My 20K car will be fully paid off in couple months...

[MyThirdEye]

put money in the bank? (shorty what you drank?)

 

[SunnyD]

Originally posted by: her209
Congrats!

I, myself, drive around in a 14-year-old.

(Giggity giggity goo!)

That's called Statutory Rape in most states!

 

[TwiceOver]

When I paid off my last car the lender sent me a letter stating the title was cleared then I had to go have the title changed to remove the lien holder.

 

[bignateyk]

Sell it for a profit?

 

[mugs]

Originally posted by: bignateyk
Sell it for a profit?

...

 

[Winchester]

Take the $300 and start investing it in stocks, mutual funds, gold, etc. You have been living without that $300/month so it would be best to just start investing it immediately into something else.

 

[sciencewhiz]

Originally posted by: SunnyD

Originally posted by: Pliablemoose
Put the extra $ away, and get 200K miles on your 6.

Treat yourself to a detail job every once in a while & don't buy another new car, when yours is dead, pay cash for a nice used one.

What? You're actually advocating SAVING money? You're the reason the US economy is going in the shitter!!!! :laugh: (j/k)

When you save the money, the bank then loans it out to someone who is going to spend it. Therefore, you get the benefits of compound interest, and the economy gets the same boost.

 

[ShotgunSteven]

Use a bit of that money to buy THIS BOOK. Read it, then decide what to do with that income.

 

[sciencewhiz]

I'll pay off my car soon, and plan to keep about 20% of the payment for myself and invest the rest.

 

[LikeLinus]

Originally posted by: E equals MC2

Originally posted by: Beev
Buy a new car!

No thanks. On my 40K salary as a humble Bachelor, I now know how much of a pain and a financial burden it is to pay off a $20K debt through four freaking years of $300 a month. I guess I'm finally growing up.

Now it's time to save up!

How much did you put down on the original 20k?

 

[Pliablemoose]

Originally posted by: ShotgunSteven
Use a bit of that money to buy THIS BOOK. Read it, then decide what to do with that income.

Heh, i got this book for Christmas Cramer the lunatic

 

[Tweak155]

Originally posted by: E equals MC2
After 4 years, my beautiful Mazda 6i 2003 will be fully paid off in this March. I have about $800 left or so.

Question: what do I do when the car is fully paid off? Do I get a car title or something? Do I have to take any action or I just sit still?

Not to be horribly picky, but lets do some math.

Car = 20k

Payments = 300$ a mo (quoted a few posts down)

4 years = 48 months.

300*48 = 14400$

Either you got a 5600$ discount or you had a nice down payment. Which is it?

I got a 18k loan for 4 years that was ~ 400/mo and that was 4.9% interest (first time buying). But even with 0% well, you see the math!

 

[LikeLinus]

Originally posted by: Tweak155

Originally posted by: E equals MC2
After 4 years, my beautiful Mazda 6i 2003 will be fully paid off in this March. I have about $800 left or so.

Question: what do I do when the car is fully paid off? Do I get a car title or something? Do I have to take any action or I just sit still?

Not to be horribly picky, but lets do some math.

Car = 20k

Payments = 300$ a mo (quoted a few posts down)

4 years = 48 months.

300*48 = 14400$

Either you got a 5600$ discount or you had a nice down payment. Which is it?

I got a 18k loan for 4 years that was ~ 400/mo and that was 4.9% interest (first time buying). But even with 0% well, you see the math!

That's why I asked how much he put down. 20K @ 48 months is $416 a month without interest!

 

[Dacalo]

Good for you OP! I can't wait until mine is paid off, still have around $8000 left. Planning to pay it off sometime in 2008 though.

 

[TheSlamma]

Now that you got the depreciating car purchase out of the way as all young Americans start with. Now it's time to get an investment

 

[ranmaniac]

Just take good care of the regular maintenance for the car, and hope that it lasts you 150-200k miles.

 

[JulesMaximus]

nm

 

[sjwaste]

Originally posted by: E equals MC2

Originally posted by: Beev
Buy a new car!

No thanks. On my 40K salary as a humble Bachelor, I now know how much of a pain and a financial burden it is to pay off a $20K debt through four freaking years of $300 a month. I guess I'm finally growing up.

Now it's time to save up!

Smart man I got lucky enough to have my first car last til now, but I'm still in law school and hope it can go further. I don't envy those with a car payment. Congrats on finishing it off and having a good plan for what to do with the surplus (save!).

Eventually this thing's gonna die and I'll have to get something. I hope to have enough cash saved up to pay for most of it. Maybe that $300 a month will go towards a future car paid in cash

 

[SSSnail]

Originally posted by: ShotgunSteven
Use a bit of that money to buy THIS BOOK. Read it, then decide what to do with that income.

Damn it, now I need another 14 dollar book to get free shipping. Quick quick.

 

[Auric]

Originally posted by: BarneyFife
Buy a brand new 30k car! That is the American way.

 

[jpeyton]

Trade it in for $8k, get a $50k Escalade.

 

[HannibalX]

Keep the budget for the car payment and just put that money in savings. In another four years, pay cash for a new car.

 

[TXHokie]

Put some of that extra money away for the soon to come unexpected repair bills as it gets older.

 

[RightSaidRed]

Congrats OP, I too will be paying off a 2003 6i in August after 5 years! I plan to sock that monthly payment away for as long as I can. Here's to hoping our Mazdas hold up for a while!

 

[bullbert]

Trade it in for an even more expensive car. Continue to stay in debt.

Do NOT keep the car for 10+ years.
Do NOT keep making the monthly payment into your "next car" savings account.
Do NOT pay cash for your next car.
Do NOT advice your younger friends to buy only as expensive of a first car, as they can pay off within 12 months.

[/sarcasm off]

The State keeps your Title of Ownership, since the States will always own you car, house, etc. The car dealership always sends the Title of Ownership to the State, and the State will not EVER release the Title of Ownership to a Citizen, only to another State. The State will, however, send you a Deed of Trust, to keep track of who is responsible for paying the annual taxes, however. But yes, the bank should inform the State that they are no longer the leanowner, and the State will send you some kind of Title of Possession or Deed of Trust. Each state is slightly different. In theory, you should not have to do anything, but paperwork glitches happen all the time. As long as you pay your property taxes and license taxes, the paperwork can stay "lost in the mail" for months and noone will care, but hopefully you get your copy within a month (or two at max) of your final payment. Depending on which State(s) you live in and travel in, you may or maynot have to keep a copy of or the original Title in your car at all times, to produce when the cops demand to see your papers. "Show me your Papers!"