PAID OFF! Celebration!

[FreePenguin]

Congrats! I will finally be credit card debt free in t minus 1.5 months (after 4 years of paying interest) and man. Gonna pay down the car like your guys are doing

Sponsored

 

[Chef jpd]

Be careful, once there are no payments you will be seriously tempted to do some big buck mods!!!!

2 months after I paid it off, I got a $2k digital dash..........

 

[Questortapes74]

This is wisdom. Normally for myself and my family, I have 3 months of financial support easily on tap for the unexpected mishaps. However since the pandemic, I have increased that by an additional 3 months. I have always lived by the philosophy that there is no guarantee in life.

Regards

 

[Mustang5ohMan]

This is wisdom. Normally for myself and my family, I have 3 months of financial support easily on tap for the unexpected mishaps. However since the pandemic, I have increased that by an additional 3 months. I have always lived by the philosophy that there is no guarantee in life.

Regards

That was good you were able to increase your availability. Others might not be so lucky. Do you mind sharing your strategy?

 

[FreePenguin]

I don't have a single penny extra.. carry like 100 in bank, every penny has gone towards those credit cards for last 5 months. 2 more months and im over, but fortunately COVID hasn't affected my job, I am working just as usual with zero possibility of firing and such. but some of my friends are making more being home than working, but they aren't guaranteed to go back to work either, may all be let go permanently.

 

[Questortapes74]

That was good you were able to increase your availability. Others might not be so lucky. Do you mind sharing your strategy?

Sure no problem. I am self-employed and had been cutting back my hours to 30 a week since 2019, but ramped up to 45 a week starting in March. I also was able to sell the subdivision lot that my wife and I had purchased 10 years ago that we planned on building a smaller retirement home in about 7 years from now. North Alabama property has increased significantly and this area has not been financially hit like so many other areas in the US have been. Building was considered “essential,” and people have been selling and buying homes/property since the interest rates have been so low. We elected to sell the property and re-evaluate downsizing at later time when things settle down. “Good health willing.”

 

[Balr14]

LOL - I feel a little joy when I hear others have paid their car off. Sounds like an achievement of sorts...

I agree. The average Mustang owner is over 50 and if you discount 350 owners it would be much higher. Many are financially pretty well set, so car payments are not an issue. But, to many younger Mustang owners, the purchase of a new car is quite an undertaking. I recall when the cost of a new car represented about 20% - 25% of your annual income. That certainly isn't true now.

 

[Mustang5ohMan]

I agree. The average Mustang owner is over 50 and if you discount 350 owners it would be much higher. Many are financially pretty well set, so car payments are not an issue. But, to many younger Mustang owners, the purchase of a new car is quite an undertaking. I recall when the cost of a new car represented about 20% - 25% of your annual income. That certainly isn't true now.

Yeah it’s more like 50% lol

 

[keiths2kgt]

I got 27 payments left @ 0% so I’m in no rush. It’s our only debt. We paid our house off 4 years ago

Cool to see this thread and post again. 6 payments to go now!

 

[Mustang5ohMan]

Cool to see this thread and post again. 6 payments to go now!

what year is your car?

 

[Elp_jc]

I also paid off my 2-week old Bullitt last Friday. Ha ha. Dealer forced me to finance the minimum ($5K) to get the price I did. They even had to give me money back, since it was pretty much an even exchange with my trade. Will never accept that again. Besides the charade it was with the registration, now I'll have a lien on the title. Oh well.

 

[James1414d]

I paid mine off the day I bought it

 

[Rock&Roll]

0% interest for 72 mos. no reason to payoff early.

lol ... I’m glad I didn’t think like that

I had a 0% loan from ford and I paid it off early. Covid hit and now I have no income. Thankfully my car is paid off.

 

[Dave2013M3]

lol ... I’m glad I didn’t think like that

I had a 0% loan from ford and I paid it off early. Covid hit and now I have no income. Thankfully my car is paid off.

I understand, it doesn't make sense financially to pay off a depreciating asset when its interest free. Every situation is different...

Sponsored