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Paid Off Car Thread!

Boragard
Established Contributor

Paid Off Car Thread!

Paying off your car is a tremedout feat.  I began searching the forums for the paid off thread so I could post but I was unable to find one.  I'm hoping the moderators can make this into a sticky or something like the "garden club."  When making that last car payment a person often wants to cheer, scream, cry, etc.  What better way to scream to the world you are car payment free than to make a post.  It's an AMAZING feat.  Let's Celebrate together!!  and CONGRATULATIONS! 

 

The only rule to the thread I ask is that you have already MADE your FINAL payment! 

 

Let's have fun and celebrate together!  

 

A few questions.

 

Year of Car:

Make/Model:

Finance/Lease Term (in months):

How many months it took to pay off ( in months):

Final Payment Date:

 

Finally, Do your happy dance! Smiley Very Happy

Message 1 of 14
13 REPLIES 13
Boragard
Established Contributor

Re: Paid Off Car Thread!

Year of Car: 2019

Make/Model: Hyundai Sonata

Finance/Lease Term (in months): 72 months @ 3.05%                                                                            

How many months it took to pay off ( in months): 18

Final Payment Date: March 16, 2021

Message 2 of 14
CV91915
New Member

Re: Paid Off Car Thread!

Year of Car: 2018

Make/Model: BMW M550 (CPO)

Finance/Lease Term (in months):  36 months @ 0.9% = $1,420.72 / month                                                                

How many months it took to pay off ( in months): 3

Final Payment Date: March 20, 2021

 

I put the first $5,000 of this purchase on my Bank of America Travel Rewards credit card for 2.625% back ($131.25).  

 

There was an extra $500 incentive to finance with BMWFS vs. paying cash, so I took the financing.

 

Unfortunately I had to keep the loan open for 3 months or the dealer would have been charged back for the incentive, and the finance person who helped me would have lost her commission on the loan.  

 

I prepaid all but the last $135 almost immediately, and I'm putting the final check in the mail on Saturday.  Total interest paid will be somewhere in the neighborhood of $34.

 

Message 3 of 14
4sallypat
Frequent Contributor

Re: Paid Off Car Thread!

Year of Car: 2014

Make/Model: BMW 528i CPO

Finance/Lease Term (in months): 60 months @ 0.9% BMWFS

How many months it took to pay off ( in months): 55

Final Payment Date: 02/2021

 

My happy dance title from DMV:

IMG_7028.jpg

Message 4 of 14
Mr_Mojo_Risin
Valued Contributor

Re: Paid Off Car Thread!


@Boragard wrote:

Paying off your car is a tremedout feat.  I began searching the forums for the paid off thread so I could post but I was unable to find one.  I'm hoping the moderators can make this into a sticky or something like the "garden club."  When making that last car payment a person often wants to cheer, scream, cry, etc.  What better way to scream to the world you are car payment free than to make a post.  It's an AMAZING feat.  Let's Celebrate together!!  and CONGRATULATIONS! 

 

The only rule to the thread I ask is that you have already MADE your FINAL payment! 

 

Let's have fun and celebrate together!  

 

A few questions.

 

Year of Car:

Make/Model:

Finance/Lease Term (in months):

How many months it took to pay off ( in months):

Final Payment Date:

 

Finally, Do your happy dance! Smiley Very Happy


I think this is a great idea! 

I'll be here to congratulate and celebrate with with all of the lucky members. 

I'll make my pay off post in about 5 years. 🤣

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Message 5 of 14
Mr_Mojo_Risin
Valued Contributor

Re: Paid Off Car Thread!


@CV91915 wrote:

Year of Car: 2018

Make/Model: BMW M550 (CPO)

Finance/Lease Term (in months):  36 months @ 0.9% = $1,420.72 / month                                                                

How many months it took to pay off ( in months): 3

Final Payment Date: March 20, 2021

 

I put the first $5,000 of this purchase on my Bank of America Travel Rewards credit card for 2.625% back ($131.25).  

 

There was an extra $500 incentive to finance with BMWFS vs. paying cash, so I took the financing.

 

Unfortunately I had to keep the loan open for 3 months or the dealer would have been charged back for the incentive, and the finance person who helped me would have lost her commission on the loan.  

 

I prepaid all but the last $135 almost immediately, and I'm putting the final check in the mail on Saturday.  Total interest paid will be somewhere in the neighborhood of $34.

 


Wow that is sweet for sure! Congratulations 

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Message 6 of 14
Mr_Mojo_Risin
Valued Contributor

Re: Paid Off Car Thread!


@4sallypat wrote:

Year of Car: 2014

Make/Model: BMW 528i CPO

Finance/Lease Term (in months): 60 months @ 0.9% BMWFS

How many months it took to pay off ( in months): 55

Final Payment Date: 02/2021

 

My happy dance title from DMV:

IMG_7028.jpg


Happy dance is in order! Congrats on the pay off!

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Message 7 of 14
Mr_Mojo_Risin
Valued Contributor

Re: Paid Off Car Thread!


@Boragard wrote:

Year of Car: 2019

Make/Model: Hyundai Sonata

Finance/Lease Term (in months): 72 months @ 3.05%                                                                            

How many months it took to pay off ( in months): 18

Final Payment Date: March 16, 2021


Nicely done,  thanks again for the thread!

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NFCU Cash Rewards 4K CL
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Message 8 of 14
jhudson7583
New Member

Re: Paid Off Car Thread!

Year of Car: 2017 

Make/Model: Toyota Corolla

Finance/Lease Term (in months):66

How many months it took to pay off ( in months):46

Final Payment Date: 2/24/21

paid my vehicle off 20 months early, purchased 5/1/7 and paid of 2/24/21. original balance of loan was $16,089.00

PNC gave me the best rate avaliable 3.3 %

Smiley Happy 

Message 9 of 14
oldonions
New Member

Re: Paid Off Car Thread!

i know this not much compared to otheres but here i go. total vehicle price $4900, I put $1,500 down. financed the rest. paid it off early.

Used car purchase (6/5/19)

Year of Car: 06

Make/Model: Jeep Commander

Finance/Lease Term (in months): 24 months ($220 monthly) @ 11.99 %

How many months it took to pay off ( in months):19 months

Final Payment Date:3/15/21

Message 10 of 14
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