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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 / Barclay Apple Rewards - $18,000 / Lowe’s - $17,000 / Cap 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / JC Penney - $10,000 / Discover IT - $9700 / Discover IT - $7500
NFCU - $8800 / Barclay Rewards - $5400 / DCU - $5,000 / Merrick - $2400 - Total - $158,800
Message 1 of 14
13 REPLIES 13
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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 VentureOne $3,500, CapOne Savor $3,000, Kohls $2,000, BBVA $2,500

Closed CreditOne $800, Blaze MC $3,000, Waufair $5,000

Infiniti Financial lease
Subaru/Chase 1.99%

Message 2 of 14
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Established 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: 09/11/20 AU 8 BC 8
FICO - 9: 09/11/20 AU 9 BC 9
F5,F4,F2 09/11/20 AU... BC...
Vantage 09/11/20
AoOA - 24Y6M | AoYA – 1Y0M | AAoA – 12Y1M
Open: 10 CC: (1 reporting 27.72% - 5.84% AGG UTL) | 1 PLOC | 1 MTG loan: 76.67% UTL | 1 Auto loan: 2.13% UTL
Closed: 1 MTG loan | 1 Auto loan | (EQ) 2 CC, (EX & TU) 1 CC
INQ: (EQ) 0/24 | (TU) 0/24 | (EX) 1/24
Message 3 of 14
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Community Leader
Senior Contributor

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

Last time I had a car loan, I had automatic deductions set up for payment through my credit union, who financed the car. The final payment there must be made in person. When my second to last payment was deducted, it left a final payment of 12 cents. The teller, two other customers, and I all got a good laugh when I went in, walked up, slapped a dime and two pennies on the counter, and said “I’m here to pay off my car!”


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





TCL $80,350 | Agg. Util under 5%
Message 4 of 14
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Valued Contributor

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

DCU has been slow to report accounts lately. They finally updated the balance for my auto loan. They're reporting the account closed/paid. I think I'll head over to their site and make my 99 cent payment. It's not as interesting as 12 cents though Smiley Happy 

Cap 1 - $23,000 / Barclay Apple Rewards - $18,000 / Lowe’s - $17,000 / Cap 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / JC Penney - $10,000 / Discover IT - $9700 / Discover IT - $7500
NFCU - $8800 / Barclay Rewards - $5400 / DCU - $5,000 / Merrick - $2400 - Total - $158,800
Message 5 of 14
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Established Contributor

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


@ImTheDevil wrote:
Last time I had a car loan, I had automatic deductions set up for payment through my credit union, who financed the car. The final payment there must be made in person. When my second to last payment was deducted, it left a final payment of 12 cents. The teller, two other customers, and I all got a good laugh when I went in, walked up, slapped a dime and two pennies on the counter, and said “I’m here to pay off my car!”

I was totally going to suggest he show up with two rolls of pennies to pay off the loan!  



Message 6 of 14
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Community Leader
Senior Contributor

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

^^^ I agree completely 😂


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





TCL $80,350 | Agg. Util under 5%
Message 7 of 14
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Senior Contributor

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


@RobertJ wrote:

I was totally going to suggest he show up with two rolls of pennies to pay off the loan!  

But wouldn't it suck if the two rolls were a penny short each?  Never trust anythang rolledSmiley TongueSmiley SurprisedSmiley LOL

”MY TAKE HOME PAY DON’T TAKE ME HOME”
Message 8 of 14
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Established Contributor

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


@GApeachy wrote:

@RobertJ wrote:

I was totally going to suggest he show up with two rolls of pennies to pay off the loan!  

But wouldn't it suck if the two rolls were a penny short each?  Never trust anythang rolledSmiley TongueSmiley SurprisedSmiley LOL


They'd count them too no doubt!  Smiley Very Happy



Message 9 of 14
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Senior Contributor

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


@RobertJ wrote:

@GApeachy wrote:

@RobertJ wrote:

I was totally going to suggest he show up with two rolls of pennies to pay off the loan!  

But wouldn't it suck if the two rolls were a penny short each?  Never trust anythang rolledSmiley TongueSmiley SurprisedSmiley LOL


They'd count them too no doubt!  Smiley Very Happy


I'm showing my age.  Forgot they've improved. Back in the day, all we did was take in the rolls, make sure they wrote their name and account number on them, send them to vault for proof.  Ahhhh technology.

”MY TAKE HOME PAY DON’T TAKE ME HOME”
Message 10 of 14
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