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Old 15 June 2021, 09:24 PM   #31
1William
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Congratulations.
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Old 15 June 2021, 10:25 PM   #32
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Grats man! Looking for a new car but now isnt the right time for me.

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Old 15 June 2021, 10:53 PM   #33
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Time for a celebration watch.
Thanks, Wade! I'm starting to think so too!

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Congrats!

In '11 or so I sold my favorite Rolex to pay off my wife's car. We decided that her work was not good for her, we totally scaled back, cleaned off the books. One part of that which has lasted ... still no cable tv. Don't miss it, can't imagine having it.



Yeah, crazy. About month ago a guy offered me close [~ 80%?] to what I paid new for my factory-ordered 2013 pickup truck !!!
Thanks, Jim! Good call on your part as well erasing the debt and focusing on your own finances. It's time for me to focus more on adding the right assets.

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always a GREAT freeing feeling... congratulations OP.
Thank you! I woke up this morning and it was the first thing on my mind, can't believe it.

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I only had a car loan on my first car. Bought several for cash, held for a long time. Now I have leased a couple of Audis. I do much less driving.

Congrats to OP for freedom. The less that you pay that ends in “per month,” the better off you are.
Thanks! That's so true there and goes to show how cash is king. It's nice that you started with one to build credit back in the day though.

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That’s fantastic, great for you!


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Thanks, Shaun!

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Know the feeling.
It's a great one that seems to get better each day!

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Congrats! Good job! Great feeling!
Thanks! It's funny because I was somehow determined to do this and vividly imagined it as I sat at the dealership signing papers.

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Congratulations.
Thanks, William!

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Grats man! Looking for a new car but now isnt the right time for me.

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Thanks, Phillip! I'm confident things will work out for you as they should.
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Old 15 June 2021, 11:00 PM   #34
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Huge congrats. You should be super proud. Nothing like paying off debt.
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Old 16 June 2021, 12:31 AM   #35
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Congrats Rommel thats great news
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Old 16 June 2021, 05:24 AM   #36
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Huge congrats. You should be super proud. Nothing like paying off debt.
Thanks, Seth! I certainly am and as time progresses it's sinking in and feeling even better!

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Congrats Rommel thats great news
Thanks, Danny! I don't plan on buying anything for a LONG time but should the need ever arise for something sporty I might just have to reach out!
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Old 16 June 2021, 05:39 AM   #37
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Congrats my friend.

I do the same 10 years ago, never go back. It is so good to be debt free, no bother when the banks talks about higher interest rates and increased costs.
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Old 16 June 2021, 09:03 AM   #38
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Congrats!

My younger kid actually has a personal finance class in high school. The teacher stressed the importance of avoiding credit card debt in particular.
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Old 16 June 2021, 10:18 AM   #39
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Congrats my friend.

I do the same 10 years ago, never go back. It is so good to be debt free, no bother when the banks talks about higher interest rates and increased costs.
Thanks, Jocke! Glad to hear you did this as well! No turning back for me either and this way I'm guaranteed 0.00%.

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Congrats!

My younger kid actually has a personal finance class in high school. The teacher stressed the importance of avoiding credit card debt in particular.
Thanks! That just made my day. It's SO refreshing to hear they're now educating some teens on finances and credit. It's imperative to have at least a basic knowledge of these things yet so many for so long knew virtually nothing.
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Old 16 June 2021, 10:34 AM   #40
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Congrats.. interest rates are moot when you pay it off that quick.. awesome indeed
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Old 16 June 2021, 11:51 AM   #41
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Congrats, definitely a great feeling eliminating any debt.
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Old 16 June 2021, 11:54 AM   #42
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Congrats! The borrower is slave to the lender so always a great feeling when you break those chains.
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Old 16 June 2021, 12:51 PM   #43
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What was the interest rate?
I was thinking the same. If interest rates at 1-2 percent, and stock market returns at 10-15%, why pay it off early.
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Old 16 June 2021, 01:04 PM   #44
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Paid my car loan in full today!

I had that decision when Volvo offered me an extra $1000 off best price if I’d finance for 48mo @1.9% 2 yrs ago.

I’m retired and one conservative portfolio was returning 12% and my risk-on was making much better returns.

So financing is like making money off other people’s money.


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Old 16 June 2021, 11:57 PM   #45
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Congrats.. interest rates are moot when you pay it off that quick.. awesome indeed
Thanks, Tom! I'm glad to have that as part of my credit history should the need ever arise in the future.

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Congrats, definitely a great feeling eliminating any debt.
Thanks! I'm definitely glad that I did this.

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Congrats! The borrower is slave to the lender so always a great feeling when you break those chains.
Thanks, Eric! You can count on the fact I'll do everything in my power to avoid this in the future. Albeit a strategic move at times, there's just something about that feeling of freedom that makes life seem much easier to me.

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I had that decision when Volvo offered me an extra $1000 off best price if I’d finance for 48mo @1.9% 2 yrs ago.

I’m retired and one conservative portfolio was returning 12% and my risk-on was making much better returns.

So financing is like making money off other people’s money.


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That's a fair point, Paul. I struggled with the decision internally for a few months as I was debating carrying the loan a bit longer and adding the extra money to my portfolio.

With the current situation globally I ended up wanting it over with more but now increasing equity and maximizing returns is where I'm laser focused.
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Old 17 June 2021, 12:00 AM   #46
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That's a fair point, Paul. I struggled with the decision internally for a few months as I was debating carrying the loan a bit longer and adding the extra money to my portfolio.

With the current situation globally I ended up wanting it over with more but now increasing equity and maximizing returns is where I'm laser focused.
I think at your APR and the overheated equity market, you made a better choice paying off the note. I haven’t had a debt load in over 10 years. So enjoy your newfound freedom!


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Old 17 June 2021, 12:04 AM   #47
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Congratulations!
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Old 17 June 2021, 07:33 AM   #48
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I think at your APR and the overheated equity market, you made a better choice paying off the note. I haven’t had a debt load in over 10 years. So enjoy your newfound freedom!


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Indeed! I called the bank today and they confirmed that the payment has been received and the loan is now closed! The lien release has been requested by them and hopefully will be here soon.

The comical thing is they said I was "pre approved" for a line if credit at the end of the call. I haven't said no so many times in the span of 5 seconds before, but glad to be free!

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Congratulations!
Thanks, Grady! Your wisdom has goes me a lot without you even realizing sometimes. You were a big part of the inspiration for my choice of daily driver and the strategy is clearly working.
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Old 17 June 2021, 07:37 AM   #49
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Wait a month and then pull your credit reports to be sure you didn’t get that LOC by “accident”. That’s sales slang for cramming.


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Old 17 June 2021, 08:27 AM   #50
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Thanks, Grady! Your wisdom has goes me a lot without you even realizing sometimes. You were a big part of the inspiration for my choice of daily driver and the strategy is clearly working.
Thank you!

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Old 17 June 2021, 10:25 AM   #51
RW16610
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Wait a month and then pull your credit reports to be sure you didn’t get that LOC by “accident”. That’s sales slang for cramming.


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That's a great idea, I'll be sure to do this in a month!

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Thank you!

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Old 19 June 2021, 06:04 AM   #52
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Congrats! That's well accomplished.
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Old 19 June 2021, 07:55 AM   #53
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Congrats and great move for sure! We paid off my wife's car earlier this year too with the same rate. Mine is only 1.19% so we're investing the money instead for now. Debt-free is such a great feeling!
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Old 20 June 2021, 06:44 AM   #54
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Congrats! That's well accomplished.
Thanks! It feels so good being out and about in my car today for the first time since it's been paid off!

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Congrats and great move for sure! We paid off my wife's car earlier this year too with the same rate. Mine is only 1.19% so we're investing the money instead for now. Debt-free is such a great feeling!
Thanks, Geoff! You made the right call there, for sure! Had my interest rate been that low I would've kept the loan longer and added that money to my portfolio.

I'm happy to say I had the bank that issued the loan fax (can't believe banks and hospitals etc still do this) the lien release letter over, which I now have. Mail has been tricky here given the circumstances, as I'm sure it's been all over. Didn't want to take any chance not to mention it was more for piece of mind and to truly have this resolved in my mind.
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Old 21 June 2021, 10:38 PM   #55
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Congrats!
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Old 22 June 2021, 11:26 AM   #56
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Congrats!
Thank you!
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Old 28 June 2021, 08:38 AM   #57
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This is the way to do it!! No debt!!!

You wanna be earning interest, not paying it.


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Old 28 June 2021, 10:56 PM   #58
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I'm kinda late for the party but ft it was important enough for me to still day congratulations on paying the loan off after 60 months!

Especially as you said during these difficult times it's an even blessed accomplishment ......... congratulations again!

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Old 29 June 2021, 12:15 AM   #59
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This is the way to do it!! No debt!!!

You wanna be earning interest, not paying it.


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Thanks, Charlie! You've got that right! The aforementioned shift has been incredible. Excited for the added growth to my portfolio!



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I'm kinda late for the party but ft it was important enough for me to still day congratulations on paying the loan off after 60 months!

Especially as you said during these difficult times it's an even blessed accomplishment ......... congratulations again!

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Thank you! It does feel great paying off a 60 month term in 16 months!! I'm blessed and do all I can to pay it forward and help others too.
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