The "All Paid Off" Thread

Hey boulder_bum, I got the same loan you did! The 2 year, 0% one. I just paid it off this year - 1 month early no less. Feels great to own my wittle pwius free and clear. Which ah actually reminds me I need to get the title switched over...

 

Paid cash for Carmine - she really was MINE the day I drove her home, lol.

At the moment, I am debt free, wahoo! Even the house is paid off.

 

I sent my last payment in last Friday. My interest rate from Toyota was 5.9% (60 mo.) so I was pretty motivated to pay it off sooner. I hate interest.

This is my first new car, and it feels great to own it.

 

Yes, but only once.

 

My folks raised me that way too

Of course, once out of high school, that meant the first 15 years I lived extremely "small" in my spending habits. But that also means I never had to sell my soul to pay interest

I'd sooner do without than pay interest to somebody else. Especially those folks with maxed out credit cards, how the hell can you fork over +18% in interest?

If I went into a back alley and started lending out cash at 18%, I'd be locked up with lonely axe murderers. Unless I opened a PayDay Cashola Store, that would receive a nudge and a wink from officials

Yes, both the Prius and the FJ were paid in full upon delivery

 

paid off our car last february, just over a year ago, with our tax refund. it was just shy of 3 years after we bought it.

without the tax refund, we would have run out of money for the car payment. we stretched some incredibly tight dollars after DH lost his job. i have never been more relieved to get rid of a payment in my entire life, and am now extremely debt-averse.

couldn't have done it if we weren't paying $1500-$2k per month early on when DH had the good commissions coming in.

 

Hi All,

Paid off on day one. The 12 year old Tempo (with all the repairs I did to it , fuel pump, front wheel bearing, brakes and alternator a whole bunch of times), and Saturn SLII (also paid off on day one and got 5K for) were good for something.

Hopefully, I will be saying the same thing about my 12 year old Prius in 9 years.

Was it not some famous money person that said "Never buy a depretiating asset on loan". Hmm, that could go for houses too, now. Which is why I think its going to be a looong time before the economy turns around. People are going to want to have money in the bank before they spend.

 

A belated congrats to Boulder Bum and others who've paid off their Prius loans.

The good thing about Boulder Bum and moxiequz's loans was that they were zero percent (0%) interest.

As a general matter, I never borrow money with interest to buy or pay for anything, unless: (1) I truly need the thing I'm buying (wanting something is not enough), and (2) I don't otherwise have the money to buy it.

I also don't like paying monthly bills. So even if a zero interest loan were available to me, I wouldn't take it unless I had to and could prepay the outstanding balance all at once without penalty.

 

I gave them my check. They gave me the car. There are still some people in this country with liquidity. Not everyone is up to their eyeballs in debt.

 

What's a check?

Is that what you get from the waiter after you finish eating?

 

actually the bank that held the note will send you the title. you will need to wait for that, then get it switched

 

I paid cash, but I'd hardly call it "spare" or "lying around." I'm more treating this like a loan from the "bank of me". That includes paying myself interest, making that payment before considering any discretionary expenditures, and not paying myself and then turning around and spending the payment.

My "loan" amount was the total purchase of the car less the amount I earned from the sale of my previous vehicles.

The only difference between the way I structured this and the way it would work if I'd taken a "real" car loan is that I'm likely to be much more forgiving if I run into real financial trouble.

All in all, it's not worked out badly, but it really is a different reality than is implied by the blithe statement that I paid cash.

 

ohoh rick!!! isnt there a time limit for doing that?? most cases its around 30 days, but some have it as little as 15 days.