Omg I get the NYC market lol. It’s not smart but I’m doing the same in a different state for different reasons…. just make sure you have a tight lease cause NYC landlords are sharks.

Edit: also get a NYC real estate lawyer just to double check lease if you’re going through with it.

Edit#2: because I’m still thinking about this and having dealt with a lot of NYC landlords.. no matter how many buildings they own, they will nickel and dime you over everything. Just be careful!

Never pay any bill before it is due, unless there is interest involved, and it's more than you're earning on the money.

Yeah, but if OP listened to you and contributed 11%, they'd have made an excess contribution that they'd have to deal with.

The problem of people getting flagged by banks' risk management system is almost always with the person, either with their personal information, behaviors, or both.

Ally Bank has been around for 100+ years. They are as normal as banks get.

Unless you get some sort of discount. Like paying 10 months rent for a year. Just pay month to month.

I would be a lot more concerned banking with Wells Fargo. They are known criminals that have been in legal trouble plenty of times.

Transferring money is completely normal and only would raise a red flag if you were structuring the deposits.

Who is the lease provided by? There are different processes for each lienholder.

Make sure you follow up with them and make sure they correct the title and everything. I sold my (paid off) car to them and they missed filing some paperwork, and I didn’t realize until months later when I got a registration renewal notice for my old car!!! They fixed it after I called them

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You have to make some sacrifices if you want to get rid of this car payment early. Your savings aren’t going up because you’re spending as much as you bring home. So you have to bring in more money or spend less. It’s as simple as that.

this sounds like a good idea. So say it’s $10k, if I’m above $10k I can put whatever extra towards the car. If I spend any on flights or emergencies, I should pay the minimum car payment and save until I’m back at $10k, before returning to paying extra on my car. Is that kinda what you’re saying?

Most experienced landlords won’t accept this due to the legal perils.

I’ve never had an issue with Ally, I’ve banned wifi them for 2 years. They’re FDIC insured

I need to see my family at least twice a year, just a personal rule! I have not been able to travel much because I don’t want to always tap into savings to do so. I don’t feel like 6 months of savings is necessary for me. I’m in a stable, high demand job. I want my savings higher but they’re barely moving anyway 😭

No, moving money is normal

Not a bad idea if they allow it. But there usually isn't a discount or anything so no reason. We don't allow tenants to prepay. If they make pre payments on the portal, we don't allow more than three months. If we need to evict them or they all of a sudden want the pre pay back, it's too much BS.

Lol SPY is down -10% in the last year.

Pissing away money is paying guaranteed interest to a bank.

Personally, I would decide what amount you would be comfortable with in savings. Once you hit that number, pay down the car loan. We have a certain amount we keep in savings at all times. If we use it for something like in your case flights, we would take the next however many pay periods to build it back to our number then go back to the other goals. Hopefully that makes sense.

If it was me, I’d cut down on the trips and vacations to build up at least 6 months of emergency fund then pay off the car ASAP. You live in an expensive city so presumably $9K wouldn’t go very far.

OP makes $60k (in post), 11% is $6,600. Pretty close.

I’m not sure but this past year I lost over $800 in interest. It’s a 5 year loan and I’m 2 years in

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I always prepay a month in advance, so in case if I somehow don't have access to the internet on 1st of the month, I'm sure I don't get evicted.

thanks for explaining!!

Do you mean playing the stock market or investing in stocks in a different way?