The day you look forward to: "You Have Paid Off Your Vehicle!"

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[Lugnut]

Congratulations on your accomplishment. Well done!

 

[NedF]

Congrats, it's always a good feeling to pay your vehicle loan off! If you can afford to, keep putting the payment amount into an account to use on your next vehicle. The only thing better than paying the loan off is buying a vehicle with cash.

 

[JMJB]

Congrats, it's always a good feeling to pay your vehicle loan off! If you can afford to, keep putting the payment amount into an account to use on your next vehicle. The only thing better than paying the loan off is buying a vehicle with cash.

I was gonna pay cash 2 years ago upon delivery , but when I ordered , back in 2021 , zero percent financing was offered .
I asked the wife what she'd like to do with the $753 a month when the Maverick is paid off ......a new couch she says ! That sounds doable !

 

[Glen Baker LLC]

I was gonna pay cash 2 years ago upon delivery , but when I ordered , back in 2021 , zero percent financing was offered .
I asked the wife what she'd like to do with the $753 a month when the Maverick is paid off ......a new couch she says ! That sounds doable !

Outstanding.
I never pay cash if I can use someone else's money for free or cheaper than what I'm earning on my own money.
Anytime you can use someone else's money For Free. You always use FREE money or low interest money. 0% is Free money.
It's just common sense.
Watch out for any BS mitigating fees.
I spoke with Ford Motor Credit they do not charge a loan origination fee. The dealer May charge that but Ford Motor Credit does not.

Some folks see paying cash as a "Badge of success" The dealer doesn't care.
Most dealers make less money when someone pays cash, than if they finance. Ford Motor Credit Corporation and finance companies offer dealers incentives.
Other than a unit sold there's no upside to a cash deal.

 

[NedF]

I was gonna pay cash 2 years ago upon delivery , but when I ordered , back in 2021 , zero percent financing was offered .
I asked the wife what she'd like to do with the $753 a month when the Maverick is paid off ......a new couch she says ! That sounds doable !

We financed my wife's Chevy because of the 0% interest. It makes more financial sense to keep your money and earn the interest yourself although I had this conversation with my financial adviser as we are downsizing our home and paying off the mortgage. I have 2 years left at 1.7% so I wondered if it made more financial sense to port the mortgage and invest the equity but he said just pay it off... Even the bank called me and asked if I really wanted to close the 1.7% loan...

 

[Redline]

No way I'd pay off that 1.7% loan in this high interest rate environment. Heck, my brokerage cash account earns 4.6%.

 

[bckrupps]

My dealer wouldn’t sell it without financing. This was in 22 and there were 3 others there waiting and hoping I didn’t buy it. Took the financing at 7.8% interest and paid the loan off 4 days later before the bank could even get their name on the title. All that hassle for about $18 in interest made lol.

 

[NedF]

No way I'd pay off that 1.7% loan in this high interest rate environment. Heck, my brokerage cash account earns 4.6%.

I tend to agree but I assume he is looking at my ultimate goal of retiring ASAP.

 

[Redline]

Don't assume they know what they're doing just because it's their job.
I fired my investment advisor a few years ago and took charge of my money. I have way more incentive to do well than they ever did.

 

[NedF]

My dealer wouldn’t sell it without financing. This was in 22 and there were 3 others there waiting and hoping I didn’t buy it. Took the financing at 7.8% interest and paid the loan off 4 days later before the bank could even get their name on the title. All that hassle for about $18 in interest made lol.

I was hearing about dealers only accepting financed purchases before I ordered my truck. The current rates were still in the high 7% range, so I specifically asked my dealer if they accept cash deals, and he assured me they did, so I placed my order and started my 355 day wait!

 

[sva50233]

wouldn't know, paid cash for my car

 

[d7602002]

Congrats, it's always a good feeling to pay your vehicle loan off! If you can afford to, keep putting the payment amount into an account to use on your next vehicle. The only thing better than paying the loan off is buying a vehicle with cash.

Exactly what to do. Like 25 years ago I had a house payment and a car payment. When the car payment was done I used that money and put it on the principle of the house. Allowed us to pay the house off 18 years early. And then I took the house payment and the car payment that I had been using and put it in savings and used it to pay cash for another car. Basically been using the same money for thirty years.

 

[tciotti2003]

Awesome. Knew I was retiring 4 months after I purchased my used 2022 1st Edition Lariat so made 3 payments and then paid it off. Definitely the right choice

 

[NJBob]

Outstanding.
I never pay cash if I can use someone else's money for free or cheaper than what I'm earning on my own money.
Anytime you can use someone else's money For Free. You always use FREE money or low interest money. 0% is Free money.
It's just common sense.
Watch out for any BS mitigating fees.
I spoke with Ford Motor Credit they do not charge a loan origination fee. The dealer May charge that but Ford Motor Credit does not.

I had 0% on my 22 Mav. I just paid it off with one year remaining. Normally I would use the free money. However life intervened and I paid it off. One less thing my wife has to worry about.

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