Paid off!!! It's officially ours!!

[bbhaag]

The Maverick we ordered in June of 2021 and was delivered in January of 2022 is officially ours!! The title came in the mail today and I have to say what a great feeling it is to have this car payment behind us! Next up is getting the Mach-E paid off then hammering away at the mortgage on the house.

Here is the first pic I took of the Mav a year and a half ago when we brought it home from the dealer!

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[KSC Grey Ghost]

It is a great feeling when you pay something off

 

[maggie06]

Also just got my pink slip. It does feel good!

 

[Scott Asheville]

Back in the day when I had a mortgage with a printed amortization sheet, I used to love making extra payments on the principal. Early in the mortgage, one extra payment would let me scratch an entire year off the 30 year amortization schedule. That's how powerful extra payments are.

On the other hand, someone could argue with some validity that I was actually hurting myself, because every year (if there is serious inflation), the payments were less and less real money in real terms (because the money was cheaper).

 

[AHarris67]

A great feeling--enjoy!

 

[TedTX]

Paid my last auto loan early and it dinged my credit for my Maverick loan 18 months later. Complained at the time, but now the 2.5% interest rate is crazy low compared to current rates.

 

[Ron Neal]

Congrats, always a good feeling to pay off a big note.
The 36/0 Ford offered earlier seems even better now so will get my pink slip in 2 years.

 

[Last Truck Ever]

Nothing like that joy, congrats!!!

 

[710-oil-614]

Back in the day when I had a mortgage with a printed amortization sheet, I used to love making extra payments on the principal. Early in the mortgage, one extra payment would let me scratch an entire year off the 30 year amortization schedule. That's how powerful extra payments are.

On the other hand, someone could argue with some validity that I was actually hurting myself, because every year (if there is serious inflation), the payments were less and less real money in real terms (because the money was cheaper).

Each individual situation is unique. 15-20-25 years ago when mortgage rates were anywhere from 8-18% - making an additional payment annually was a huge deal and made great financial sense.

Today, I have a 2.49% fixed rate 30 year mortgage that I won't pay a penny off early. I have a 4.15% high yield savings account at minimum, or a CD, treasury bill, note, or even bonds that pay above that. It is more wise for me to invest in something else than to pay extra on my mortgage.

 

[Skyline]

I've paid off my house years ego, got my Maverick @2.75% rate (Credit Union, need to be a member) in January of this year. I could've bought it for cash, but the tax implications would had been too much. I'll pay it off early next year and trade it in for something different, probably a Ridgeline, or something for cash. I don't trust the Maverick to last long...

 

[LSchicago]

Congrats! It's a great feeling. Except it makes me want to buy another vehicle. As soon as my Mustang was paid off, I started looking for my daily driver replacement. Just picked up my 23 Hybrid on Saturday.

 

[Radman73]

The Maverick we ordered in June of 2021 and was delivered in January of 2022 is officially ours!! The title came in the mail today and I have to say what a great feeling it is to have this car payment behind us! Next up is getting the Mach-E paid off then hammering away at the mortgage on the house.

Here is the first pic I took of the Mav a year and a half ago when we brought it home from the dealer!

Outstanding! We are also set on vehicles for a while allowing us to concentrate on the mortgage as well. It's a great feeling and the pathway to greater financial freedom not to mention less stress!

 

[SDakota]

That's a great feeling! I'll be there in 3 years.

 

[stoptothink]

Congrats. We've been completely debt-free for ~3yrs. In hindsight, paying off our mortgage was a terrible decision as far as wealth-building, but we did get that initial dopamine hit... of course wife REALLY wants to upgrade into a "forever" home now, hopefully which we would be able to cover with selling the current house and some cash we have started to accumulate. Not having debt just provides you so many options.

 

[Deb from MN]

good on ya! I have 0% so mine is going the distance! another 1 1/2 years...it is a good feeling...

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