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My car loan balance is 99 cents...

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Valued Contributor

My car loan balance is 99 cents...

Yeah, I did that on purpose. I bought another car in January so I've had two loans since then. I didn't want to take the hit for having a high balance to loan ratio so I've been carrying the first loan as long as I can. I made my last full payment yesterday.  The final payment would have been about $20 but I paid it down to 99 cents... just because.  My total loan balance will be at 95% after the first loan is paid off. Courious to see what that will do to my scores. 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Apple Rewards - $15,000 / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / JC Penney - $10,000 / Discover IT - $9700 / Discover IT - $7500
NFCU - $7300 / Barclay Rewards - $5400 / DCU - $5,000 / Merrick - $2400 - Total - $154,300

EQ - 765 / TU - 761 / EX - 755
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2 REPLIES 2
Valued Contributor

Re: My car loan balance is 99 cents...

Wouldn't be surprised if you received a letter thanking you for paying off your loan.  Depending on which lender they may just do an account adjustment for the $.99 and zero balance the account.  

Ch 7 Discharge 3/12/2018
Cap One QS1 $3,500, Wayfair $5,000, Blaze MC $3,000, Kohls $500
Infiniti Financial lease

AU Cards: CSP $40.7k; Chase Marriott $20k; Discover $7.8k; CapOne Venture $30k
Message 2 of 3
Frequent Contributor

Re: My car loan balance is 99 cents...

Yeah, companies tend to write off small balances like that.  I love the strategy as I'm doing pretty much the same thing.  With a 1.9% loan my next payment is not technically due until 9/2022 and I've brought the balance down to 20%, will probably bring it down to 1% by the end of the year and let it ride until my MTG re-fi done in 8/2018 drops another 20K or so as I'm paying extra principal on the MTG.  Current combined loan balances = 73.5%, which seems sufficient for my profile to hit 850.



FICO 8 as of 09/17/19
FICO 9 as of 09/02/19
AoOA - 23Y6M | AAoA - 11Y4M | AoYA - 0Y1M
1 30 day late on EX (12/2012)
Open: 9 CC | 2 RC | 1 PLOC | 1 MTG loan | 1 Auto loan
Closed: 1 MTG loan | 1 Auto loan | 2 RC
Message 3 of 3
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