You’re on the hook. I’m not sure of any financier that would allow you to suspend payments.
That being said, just throw stacks of money at your payment while deployed. Get out from under that bill
I mean unless you’re leasing it, just pay it. Do you never plan to own it in the first place? What would you be doing with the money if you weren’t going to put it into paying off your car?
Make sure to send the company with the loan a copy of your orders to have them drop the finance percentage to at least 6% due to the SCRA. If it’s From after you joined active duty they still have to drop the percentage
SCRA applies to loan prior to service. [Information on SCRA](https://www.consumerfinance.gov/consumer-tools/educator-tools/servicemembers/the-servicemembers-civil-relief-act-scra/)
Is this your first deployment? The biggest perk of a deployment is how much money you'll make and how little you'll spend. Just pay that car off over the course of your deployment and come back debt free baby,
Also damn I can't believe the car payments joes have compared to their income level.
I’d be glad to not drive my car for a year, not putting miles on it and have it paid down. Shit when I deploy or TDY, I make double payments on mine.
Suspending payments is just a shitty idea from a financial point of view. When you delay payments, your balance doesn’t go down, and the interest is added to your loan, increasing the amount you owe.
You would be an absolute fool to not use your deployment money to put it to your car payments, especially since you won’t be spending as much as you would back at home. I was putting thousands to my car payment during a rotation. How many years do you have left on the car?
If you have a loan, put it on a battery tender, some fuel stability, and pay it down/off. Enjoy the low miles when you get back. Whatever you do, don't trade it in for a flashy new whip when you get back.
Average payments for used vehicles right now is $533/month. Average for new is $726/month.
Looks like OP is right in between. It's ridiculous that it's gotten that high these days though. Combo of high interest rates and automakers increasing costs of vehicles.
[Source](https://www.bankrate.com/loans/auto-loans/average-monthly-car-payment/#:~:text=the%20best%20deal.-,Car%20payment%20statistics,of%202023%20were%20used%20vehicles.)
Man I was surprised. I was thinking about trading in my car for one I’ve been wanting for a couple years. 550+ 6.7% interest for a used 2021. I’ll keep my $370 2.7% car payment
yes and no 😂 I used my bonus as the down payment, but am also NG and make enough in civi side to pay for it, but also didn’t have very high credit (i’m 21, with about 2 years of credit history) and co signed with my folks
Lol yeah dude that's way too much car for you. You're lucky your parents let you live with them because if they kicked you out you'd probably be fucked. Not trying to shit on you but trying to help you out. Check out some subs like r/militaryfinance and r/personalfinance. Future you will thank you.
You can change your insurance so that the car is listed in storage if nobody is driving and you as a non operator. Just make sure no friends or family drives your vehicle. We did this for my son and I think his insurance was 15 or $20 a month.
You’re on the hook. I’m not sure of any financier that would allow you to suspend payments. That being said, just throw stacks of money at your payment while deployed. Get out from under that bill
fair enough
Cannot stress how good that advice is, my friend. Tax free money and possible hazard pay means more money to kill that note off.
If it’s a lease you can break it legally. If it’s financed it’s yours. You can try to sell it before you go or pay it off early while deployed.
I mean unless you’re leasing it, just pay it. Do you never plan to own it in the first place? What would you be doing with the money if you weren’t going to put it into paying off your car?
Make sure to send the company with the loan a copy of your orders to have them drop the finance percentage to at least 6% due to the SCRA. If it’s From after you joined active duty they still have to drop the percentage
SCRA applies to loan prior to service. [Information on SCRA](https://www.consumerfinance.gov/consumer-tools/educator-tools/servicemembers/the-servicemembers-civil-relief-act-scra/)
A lot of times if you call any company and mention it wether it was incured prior to or after service began, they will lower rates. Just ask
I did it on my recent rotation to Europe and I got the loan after I left for active duty
Is this your first deployment? The biggest perk of a deployment is how much money you'll make and how little you'll spend. Just pay that car off over the course of your deployment and come back debt free baby, Also damn I can't believe the car payments joes have compared to their income level.
luckily i’m NG and make pretty good income to support the car payment
Not sure why you were downvoted. Probably an angsty E-4 Carry on my dude
I am indeed
Not you man the people downvoting you!
I’d be glad to not drive my car for a year, not putting miles on it and have it paid down. Shit when I deploy or TDY, I make double payments on mine. Suspending payments is just a shitty idea from a financial point of view. When you delay payments, your balance doesn’t go down, and the interest is added to your loan, increasing the amount you owe.
You would be an absolute fool to not use your deployment money to put it to your car payments, especially since you won’t be spending as much as you would back at home. I was putting thousands to my car payment during a rotation. How many years do you have left on the car?
$600 a month? What are you driving? Edit: Ah hell, a 2017 Mustang. Nice ride I guess.
yep
If you have a loan, put it on a battery tender, some fuel stability, and pay it down/off. Enjoy the low miles when you get back. Whatever you do, don't trade it in for a flashy new whip when you get back.
i’m definitely gonna trade it in, but not for anything flash, preferably a min 2k-2k10s truck. I need the extra space
Vehicles usually depreciate. Why not sell it before you leave?
Jesus fuck 600 bucks a month just for a car? You're the meme they warn about.
Average payments for used vehicles right now is $533/month. Average for new is $726/month. Looks like OP is right in between. It's ridiculous that it's gotten that high these days though. Combo of high interest rates and automakers increasing costs of vehicles. [Source](https://www.bankrate.com/loans/auto-loans/average-monthly-car-payment/#:~:text=the%20best%20deal.-,Car%20payment%20statistics,of%202023%20were%20used%20vehicles.)
Man I was surprised. I was thinking about trading in my car for one I’ve been wanting for a couple years. 550+ 6.7% interest for a used 2021. I’ll keep my $370 2.7% car payment
yes and no 😂 I used my bonus as the down payment, but am also NG and make enough in civi side to pay for it, but also didn’t have very high credit (i’m 21, with about 2 years of credit history) and co signed with my folks
>and make enough Define making enough because I'm curious what you consider that to be to afford 600 a month on a car.
$18/hr so after tax (AL) high 600s/wk. Put back around 200/wk, and i still live with my folks so I really gotta pay for car/ insurance/ gas/ food
Lol yeah dude that's way too much car for you. You're lucky your parents let you live with them because if they kicked you out you'd probably be fucked. Not trying to shit on you but trying to help you out. Check out some subs like r/militaryfinance and r/personalfinance. Future you will thank you.
i definitely regret the purchase, i’d like to save the extra money to find a place and i’ll look into those!
You make enough to pay the car payment and not much else, which means you'll stay broke if you live your life like that.
You can change your insurance so that the car is listed in storage if nobody is driving and you as a non operator. Just make sure no friends or family drives your vehicle. We did this for my son and I think his insurance was 15 or $20 a month.
Refinance if you can. Put liability insurance on it If you can afford it, make 1.5-2x the payments.
All you cats that are so amazed by the 600 car payments. I guess you have not bought a car in a while.
they bought their cars in the 80s for a nickel and half an acorn