02-14-2009 03:11 PM
02-14-2009 07:46 PM
Everything you pay monthly at the start will be interest so after paying on the account for 2 or 3 months the principle will still be nearly the amount you barrowed. The account will show PIF or paying as agreed for 7 more years.
What kind of car do you have that losy its transmision in 60K miles?
The account may not stay on your report for 7 years. In August 2007, I took out a $3500 installment loan and paid it in full in 4 months. The account reported to each of the CRAs but, as of last month, the account only reports on EX.
Perhaps an exception to the rule,
That is a fluke of some sort and not part of any process I asure you. Paying off a lone in short order has nothing to do with whether an agency chooses to keep reporting it or no.
02-14-2009 08:14 PM
Sorry to hear about you tranny. Buy a Toyota or Honda next time
Since I bought my first car in 1982 I have owned five cars:
5. I currently have a 2000 Camry with automatic tranny (bought in 2004)
4. Before that, a 1994 Corolla with manual tranny (bought in 1999)
3. Before that a 1988 Subaru with manual tranny (bought new)
2. Before that a 1984 Honda Civic with automatic tranny (bought new)
1. Before that a 1978 Buick Skylark (bought in 1982) , first car I ever owned, without going into detail I'll simply say this car was the reason I haven't bought a GM product since.
You will notice I keep them a while. None of them has ever needed a tranny rebuild, and I kept all of them for a lot more than 60K miles. On that Subaru the synchronizers failed about six months after I got the car, and a friend who was a mechanic advised me not to have them fixed because opening up the tranny to fix them could do more harm than good so I should just be careful to avoid grinding gears. That advice was apparently sound because I drove that car for a over 10 years without the synchronizers.
For those unfamiliar with stick shifts: once upon a time none had synchronizers so the driver had to be careful to match engine speed when shifting gears. Most manual trannies today have a mechanism that does this synchronization automatically, but as my experience demonstrates this is not an essential feature: with a modicum of care one can drive just fine without it (and my parents' generation took the need for manually synchronizing engine speed for granted).
That little Subaru had one other trivial failure early on: as in many cars the dome light had a three-position switch (on/off/door) which consisted of a piece of metal on a pivot so it could engage one of two contacts or none. Attached to the metal lever was a plastic handle that fell off six weeks after I got the car. Since it was just as easy to operate the switch by pushing directly on the metal lever, I never bothered to get that fixed either.
02-15-2009 08:48 AM
86 Ford Escort Pony -- Manual (eh, it was a starter car)
86 Toyota Celica ST -- Manual (loved it)
90 Toyota Celica GT -- Manual (loved it, too)
99 Mitsubishi Mirage DE -- Auto (never again)
05 Saturn Ion 3 -- Manual (loved it)
08 Saturn Vue XR -- Auto (currently loving it -- especially the rain sensing windshield wipers!)
All of the non-Saturn cars were used. I couldn't get financed for a Toyota or a Honda when I bought the Mitsu, but that was proof that not all Japanese cars are good. So, after being burned, I decided to try domestic again. I'm glad I did. It wasn't some super patriotic decision, especially since my Vue was manufactured in Mexico, but rather an economic one. I could AFFORD the Ion's lease payments and I loved everything about the car.
We could debate leasing vs buying, but I'm convinced leasing is the best option for me. Every time I've paid a car off in full, I've traded w/in the next 6 months. I really value the reliability and the warranty. I don't want to do anything other than oil changes and gasoline.
I have two years before I need to worry about what I'll be driving. I've kept my eye on the Toyota Venza. I do wish it was a little 'taller' though. I love sitting up high on the road!
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.