Its now all mine
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Thread: Its now all mine

  1. #1
    Senior Member Milliwatt Rob's Avatar
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    Smile Its now all mine

    I had about 5 payments left on my 60 month car loan. I came into a small windfall recently, and today I paid off the car.

    I will hold on to it a couple of years more, and then may buy a new mid engine Corvette.
    Order placed Sept 16 2014, Roadster, 2LT, Z51 mag ride, 8AT, PDR/NAV. Night Race Blue, Jet Black interior, Red Calipers, Carbon Flash Badges.
    wrapped in Xpel Ultimate, came home Oct 31. Using Range AFM Suppression
    "The Beast"

  2. #2
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    Enjoy your fully paid for The Beast!
    Milliwatt Rob likes this.
    aka Jeff
    'RedHot' Prod.Wk 7 Oct '13 Museum Del. 29 Oct '13
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    Congratulations!
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  5. #4
    Senior Member 15snow-ray's Avatar
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    Congratulations. Always a good feeling to to reach the free and clear point with these larger purchases. Been debating paying off my DD recently but the car loan money is so cheap I'm hedging and keeping the cash around just in case something else comes up..
    If I wasn't so happy with my 2015 C7 Z51 ,Vert I'd be seriously looking at 2019 GS Vert.
    2015 3LT/Z51 Convertible. Arctic White with Black Top, Black Leather and Sueade interior with white stitching and with Carbon Fiber Tonneau cover. Carbon Flash emblems and Competition Seats.

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    Senior Member STINGmole's Avatar
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    Quote Originally Posted by 15snow-ray View Post
    Been debating paying off my DD recently but the car loan money is so cheap I'm hedging and keeping the cash around just in case something else comes up..
    Ditto! Interest rates were so low when I bought my C7, that it's not worth paying off early. Instead I've put extra money in savings.


    Congratulations though, Milliwatt Rob! It IS a great feeling to be debt free.
    kgrant likes this.

  7. #6
    Senior Member Milliwatt Rob's Avatar
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    I paid off early for logical and illogical reasons.

    First, it does feel good to have no lien on the car on an emotional level. But more logically, the balance upon which interest accrues was low, but the monthly payment still high. So it puts more dollars available into my monthly budget for the summer season. And last, by having no lien, I have more freedom to drop liability and collision insurance during the winter. Wanted to be lien free the next time my car insurance renewal rolls around.

    And last, with the money used to pay off the car, its not sitting in a almost zero percent checking account where I might use it to buy something frivolous. Like a player piano.
    Ateupjoe likes this.
    Order placed Sept 16 2014, Roadster, 2LT, Z51 mag ride, 8AT, PDR/NAV. Night Race Blue, Jet Black interior, Red Calipers, Carbon Flash Badges.
    wrapped in Xpel Ultimate, came home Oct 31. Using Range AFM Suppression
    "The Beast"

  8. #7
    Senior Member kgrant's Avatar
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    Hummmm,

    I've been dropping to Comprehensive on coverage in winter from November - May for the last 30 years for a few of my vehicles here in Michigan and didn't realize some states and/or maybe some insurance companies don't allow you to go down to only storage coverage.

    Quote Originally Posted by Milliwatt Rob View Post
    I paid off early for logical and illogical reasons.

    First, it does feel good to have no lien on the car on an emotional level. But more logically, the balance upon which interest accrues was low, but the monthly payment still high. So it puts more dollars available into my monthly budget for the summer season. And last, by having no lien, I have more freedom to drop liability and collision insurance during the winter. Wanted to be lien free the next time my car insurance renewal rolls around.

    And last, with the money used to pay off the car, its not sitting in a almost zero percent checking account where I might use it to buy something frivolous. Like a player piano.

  9. #8
    Senior Member Fireeagle's Avatar
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    Congrats Rob. Now it's all yours. Good move financially to pay it off early.
    Milliwatt Rob likes this.
    2015 blade silver Z51 3LT A8 Stingray, jet black interior, competition seats, Z51 style chrome rims. Suntek clear bra, carbon flash metallic custom stinger stripe, side mirrors and rear spoiler.
    1986 two-tone silver over grey C4 survivor coupe with slate blue interior and only 47k miles.

  10. #9
    Junior Member Sixgun95's Avatar
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    Congrats! Good feeling indeed.
    Milliwatt Rob likes this.
    2016 C7, 2LT, Z51

  11. #10
    Senior Member rsvettez51's Avatar
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    Well there are pluses and minuses to paying off early... Your credit score might take a hit. (if you care)...

  12. #11
    Senior Member AlbertVanK's Avatar
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    It feels awesome, doesn't it? I paid mine too and I am working towards the payments of my new Expedition
    Milliwatt Rob likes this.
    Life is too short to drive a boring car

    2016 Arctic White C7 Stingray 2LT

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