PAID OFF!!!...What?!?

[slothman86]

So the other day I finally paid off my Yaris! Yessssss.... wait a second, I paid what in interest? 2,ooo some odd dollars? That's an awesome suspension or a turbo! I had a low interest rate too! 5.5% Luckily I paid her if off in 2 years and not 5 like the loan was for.... eeeeek that's close to 6 grand in interest alone! No wonder dealerships make soo much money

Good thing is...is...is that it is mine now! NO MORE PAYMENT~

Paying for everything in cash from now on. No more loans for anything....well except school, no getting around that...even with scholarships? what?

Just curious...How much interest did everyone else pay? or was I the only one bending over and almost paying 20,000 for a yaris! LOL

[custom Lftback]

i pay $242 a month at 4.25%. it's a 60 month loan so I gotta looong way to go yet!

[foober]

credit card interest rates are going through the roof now. Almost 30% if you miss a payment. Don't miss a payment or you'll be dead meat the rest of your lives. The company store or banksters want to own you. WAtch out.

[mikenacarato]

i pay 456 a month at 36 months. i dont want this payment over my head for longer than that.

congrats on paying it off!

[slothman86]

I almost think it's better to save up the money instead of getting a loan...can you imagine that? saving for something that I want to buy? Maybe I could get some sort of a deal if I walk into the dealership with 11,000 cash....hmmm?


Good Luck everyone with your loans...It's a hard road ahead!

[CTScott]

I used to pretend I still had the loan after I paid it off. I'd put it into a separate savings account and by the time I was due to buy another one I'd have a sizable down payment or in the case of my Yaris, enough to buy it outright.

[darkmoon87]

Paying 270 cdn a month with 10k down for 3 years (paying the rest 10k in 3 yrs) with 0.9% financing interest.....holla!

[White Yaris]

next month will be my last payment and it suppose to finish in a year and half later. Paid more and want get out of payment asap haha.

[kustom play]

im paying off more on my loan also

im trying to get it paid off by December

but were looking to buy a house so it might get pushed back a bit

[yaris-me]

:clap: Congratulations! :thumbsup:

[SilverBack]

Congrats!:thumbup:

..Wanna pay-off mine now?:biggrin:

[bnther36]

Great job paying your ride off.
I just paid off school and my little car is next!

[Havana]

I know it's a good feeling paying it off. At least you minimized the interest paid. Unless you can score 0%, it's always better to pay it all up front. It will save you thousands. Now, that you're in the clear, keeping making payments - to yourself. Set that money aside for your next car. That's what I did and I was able to pay for my Yaris the day I picked it up. I'm not rich. I just set aside $200 a month - way less than most people's car payments. I did that for 6 years and had more than enough to buy my Yaris. I just planned ahead and saved. That's a very unusual concept in America these days.

[unclenefeesa]

Great News !

I still have 54 payments of 360 USD to go.
its a 60 months loan with 3.75 % yearly interest.

Cars here are much more expensive than in the states.
my Sedan costs 18600 USD in cash at the dealership. including tax and registration but without insurance.

And no it is not an S model. it is a standard full option Sedan.

[Thirty-Nine]

I just paid my Yaris off last week, too. :thumbup:

[Yawesh]

So the other day I finally paid off my Yaris! Yessssss.... wait a second, I paid what in interest? 2,ooo some odd dollars? That's an awesome suspension or a turbo! I had a low interest rate too! 5.5% Luckily I paid her if off in 2 years and not 5 like the loan was for.... eeeeek that's close to 6 grand in interest alone! No wonder dealerships make soo much money

Good thing is...is...is that it is mine now! NO MORE PAYMENT~

Paying for everything in cash from now on. No more loans for anything....well except school, no getting around that...even with scholarships? what?

Just curious...How much interest did everyone else pay? or was I the only one bending over and almost paying 20,000 for a yaris! LOL

that's why no more financing for me, bro. i did it for three cars in my life.......you dunno how much money i could have saved

[aca72]

Time=Money

[twowheels]

Paying for everything in cash from now on. No more loans for anything....well except school, no getting around that...even with scholarships? what?

Excuse me for supposing that I know something of your circumstances, but the posts in this thread worry me. A lot of what I'm seeing here is what got us into the economic circumstances that we're in.

I don't know which University you're planning to go to, but regardless I find it hard to imagine that you'd buy a car with a loan while going to school. Isn't a bicycle an acceptable form of transit in most college towns? I had a car, but it was a $300 beater (make it $1500 now), but I rode my bike to school and work most of the time (and still do even though I've long since graduated). Perhaps you have to travel some long distance to visit family, but I still can't imagine why you'd need the luxury of a brand new car, even a frugal one like the Yaris. School loans are also not necessary, though I might go ahead and take loans if I were to do it again. If you're going to a state University (private Universities are definitely expensive) it IS possible to work your way through without having to take loans or scholarships (I managed, though my grades did suffer some, thus my comment that I might take loans if I were to do it again), though I did have to pass up the social aspects. (which may be reflected in this seemingly anti-social response! :-) )

We have two newer cars, both paid off. I fully admit that they're a luxury even though I drive about 35k miles per year (thus the Yaris). I did take a loan on my base model Outback, but only because it was 0 down and 0%. I had the cash, but instead put it aside and collected interest and paid the $2000 per month payment for two years while not touching the original money. Sometimes I still look back and think that the Outback (even the base model) was an unnecessary excess. More recently (January) we purchased the Yaris. It didn't have any such offer so I took the $1000 rebate and just paid cash (not 100% true, I put $5000 on a credit card {the most that the dealership would allow} to get the 1% rebate, and paid that off as soon as I got the bill).

For years I'd look around me and see people buying cars, boats, big TVs, satellite service with all of the premium channels, computers, fancy cell phones, big houses and wonder how in the world they could do it when I was constantly looking for ways to save a little bit more. Now that the whole world is collapsing around me, the boats and RVs are no longer parked on our street, and I continue on without the slightest change to my lifestyle, I understand.

[nemelek]

So the other day I finally paid off my Yaris! Yessssss.... wait a second, I paid what in interest? 2,ooo some odd dollars? That's an awesome suspension or a turbo! I had a low interest rate too! 5.5% Luckily I paid her if off in 2 years and not 5 like the loan was for.... eeeeek that's close to 6 grand in interest alone! No wonder dealerships make soo much money

Good thing is...is...is that it is mine now! NO MORE PAYMENT~

Paying for everything in cash from now on. No more loans for anything....well except school, no getting around that...even with scholarships? what?

Just curious...How much interest did everyone else pay? or was I the only one bending over and almost paying 20,000 for a yaris! LOL

First CONGRADULATIONS!!

Very few people actually ever end up owning a car that they bought new. After 3-5 years they usually trade it in. If you take the money you were paying and save or invest it you could have a nice down payment on a house or buy your next car with cash.

Some of your interest numbers seemed high so I ran them. Assuming the amount financed was 15,000 @ 5.5% for 5 years = 2,191 in total interest. 15,000 @ 5.5% for 2 years = 874 in interest. You saved 1,317 which is still a lot.

In 1979 I bought a Ford Courier from Lakewood Crook Land in Colorado. Went through Ford motor credit company and they charged me 18%. I learned a lot about interest and car buying from that experience. I vowed to never finance a car again. Now I just make one big payment with 0%. If I can’t pay cash, I don’t buy the car.

Good luck with school.

[REM]

Congrats! I paid off mine in about six months; I'm like namelek because I don't like paying interest on my cars. I purchased the Pontiac that I had before my Yaris in cash, but didn't have quite enough to pay for my Yaris when my Pontiac's "engineering" kicked in at 70,000 miles.

My VW still has a year or so left on its payments, but they gave us 0% on that one, so I will be more than happy to pay the minimum.

[captainm27]

Great News !

I still have 54 payments of 360 USD to go.
its a 60 months loan with 3.75 % yearly interest.

Cars here are much more expensive than in the states.
my Sedan costs 18600 USD in cash at the dealership. including tax and registration but without insurance.

And no it is not an S model. it is a standard full option Sedan.

I beat you by just the slightest: $18,898, including tax, title, etc. The dealer actually charged an extra $1,000 over msrp because of the "high demand" of the car in summer of 2008, when gas was $4 a gallon. But you got a real good interest. Mine is 8.9%

[Forrest]

I used to pretend I still had the loan after I paid it off. I'd put it into a separate savings account and by the time I was due to buy another one I'd have a sizable down payment or in the case of my Yaris, enough to buy it outright.

You did a good thing by continuing to save. :thumbsup: Most people do not have the will power to do that and will eventually dip into the money set aside.

[65tuxedo]

Twowheels,

Worries me too.

[Kal-El]

I have a long way to go on mine.

After having to file bankruptcy last year but also needing a reliable car soon after, I was forced into a loan shark-like interest rate: 20%!!! I know, I know, but I had no choice and most lenders wouldn't accept my app. If I go the full term, I would have paid about $7,000 in interest. :eek:

I hope to begin paying it off quicker than the term but will need to make more than I make right now.

Hey, the way I look at it is that in the end, I'm paying far less in interest on a car I love than the money I was in debt for (a lot) and bankrupted free and clear. :wink:

[slothman86]

Heh, As long as you're not living outside of your means, I see no reason for spending your hard earned monies! Just spend wisely. Money=heartbeats. You can actually calculated how much one of your heart beats is worth. 60 beats per minute. 3600 beats per hours. Now how much do I make an hour? EEKKKKKEEKK!!! Also, I never have had a credit card but I have over 800 credit score. Never ever missed a payment on anything!...yet....

[texkid]

$268/month on a 60 month plan. I forgot the interest but I know its high.

Speaking of interest, I just got the letter from my credit card company that my interest is going up to 30%!!! That's it, I am detailing as much cars, fixing as much computers, and tutoring as much students as I can. I am paying it off and cutting the cards!!

Because, when I am done with nursing school, the only things I want to worry paying off will be the school loans and the car payment!

[Kaotic Lazagna]

Congrats. I'm paying mine off after I become an RN, probably before I start a mod fest on it.

[texkid]

Congrats. I'm paying mine off after I become an RN, probably before I start a mod fest on it.

Sweet!! Right now I am making the bare minimum. By the time I graduate, I would still have a 1 or 2 years left to pay off the car. HOPEFULLY, I should make enough to pay against the principle, thus shaving off some interest that I don't need.

When is your "due date"? Mine is May 2010.

By any chance, are you on allnurses.com? I am on there with the same screen name. Just not as active as I am here, and even then its sporadic. :redface:

[Kaotic Lazagna]

Sweet!! Right now I am making the bare minimum. By the time I graduate, I would still have a 1 or 2 years left to pay off the car. HOPEFULLY, I should make enough to pay against the principle, thus shaving off some interest that I don't need.

When is your "due date"? Mine is May 2010.

By any chance, are you on allnurses.com? I am on there with the same screen name. Just not as active as I am here, and even then its sporadic. :redface:

I'm due to graduate in Fall 2010, but I'm merging my last two semesters (5th and 6th), so I'll be graduating probably the same time as you. LOL.

I haven't joined any nursing forums yet, and probably won't do so until I have more experience. hehehehehe.

[texkid]

I'm due to graduate in Fall 2010, but I'm merging my last two semesters (5th and 6th), so I'll be graduating probably the same time as you. LOL.

I haven't joined any nursing forums yet, and probably won't do so until I have more experience. hehehehehe.

Sweet! We can do a long-distance graduation party May '10! :biggrin:

You don't need experience to join a nurses forum. They have a student forum as well. I have a slight advantage in the sense that I have been a tech for years. So I get to join both forums, nurse-assistant and nursing-student subforums.

[Kaotic Lazagna]

Sweet! We can do a long-distance graduation party May '10! :biggrin:

You don't need experience to join a nurses forum. They have a student forum as well. I have a slight advantage in the sense that I have been a tech for years. So I get to join both forums, nurse-assistant and nursing-student subforums.

hahaha, graduation party via YW. :biggrin:

I don't want to join because I really wouldn't know what to say there. hahahaha. Although, I suppose I can join to ask questions. hahahaha.

[AlexNet0]

in relation to your first post..
dont feel bad about the interest total.... mines going to be around 4700 at the end of the loan

[Kaotic Lazagna]

Yes, mine will be almost 5k as well!!!!!!!!!!!!!!!!!!! Well, that's if I take the full 5 years to pay it off, which I'm aiming to do it with 1 year left.