Well I went to the dealer today.....

[Falls]

Bought out my 4R and she's all mice

That was the last debt I had and now completely debt free !!!!!!!!!! ya baby , feels good.

Time to find a new career now.

 

[J.A.]

now that you know you are keeping it for a while, you gonna put those lift spacers on it?

 

[Clemsonfan15]

Congrats! I'm sure it's a good feeling.

 

[Falls]

now that you know you are keeping it for a while, you gonna put those lift spacers on it?

Yep , just trying to find some rims . Either FJ or Tundra so I have a wider stance , since I do not like running spacers. I'll be hitting up the JA site for all those wonderful little tricks

 

[Cape 4RUNNER]

Congratulations!!! Its such a liberating feeling to own something 100% with no strings attached! Now dont run up any new debt with mods :bash: one at a time, one at a time...

 

[CJ3Flyr]

Congrats! :bigok: It must feel great.


What's wrong with the old career? What is it?


:cheers:

 

[Thai]

Congrats man!!

 

[alaskaman]

Lifting a glass for you Falls. BangaRang!

 

[Buckfever]

Yeah I paid mine off last year and yeah that is a great feeling!!! Congrats!!!

 

[alaskaman]

could you please educate me? If I pay off the vehicle do I save that interest. seems the pay off amount is just under the total due. maybe doubling payments (in my dreams) would be better in terms of saving $$.

 

[MikesToy]

Congratulations! Now keep that pink slip in a safe.

 

[rdrunner]

could you please educate me? If I pay off the vehicle do I save that interest. seems the pay off amount is just under the total due. maybe doubling payments (in my dreams) would be better in terms of saving $$.

Usually if you call the bank that holds the loan they'll tell you what the buy-out is. It's without interest but with a small administrative fee. You save a lot of money if you have the cash available.

 

[alaskaman]

Usually if you call the bank that holds the loan they'll tell you what the buy-out is. It's without interest but with a small administrative fee. You save a lot of money if you have the cash available.

Thanks. for some reason I assumed it was the entire amount that they say is owing. I will see and report back.

 

[MikesToy]

When you call the bank/credit union, ask for what the "10-day pay-off" is? That gives you and them 10 days when they receive your check/money order to close the acct and give you the pink slip. I learned this thru experience. On one of my cars, i asked the bank how much was the payoff was, and they gave me the payoff price (as of that day i called). So after a month waiting for my pink slip, i received another bill that i still owed them a few hundred dollars and i asked why and they told me that the payoff amount they gave me was when i called them and NOT 4-5 days later when they got my check.

 

[nated05]

Congrats! I am counting down the months, just a little over 1 year of payments left.

 

[Nashvillerunner]

After working for a bank in the loan department here is what you should do. Call your lienholder and ask for a 10 day payoff. What that means is they give you an amount that would be the principal balance you owe plus interest per day up to that day. You have a per diem which basially means interest per day that accrues on the account. The lower the balance amount the lower the per diem will be.

 

[alaskaman]

payoff on the Beast is $28k and change. total payments over the life of the loan to 2012 is $47K. and I have paid 5K in interest so far. by my figures I would save about 14K if I pay it off. big savings and the rep pointed out even if I took the money I would use to pay it off and invest it where could I make that kind of money.


Any financial experts out there?

 

[J.A.]

payoff on the Beast is $28k and change. total payments over the life of the loan to 2012 is $47K. and I have paid 5K in interest so far. by my figures I would save about 14K if I pay it off. big savings and the rep pointed out even if I took the money I would use to pay it off and invest it where could I make that kind of money.


Any financial experts out there?

I dont think it is possible that if you paid it off now that you would a) be saving $14k or b) find somewhere else to invest at a greater rate that that of the interest you are currently paying.

You may have indeed paid $5K to date in interest but the amount going towards principal gets greater as time passes and the 3 years you have left of interest should be less than the first 2 years you already paid. Without running the numbers I would guess that your $14k savings calculation should be more like $3-4k.