Split It With You
Dustin's wife's car is financed through her mother, and her father pays half of the car payment each month. They have enough money to pay the car off. Should they?
QUESTION: Dustin in Dallas and his wife are debt-free except for her car and their house. Her car is financed through her mother, and her father pays half of the car payment each month. They owe $7,700 on it. They have enough money to pay the car off in full. Should they even though her dad is paying $100 of the payment each month?
ANSWER: If her dad sends you $100 each month, then ask him to continue doing that for the rest of the car payment period, and you pay the car off with your cash now. Him paying the $100 was your deal; that’s not dishonest. He promised to do that.
I would definitely pay that off and get the car in your name. This car just represents drama looking for a place to happen if it hasn’t already. Tell your dad to please keep sending the checks, but since we want to be out of debt, we paid it off. You would appreciate if he followed through on the agreement, but if he doesn’t, then he doesn’t. If he doesn’t pay it now, then you have to pay it. I’d be rid of this potential issue for sure.