For the past year all scores have been around 690 and 710. So all I have to do is go in and ask for the car to be taken off as collateral? I would also be telling them about paying it off. Would I just say "take the car off the loan and switch it to unsecured?"...or "remove the lien from the car so I can sell it and I will pay off the loan once the car is no longer collateral."
I just want the car off before I pay off the loan. If I had the choice to have a security free loan or a secured loan, I should just be able to go there and have them switch the wording and APR of the loan to unsecured and then pay off the balance. Its a 36-month loan that I will have paid off in 6 months.
The lein will remain on the car until the loan is paid off since your used it as collateral for the loan.
Talk to a loan officer about their policy on switching the loan type... It may be considered a new loan.
Payoff the Discover due this year so they do not charge you interest going back to day one. I think if you pay off the Discover by November you will have incurred 0 interest. You can then work on paying off the other CC and get 0 interest there. Your auto loan rate is actually pretty good. That would be the least on my list. Just my two cents.
Best wishes on your decision.
My thought process is simple. I will approach the CU and request them to remove the car from the secured loan and convert the PL to unsecured. Eventually, your apr will increase, but that's not a big deal considering your loan amount. Once your car is lien free, you can sell it to your bro and get his monthly payment to pay your personal loan. With 3K bonus, pay off discover and work around to pay remaining 700 within next 2 month. And for CITI, you should start pay more than min amt due to reduce the total outstanding so that it will be easy for you to pay off during december...even if you fail to completely pay off citi, the interest + reduced outstanding balance cannot be an uncontrolled one..