I went back and forth about it and I wrote about it on the blog. Yesterday, it finally happened. Chase Auto Finance is no longer a part of my life (as soon as the check clears and I get my title).
I wrote the check and put it in the mail yesterday for the full payoff of my auto loan. I've never written a check that big before and it was really hard. My hand was shaking the whole time and I think I smoked about three cigarettes before I finished writing the check. I had my buddy come over and drive me to the post office just to make sure I got that check out of my hands before I changed my mind. It's now safely stored in post office's outgoing mail bin with a destination of Chase Auto Finance's retail payoff department in Fort Worth, Texas
I'd originally said that I wanted to wait until I would have at least $20k in liquid funds remaining after I paid off the car loan. I didn't wait that long. After writing a check for $22,895.52; I have around $17k remaining in my savings account.
I should be happy about this but I'm not. I feel like Murphy is lurking around the corner with a huge financial emergency that will wipe me out and cause me to take on additional debt.
Why did I decide to go ahead and pay it off? I got tired of swimming against the current. Trying to build wealth while still paying interest is counterproductive. While it's true that my net worth is increasing, I feel the $555.91 car payment I was sending to Chase can be used to help build my net worth even faster. It will also help me breathe a little easier every month.
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