Car will be all mine in 6 days
12-04-2009, 04:16 PM
#1
Instructor
Thread Starter
Car will be all mine in 6 days
I will be making my last payment on my 2008 TL-S in 6 days. I cannot wait to be finished paying it off. I have been paying $2,000 a month on the car for the past 19 months and one more payment to go.
I cannot believe it will be 2 years that I have had the TL-S soon.
I cannot believe it will be 2 years that I have had the TL-S soon.
12-04-2009, 05:03 PM
#2
Burning Brakes
Join Date: Feb 2008
Location: Ottawa, Canaduh!
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Well done! That's the way to do it....I'm on the same plan more or less. I plan to have my TL-S paid off within 30 months....so it'll be paid off by Aug. '10.
12-04-2009, 06:22 PM
#5
Instructor
Thread Starter
I figured might as well pay as much as I can while still saving some. That way I do not waste too much money on interest. It will be nice to have the extra $2k a month to put into savings.
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I just made the first payment on my '08 Type S
Good job. lol. 
12-04-2009, 11:43 PM
#17
Team Owner
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Congrats Mike, now you will REALLY enjoy your Type S.
12-05-2009, 12:12 AM
#18
Drifting
I paid off my 2.9% loan early since I could not safely earn a higher return with a CD or other means with the same terms (6 months remaining @ 2.9%). People always think they can do better things with their money but few actually do.
It was a no-brainer taking a 2.9% car loan in 2006 when I could get a 4.5% CD. Now it's a different story because 2.9% is high compared to what 1 yr CDs @ 1%
So paying off a 5% or greater car loan is a smart thing to do for most people who are employed and have additional savings. It's like taking out a CD that pays your APR risk-free and even better with tax considerations factored in.
Shoot our house is even paid off so I may be a true idiot to some people having so much equity tied up in a home, but it certainly makes me sleep better at night.
12-05-2009, 08:52 AM
#19
Three Wheelin'
Congrats and well done. Getting out of any debt ASAP is a smart financial move especially seeing's most banks now are only paying 1% interest on savings.
12-06-2009, 11:33 AM
#24
Congrats & 4 days!
lol
IMHO always smart to pay as much as possible, interest sucks, we paid 80% on our house a year ago and just refinanced to get 4.3% lowering the payment by almost 100 per month which I intend to put towards the principal, they wanted to give me 1k cash out & I said no.
lol
IMHO always smart to pay as much as possible, interest sucks, we paid 80% on our house a year ago and just refinanced to get 4.3% lowering the payment by almost 100 per month which I intend to put towards the principal, they wanted to give me 1k cash out & I said no.
Last edited by e30cabrio; 12-06-2009 at 11:36 AM.
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