Last post on Jun 12, 2011 at 7:05 AM
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Car Buying, Car Financing, Car Leasing
#15 of 44 Re: . [andre1969]
Jan 27, 2011 (7:36 am)
For maybe the intended thread title, my last payment was supposed to be something like $450/month - but I usually paid extra. Took 4 years and change to finish, I did put a decent amount down. Probably won't happen again...if this car dies or gets written off somehow, a sweetheart low down lease will be tempting. I look at those yearly payments now and think of the cool things I could buy and/or the nice trip I could take.
#16 of 44 Re: . [fintail]
Jan 27, 2011 (9:17 am)
Last payment was maybe three days ago...
I have a $240 a month on the Camry and a $270 on the Ody. The latter will be paid off late this year.
On both loans I send them $300 a month. The rates were the same whether I took a 4 or 5 year loan so i took the 5 year and pay it like a 4 year.
We'll see what I do once the Ody is paid for. A big piece of me wants something smaller but this thing only has like 78K on it and my SIL has the same vehicle with 225k+ on it and no issues. Holding on to it would save buckets of cash even after allowing for the lousy mileage.
#17 of 44 Re: . [fezo]
Jan 27, 2011 (10:29 am)
The rates were the same whether I took a 4 or 5 year loan so i took the 5 year and pay it like a 4 year.
That's what I always do. Take the longest term possible without upping the rate. Its just an extra level of security in case something happens.
Jan 27, 2011 (10:42 am)
That's a great idea; didn't think of that. There is something to be said about leaving cash in the bank instead of putting it into a depreciating asset.
Jan 27, 2011 (11:18 am)
I did that with my last vehicle as well. During months when I had extra cash, I'd throw a bunch into my payment. During heavy-expense months (like December), I just paid the set amount. Turned a 5 year loan into just over 4, all by myself.
Jan 27, 2011 (11:24 am)
I remember pre-payment penalities in the old days. I guess they don't have those much any more.
Jan 27, 2011 (11:40 am)
Did the same thing with my house. Took out a 15 year loan but I'm paying a good chunk extra towards the principle and will have it paid off in about 12 years...
Love having no car payments. Finished paying off the wifes car in August, my 2 cars have been payed off since last Spring.
It's tough tho because I'm really digging the Volvo XC60 and Infiniti EX35 right now.
#22 of 44 Re: . [anythngbutgm]
Jan 27, 2011 (3:01 pm)
Yeah, I'm doing that with the house as well. I round the check up to the next hundred which adds about $89 to the principal and basically creates one extra payment a year.
It was a Honda salesman that first told me I might as well take the 5 year loan because it was the same rate as the four. When I bought my wife's Camry the salesman - a past and, I hope, future poster in these parts - told me teh same thing. In his words "it's cheap money."
Jan 27, 2011 (4:55 pm)
I don't really want to talk about it...
#24 of 44 Re: . [anythngbutgm]
Jan 27, 2011 (6:22 pm)
I don't mind having a car payment because when I don't, I buy a new or another car.
One car payments beats 2.