"If I pay the “payoff” amount on my car, will I still owe the bank monthly payments? "
"I've saved up enough money to pay the ""payoff"" amount on my car loan, which is about $8,000. If I go ahead and put this money to use, will I still be stuck with monthly payments?
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Answered on May 05, 2021
“If the bank’s website says that $15,000 is your payoff amount, that is what you owe them for the car. If you pay that amount, you will have paid off the loan and you will own the car free and clear. Therefore, you will not owe the bank any more monthly payments, including interest.
That being said, you should call your lender and verify that the payoff amount is correct, as sometimes it can take a while for data to be updated and you don’t want to pay the bank more than you owe them. “
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