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One more payment

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Haven't had a car payment for a few months now. It's gonna take a blowjob and a hell of a deal to get me to sign the dotted line again. I'm down to just a mortgage now. I can't even bring myself to renew my AT&T contract to get a new phone since I'm no longer under contract. Also looked into getting satellite but couldn't sign a contract. It feels good as shit. Kinda like riding a motorcycle. Freedom man.
 
A good practice would be to take those car payments and automatically have the same amount moved to savings every month.

Pay yourself.
 
My last car payment was in 1990. Every car I have purchased since then has been for cash. I just hated paying out finance charges for something that was declining in value so quickly.
 
slayernine said:
Always pay off debts before saving.
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This is our plan. We really want to get rid of all debt besides our house payment which will not take long. We have been paying double payments on my car for about a year now that when we are done, Ill have an extra 700.00 a month to pay on whatever we want:awe:
 
OILFIELDTRASH said:
Haven't had a car payment for a few months now. It's gonna take a blowjob and a hell of a deal to get me to sign the dotted line again. I'm down to just a mortgage now. I can't even bring myself to renew my AT&T contract to get a new phone since I'm no longer under contract. Also looked into getting satellite but couldn't sign a contract. It feels good as shit. Kinda like riding a motorcycle. Freedom man.
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I'm the same way, hate contracts. You can do what I did with Dish Network and pay $100 to have no contract.

To me, the $100 is worth not being held by the balls from a company and lets me have the freedom of choice to move to a better provider or solution should I want to.
 
I dunno, I almost jumped on Chrysler/Dodge's 0% for 72 months sale they had right before new years. Maybe if they have the same deal at the end of this year I will jump on it.

A loan at or near zero is better than paying cash, even if you have the cash.
 
Train said:
I dunno, I almost jumped on Chrysler/Dodge's 0% for 72 months sale they had right before new years. Maybe if they have the same deal at the end of this year I will jump on it.

A loan at or near zero is better than paying cash, even if you have the cash.
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True. For the purpose if you just want to consider the thing paid for, you can put the total cost $$ into a newly created interest-bearing account specifically for the purpose, and have it autodraft payments to the note holder. Then you can pretty much forget about it unless you decide to sell it before the finance period.
 
You know that once you make the last payment...the wheels will fall off...the transmission will fall out...and the engine will ass-plode. It's just the way the universe works.
 
BoomerD said:
You know that once you make the last payment...the wheels will fall off...the transmission will fall out...and the engine will ass-plode. It's just the way the universe works.
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or worse, had my tie rod snap in half on my first car, just after the warranty expired but I still had 2 payments left. Perfect timing.
 
Sent the last check in the mail today! They wanted me to pay an extra 15.00 to have the title overnighted to me. Um.. no thanks, Ive wanted long enough, a few more days wont be that bad.
 
Sixguns said:
Sent the last check in the mail today! They wanted me to pay an extra 15.00 to have the title overnighted to me. Um.. no thanks, Ive wanted long enough, a few more days wont be that bad.
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Are you going to take that car payment and start paying yourself?
 
I've got one more payment too. $5783. Will be made tomorrow. Then my wife's car will be mine.

Too bad you can't "pay off" child care.
 
I only have one more car payment as well. Well, two... one small one is coming out in a couple days and then I'll make one last one when I sell the car I have.

Going to use the difference (sale price — amount still owed) to buy a cheaper car outright. I don't really like my current car, a Honda Fit, so I hate that I'm making payments on it.

Much as I'd love to deposit the savings into a savings account, the first order of business is to pay off some other debt. But in any case, it will help my financial situation.
 
spidey07 said:
Are you going to take that car payment and start paying yourself?
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This.

Make sure you take that car payment, plus some extra if you can, and start applying it towards other debt or sacking it away so in a few years you can take that money plus whatever your car is worth and get yourself an even better car with no financing required.

My wife and I plan on saving hard the next 2 years so that we'll have ~$25k saved up to buy a car outright.
 
masterxfob said:
save yourself the trouble and pay cash next time.
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Not everyone has thousands of dollars lying around, and those who do don't necessarily want to completely drain their savings on buying a car.

What I will say is that I don't quite understand paying more than about $10,000 for a car... you can get very solid used cars for under $10k, even for $5-6k. So for instance if I had $10,000 saved up and needed a car, it's a better option to buy something used outright and still have several thousand bucks leftover.

But if you don't have that kind of cash lying around then what are you supposed to do? Drive a $500 ticking time bomb that could wind up costing you a significant amount of time, money, and stress, and could cause you to be late for work when it dies?

In b4 "hurr if you can't afford to buy a good car outright you should take the bus!!!"
 
spidey07 said:
Are you going to take that car payment and start paying yourself?
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This is the plan. Going to put half into our savings account and the other half towards other stuff around the house, payoff some stuff from our wedding, and a seperate account for our vacation later this year.
 
Train said:
I dunno, I almost jumped on Chrysler/Dodge's 0% for 72 months sale they had right before new years. Maybe if they have the same deal at the end of this year I will jump on it.

A loan at or near zero is better than paying cash, even if you have the cash.
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Not when buying a Dodge. You lose 30% value as soon as you drive it home.
 
AstroManLuca said:
Not everyone has thousands of dollars lying around, and those who do don't necessarily want to completely drain their savings on buying a car.

What I will say is that I don't quite understand paying more than about $10,000 for a car... you can get very solid used cars for under $10k, even for $5-6k. So for instance if I had $10,000 saved up and needed a car, it's a better option to buy something used outright and still have several thousand bucks leftover.

But if you don't have that kind of cash lying around then what are you supposed to do? Drive a $500 ticking time bomb that could wind up costing you a significant amount of time, money, and stress, and could cause you to be late for work when it dies?

In b4 "hurr if you can't afford to buy a good car outright you should take the bus!!!"
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of course. if you can't afford new, buy used. being able to pay a monthly payment does not constitute one's ability to afford something. i made that mistake when i was young :\
 
Sixguns said:
No way. The wife and I plan to wait at least a year until we buy her a new one so that we can take care of some other debt. Trying to be smart with the extra money we have. No need to dig into another hole right away:colbert:
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What kind of American are you? :thumbsdown:
 
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