Debt Question

[jonidb]

Do Both

I would try to distribute extra money between each fund. You still have to pay your loan, so just don't pay extra at this time. Put money into the EF but also put money aside for the rust. If this is not a car you are going to sell or at least for now, why not save for the repairs and when the time comes you'll have the money for it. You'll also keep building your EF.

[Baby_nurse]

I'm a worrier. I would fix the cars if you feel you need to, and then stop the extra payments on the student loans until the EF was replenished. If another big emergency happens, you'll have the money in hand, you can't "get it back" from the extra payments.

[snafu]

You've not mentioned the year or value of either vehicle. Have you had it on the hoist and looked at the problem yourself? Since it doesn't affect licensing or drivability, is it a need or a 'want.' Do you plan to drive the jeep another 15 yrs to 2018? I'm guessing you live in a zone that uses salt to de-ice roads and therefore any vehicle will have rusting issues.

Can you do some work yourself on your jeep by slathering the under carriage with one of the products that keeps rust at bay? If it's important, I'd do one auto at a time, funding with a mix of cash flow [paying only required SL sum] and EF with the firm commitment to continue to drive the car no matter how many small fixes were required or how annoying.

[leaderscorp]

If your problem is only the "rust" and your jeep can still operate at its best, then make this as your second priority.

[~bs]

I'd have to guess that it would cost more to fix the rust than the car is actually worth. You should just run it into the ground, and when it doesn't run reliably or starts to leak, then sell it for $500 - $1000.

[Tree0164]

I am not sure if I would fix the rust on the car unless it a safety issues. We drive older cars as well and I would not fix the rust issue.

If you want to fix the rust issues, fix one car at time with stopping the extra payments on the student loans.

Good luck

[leaderscorp]

"I am not sure if I would fix the rust on the car unless it a safety issues" I second the motion! You should consider other things that will bring an impact in your life.