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296 Posts
Just mailed my last payment to Ally. Four years 0% interest. I hope I can go awhile with no car payments (wish it were all up to me). Feels good, especially since I still love the car!
Last Payment Woo-Hoo!
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10,056 Posts
Congratulations.
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894 Posts
I paid-off my loan last month, two years after buying my 2013 Volt Premium. Now, I can focus on retirement funds for a few years and hope that the United States has a future despite being dragged down by a President who needs an impeachment trial.
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13,358 Posts
Congrats. I paid off my volt in April 2015 by plunking down $13k in one fell swoop to eliminate the debt and avoid paying interest. Go outside and do a happy dance on the driveway. You are free from Ally, free from car payments, just don't let this lure you into getting another payment. If anything, direct deposit what you used to pay to Ally into another bank account that you just ignore (you won't miss the money). Then years down the road when the volt starts to get Long in the tooth, check this account and buy something.
Alternatively, plow this money into your next big debt or upcoming planned purchase. Actively do something with it or else you will find that all of your purchases will mysteriously grow a little (you'll eat out more, buy a little more from Target, etc) to eat up that windfall.
Alternatively, plow this money into your next big debt or upcoming planned purchase. Actively do something with it or else you will find that all of your purchases will mysteriously grow a little (you'll eat out more, buy a little more from Target, etc) to eat up that windfall.
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389 Posts
Excellent! Keep making car payments into your savings account though. It's so nice to not go into debt when you buy things.
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2,268 Posts
Congrats.
I'm one year into a four year that will actually be paid off in 3 at my current rate. Other than my house it is my first debit in YEARS. I'd forgotten how much debit/payments can drag at me <BLECH> but I needed reliable work transportation so ultimately it's less stress than wondering if the Jeep was going to start every morning.
I'm one year into a four year that will actually be paid off in 3 at my current rate. Other than my house it is my first debit in YEARS. I'd forgotten how much debit/payments can drag at me <BLECH> but I needed reliable work transportation so ultimately it's less stress than wondering if the Jeep was going to start every morning.
You guys are lucky... Me, I took some bad financial decisions in a row, and bought 4 different cars in 2.5 years, each time finance and balance added to the next one. Now, I have a 2013 VOLT that I pay 395$/per 2 weeks, for 8 years... BUT, i'm already 3years, 8 months In, so pretty much half paid. I'll keep this one until I see the end of that Loan. After that, if the VOLT won't be all rusty, will keep it until it dies on me 
BOLT is my next one in AT LEAST 4 years, 4 months
BOLT is my next one in AT LEAST 4 years, 4 months Congrats on the payoff. It certainly is a great feeling seeing your name as the registered owner with no one listed in the lien holder section! I've had a car payment once in my life (twice if you don't count that I rolled one car over to another). Never again if at all possible. Looking at the interest paid, there is a LOT I can find to buy for those few thousands in interest that I have nothing to show for really.
Like the others have said, put that extra payment money into an account and leave it alone. It's obvious that you haven't missed it too much and after a few years you've not only paid yourself interest if it was in an interest bearing account, but should have enough to outright buy another car or should you need it, a VERY important emergency fund should you find yourself in a difficult position.
Like the others have said, put that extra payment money into an account and leave it alone. It's obvious that you haven't missed it too much and after a few years you've not only paid yourself interest if it was in an interest bearing account, but should have enough to outright buy another car or should you need it, a VERY important emergency fund should you find yourself in a difficult position.
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3,527 Posts
Warning: I'm an extreme procrastinator so I don't always practice what I preach.
Congratulations.
Now take the amount of the monthly payments you've been making and invest it. (You can put $5.5k per year into a Roth IRA. That's $458.33 per month, more if you're over 50). Do that and you won't need another loan when you eventually replace the car. (If autonomy happens you might never even need to buy another car.)
It's nice not to have debt.
Congratulations.
Now take the amount of the monthly payments you've been making and invest it. (You can put $5.5k per year into a Roth IRA. That's $458.33 per month, more if you're over 50). Do that and you won't need another loan when you eventually replace the car. (If autonomy happens you might never even need to buy another car.)
It's nice not to have debt.
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13,358 Posts
It's not luck. It's discipline. So have you learned your lesson. 4 cars in 2,5 years with the dealerships getting you coming and going on the trade and the new car must have been killer. $395 every two weeks is your punishment, your penance. Promise us right now, you won't be this stupid with cars again. Once the negative equity from all those cars and the volt is paid off, drive and maintain the volt for as long as you can before getting another car. And try to buy that next car with cash. If you haven't saved the cash, then you can't afford that car.You guys are lucky... Me, I took some bad financial decisions in a row, and bought 4 different cars in 2.5 years, each time finance and balance added to the next one. Now, I have a 2013 VOLT that I pay 395$/per 2 weeks, for 8 years... BUT, i'm already 3years, 8 months In, so pretty much half paid. I'll keep this one until I see the end of that Loan. After that, if the VOLT won't be all rusty, will keep it until it dies on me
In fact, to accelerate your 8 year journey, work extra jobs, pay extra in principle, and knock the remaining 5 years in 2 or so. Otherwise you're just getting bombarded with compounding interest. Once you pay off all that debt, never, ever borrow again. Once it's paid off, dont' go crazy with other purchases (No ATV or bass boat) and save the $395 every two weeks for your next car. Don't see the inside of a restaurant unless you are working there. Sell everything you don't need to the point the pets and kids worry that they're next. Just imaging how much you can save if you didn't have this horribly high payment.
I got you beat! I just paid off the 20K credit card I inherited from my ex-wife in our divorce! Now I can forget that she ever was a financial drain on my life
Keith
PS: Yes, the $500 a month I was paying towards that card will now go into my savings account... and then be used to pay off my 2016 Volt several years ahead of schedule.
Keith
PS: Yes, the $500 a month I was paying towards that card will now go into my savings account... and then be used to pay off my 2016 Volt several years ahead of schedule.
Joined
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13,358 Posts
Great plan. Stick to it.I got you beat! I just paid off the 20K credit card I inherited from my ex-wife in our divorce! Now I can forget that she ever was a financial drain on my life
Keith
PS: Yes, the $500 a month I was paying towards that card will now go into my savings account... and then be used to pay off my 2016 Volt several years ahead of schedule.
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