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

[nemelek]

Originally Posted by 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

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]

Originally Posted by 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.

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]

Originally Posted by 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.

You did a good thing by continuing to save. 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.

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.

[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]

Originally Posted by Kaotic Lazagna

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.

[Kaotic Lazagna]

Originally Posted by texkid

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.

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]

Originally Posted by Kaotic Lazagna

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!

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]

Originally Posted by texkid

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

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.

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.