loan, right? The insurance company will pay you market value for the car....not the money you paid tours the car....lets hope at least covers the amount due, or if you have gap coverage than you dont have nothing to worry about.  I would do one of two things, pay what ever extra money i have to the principa of the loan, that way i couldl pay it fater, or just put what ever money i have save up into a cd and save it for a rainy day and just bite the bullet with your payment. Who knows, that rainy day could be when you cant make your payment

Answer 3

all i have to say is this.. i gave up some C.D's and my savings to pay off debts...  and still was hip deep.. was NOT worth it...

i eventually filed for bankruptcy and kept everything..  except the money i threw away trying to keep up with payments.

qualify for what you can but.. don't give up your savings.