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If you owe $5k on your car, you should check book value and see if you owe more or less than it's actually worth. If what you owe is less(ex, car is worth 15k), than it doesn't make any difference. However, if you owe 5 grand on a car worth less than 5 grand, then the payments might be better off being absorbed into a mortgage. Five thousand over 30 years adds very little, you own the car free and clear and that much more is in your pocket each month.
Car payments are one of our biggest wastes of monthly income-granted, you're paying for a big ticket, longterm ownership(in most cases), but depreciation on all but the most desirable and/or expensive cars many times outruns the balances owed.
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Don't blame me. I didn't vote for either of'em.
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