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Car is paid off!

August 16th, 2012 at 06:45 am

Thanks to DH's pal finally paying his tab, we were able to pay off the car today. The payment just cleared and the account is officially closed. That will be one less bill ($219/ month), although it will save us more as we were filtering a lot of extra money to extra payments. Guess that money can now be snowballed toward savings, IRA, and the mortgage. Hazzah!!It feels really good to be car loan free!

That lump sum definitely helped, but I'm also proud of home much we managed to just pay off by adding extra every time we had some extra money come in. We managed to cut the loan by about $4,000 just through that in the first 8 months of the year.

17 Responses to “Car is paid off!”

  1. NJDebbie Says:

    Nice!!! You'll be mortgage free before you know it. I get so excited to see our balance go down every month.

  2. Monkey Mama Says:

    Woohoo!!

  3. My English Castle Says:

    Wow--so glad he paid up too!

  4. Beawealthywarrior Says:

    Great job

  5. ThriftoRama Says:

    The mortgage is a 5-year plan, but with diligence, maybe it can go sooner. This year is going to be rough though. We'll be at the peak of our childcare bills starting in Sept. with two kids in preschool, but after the oldest goes to kindergarten next year, that bill will go down a lot, freeing up some extra money.

  6. starfishy Says:

    congrats!!!

  7. PNW Mom Says:

    Congratulations!

  8. guppy Says:

    Great Job! I was always inspired reading about your payments each step of the way!

  9. ThriftoRama Says:

    Already reaping the benefits. Have $108 in craigslist sales and rebate checks to deposit, and that will now be going to the MORTGAGE and not the car!

  10. North Georgia Gal Says:

    Congratulations! I bet it feels awesome to not have that payment any more.

  11. ceejay74 Says:

    Well, and keep in mind, that lump sum WAS money you worked hard for and planned to use for payoff! I remember how disappointed you were when you initially lost it to your friend. Congrats!!

  12. creditcardfree Says:

    Congratulations!! Happy dancin' with you.

  13. ThriftoRama Says:

    True. That money was the original downpayment for the car....

  14. Looking Forward Says:

    Yay!!! Big Grin

  15. Shiela Says:

    Wow that was quick. Glad you got that money back. Congrats.

  16. I-78 Commute Says:

    Congrats on getting the car paid off!

  17. Jerry Says:

    I agree with ceejay74, that $5k WAS your money to begin with, and that has to lead to some additional appreciation of how you have managed your finances in the interim. And now that you have some insurance that the car note is paid off, you can steamroll some other debts as well! Good luck...
    Jerry

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