Community Chat

[chrystaltree]

It's a great feeling.  Being mortgage free and car payment free makes us feel so free.  I'm enjoying it.    Of course, depending on one's age, we aren't free of car payments forever.  I'm not a "car" person.  I paid mine off 2 years ago.  Hubby keeps telling me that I should trade it in while it's worth something and before it starts to need repairs and buy something new or "newish".  I always buy late model, low mileage pre-owned cars.    I'm not taking his advice now but I probably will trade it and get a new car in the Fall of 2021.  

[hckynut]

@Anonymous032819 

Good on you. Since our vehicles are a 2004 and a 2010?  Never heard of a 15 or a 9 loan on a vehicle, yet anyways! Oh, and I was driving a 1985 Olds that I ordered new in 1985, when we bought the 2010 Toyota Yaris.

hckynut

[bonnie f]

ughhhhh.. i just got a brand new car last week... i have a longgggggggggg 5 yrs of payments!!!  i loved not having any payments...

[SandySparkles]

You must still be doing cartwheels! That is such a gratifying feeling. Congratulations on something so monumental. Now, treat yourself to something you have been wanting for a long time😊.

~~~All we need is LOVE💖

[deedledeedeedle]

@Anonymous032819 

This most definitely calls for a happy dance! Isn't that an awesome feeling?

I have 5 years to go 

dee

[pitdakota]

Congratulations @Anonymous032819 !  It is a great feeling.  I agree with the others too.  Take that monthly payment and save it.  My father years ago always encouraged us to do that.  Even if you don't use it for to purchase another car in the future, it is money in the bank to pay for unexpected car repairs or to put toward retirement.  Enjoy the feeling!  

[Cats3000]

@Anonymous032819Sounds like you did either 5 or 6 year financing.  If you did, VERY BAD MOVE.  For most of the time, you were "Upside-Down" on the loan.  That means you owed more on the loan than the value of the car.  Had the car been in an accident and "totaled" or just become unrepairable, you would have owed the difference.  I'm surprised that you weren't offered or required to have "Gap Insurance" that would make up the difference.  Reputable finance experts caution that a 3 year loan is the most anyone ought to use.  If you can't afford the payments on a 3 year loan, you can't afford the car.

[Lipstickdiva]

---

@Cats3000 wrote:

@Anonymous032819Sounds like you did either 5 or 6 year financing.  If you did, VERY BAD MOVE.  For most of the time, you were "Upside-Down" on the loan.  That means you owed more on the loan than the value of the car.  Had the car been in an accident and "totaled" or just become unrepairable, you would have owed the difference.  I'm surprised that you weren't offered or required to have "Gap Insurance" that would make up the difference.  Reputable finance experts caution that a 3 year loan is the most anyone ought to use.  If you can't afford the payments on a 3 year loan, you can't afford the car.

---

@Cats3000, it's her business what she did, not yours.  You should worry about your own finances.  

"Experts" (whatever that means and whoever they are) can say what they want but they aren't making the payment.  You get financed for a payment that fits your budget.  

[beckyb1012]

It is a wonderful feeling I did twice.  The last one I drove for 11 more years paid off until Jan. 2018 when I finally broke down and bought a 2018.  It only had 59,000 miles for a 15 year old car but the shakes, rattles, and rolls were starting to worry me.

Enjoy you deserve it.

[Cats3000]

@Lipstickdiva Ma'am: I'm trying to give her and others some advice.  You, she and anyone else can take it or leave it as you all choose.  The bottom line still holds.  If you take out long term loans on cars you leave yourself open to a peck of financial problems if something goes wrong.  Simple as that.