Paid off my Genpu today!
 

Hi together,

It was 5:30 PM today as I was walking out of the bank letting behind me an "close to empty" bank account and the good news is: Car loan was showing $0.0 balance for my Genpu car loan.

I couldn't wait anymore for the next 4 coming years to get ride of this car loan. I'm glad I did it. So no more worries what if I lost my job, what if I get laid off. Genpu isn't going anywhere now and it's mine.

I can't realize it now, but the next coming month will be great months to come since I won't have any car payment to make. I'm expecting to build up cash reserve pretty fast now.


Please join me this time to celebrate my self for an other courageous act of financial freedom!

LOL... congrats man, I can't wait until I pay off my car loan as well, any plans for the extra cash???

^^ savings savings and savings.

I'll take it easy on modding now. Really last thing will be the H&R coilovers and that should be it.

i can't wait to pay mine off so i can spend more money on the miata. congrats.

Heard he was getting a Porsche.

fuck the porsche it was the early April joke ;)

one thing I notice the bank is really abusing ppl. For the 1 year car loan I had, I paid almost $800.
$800 of interest for just 1 year. What they are doing is basically taking a good percentage of your firsts payments to the interest, so less is flowing into your principal. But they'll make sure that for the life of the loan, they don't charge more interest than what stay on the sale contract.

I don't know if we have banker around here on the forum, but is this even legal? Because the interest should be proportional to the life loan since it's a daily interest loan, I'm wondering how they are able to do this, I mean legally.

As of right now I'm pretty sure I owe 23 or 24k.

FML

unless you have a real low interest rate, i was able to get my GenPu on 2.99% apr, but i put down 14k, so my payments are 240$ a month for 5 years.

I cannot wait till i get mine paid for. I still owe 16k :evil:

My gen1 is paid off later this year. Just in time for another kid added to daycare, still gonna be broke, lol.

18k :-(


-Jake

I still owe a little over 19k but mines an '11. But I got a shitty 4.9% loan so I'm almost doubling payments to try and get it paid off in 3 years...

In lending, amortization is the distribution of payment into multiple cash flow installments, as determined by an amortization schedule. Unlike other repayment models, each repayment installment consists of both principal and interest. Payments are divided into equal amounts for the duration of the loan, making it the simplest repayment model. A greater amount of the payment is applied to interest at the beginning of the amortization schedule, while more money is applied to principal at the end.


Auto loan calculator - Bankrate.com

Fuck you and your fully paid genpu


Also, Congrats

Knock it off with your voodoo math and numbers, you are gonna scare the kids! :006:

Congrats!
I'm soo jealous, I'd love to pay mine off

thanks you'All. Had to make big sacrifices to be here and hopefully the next months will reward my self :).

@dankrdan: Your text sounds very diplomatic, like a banker BS. :) And you know why they are charging high interest up front? probably because If you made a wrong decision when purchasing that car or for any other reason you'll to trade it in or sell it after a year, Bingo that's where the banks make a lot of money.

Under those circumstances, you'll start in a new car loan upside down or negative equity. Bitteschön!

where the fuck did you get 4 years worth of car payments?

Grats!

If I stick to the plan I made for myself I should have my car paid off this year!! I feel like that will be a big financial achievement for my young age. Can't wait to start getting my savings to grow.

HOOKERS...LOTS OF HOOKERS!!!!!

No 0% in the states?? I financed my speed over 4 years @ 0% through Mazda Canada finance. Looking into buying the wife a WRX STI; best rate I can find is 5.9%

Yea no 0% here. At least when I bought mine in 2010

HOOKER?

What you mean dude?

No I had a 5 years/60 months and after 1 year paid the fuck off.

Paying shit off is the new "making it rain." Next time you're in a club waive the title around.

Congrats!

Think of a loan as the opposite of collecting interest on a savings account. The higher your savings is, the more you will collect in interest. Also, the function to calculate interest is exponential in nature anyway.

Bottom line, the higher your principal is at any given time will, by definition, mean you're paying more interest on it. It's just math.

it's scary scary banker math.

It's also why paying an extra $150 a month on my mortgage will save me years off the far end...

Exactly. You payed attention in 9th grade math. Everybody else who didn't thinks EVERYTHING about banks is trying to screw them. In reality, it's probably only 90% of what they do.

dude, welcome to basic finance. it's common knowledge that when you first take a loan, you're mostly paying interest, not principle. As the principle gets lower, you're paying less money in interest because it's a percentage of a smaller, and then smaller, and then smaller number. think of an avg. 30 year mortgage on a home. the first 5 years of your mortgage is mostly paying interest. this is why if you can put money down on a financed vehicle, do it. yeah you could invest it elsewhere but most people won't, they'll just let it sit in the bank and in the end, you end up paying more for your car than you should have, or could have. go to a simple online loan calculator like bankrate.com and play with the numbers. mainly, adjust the payoff date, monthly payment amount, etc. and you'll see how a car that costs X will cost X + a lot less if you get the car paid off quicker. time = money with loans.

as a side note, I just refinanced my MS3. dropped my interest rate almost 2 percentage points which in turn is going to save me, in the next 4 years, about $800. a lot of people don't realize that if you bought the car and got a shitty interest rate, you can always reapply to another bank down the road and look for a lower rate which in turn, ultimately gives you your car for less money.

^^^^^
ups here @TiGraySpeed6, didn't meant to ;)

Allrighty then @bertrand_CX_7
Careful here, you're gonna scare the other kids with all this responsible, adult type of talk :)

Thanks for the head's up man!

Ya same here except I got mine over 5 years @ 0%, so I'm in no hurry to pay it off, wouldn't matter anyway. I'm focusing more on paying off my student loans. interest on that is a bitch!

The STI and wrx have always had the 5.9% rate, idk how people afford to get these vehicles over so much interest, I personally could never get myself to pull the trigger on it, considering certified used BMW's are available for 2.9%.


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What do you mean? So Subaru is offering 5.9%.....so what? Go to a bank or credit union and get a better rate! Why would you limit yourself to Subaru's financing charges?

Lowest rate from the banks for a car loan is around 8%

Yeah student loan interest is almost as bad as credit card interest. I'll be putting a lot down
on the Subie to reduce the cost of borrowing, rate sux though..

ouch!
CU's around here are offering 3-3.25%

Yeah student loan interest is almost as bad as credit card interest. I'll be putting a lot down
on the Subie to reduce the cost of borrowing, rate sux though..

I'm in the $18K boat as of now with my stupid 7.79% car loan (my credit wasn't that great when I took on the loan and now it's A LOT better). If I owed a few grand less, I'd refinance for around 3% or so with my credit union. As of right now, I feel my balance is way too high and I don't want ANY upside-down equity on a loan. On another note, I'm only looking to refinance for three or four years at the most. I learned my lesson long ago with long-term car loans. You don't get anywhere.

Congrats @bertrand_CX_7.......the feeling of liberation is priceless. I just did the same thing on my wife's car and it felt awesome!!! We can save, mod do whatever with that payment money now!!

I know I couldn't give Subaru my hard earned money, their financing is a joke!! 6% regardless of credit worthiness or term or season of sales cycle, it makes you wonder how often WRX and STI drivers are secretly sobbing in a dark corner when they get home and look at their car payments!! LOL

No matter how well you drive and tune that b*tch, you can outrun that payment!!:notworthy:

5.9% financing on a WRX = approx. $5000 interest over 5 years or so. No thanks. Subaru must think they're selling luxury vehicles or something. (also, just read of another 2 ringland failures on iwsti, if I were ever to buy an STI in the future, it sure as hell won't be with the current engine they've got).

OP congrats on paying it off. My end is nowhere near in sight yet :(

gratz dude. i need to re-finance. my APR is way too high.

8%! that's sick. where do you live?

Congrats OP, I was fortunate when I purchased my GenPu I just paid for the whole thing in cash the day I picked it up, but I admit I was in a rather strange time as far as life/job/career/finances went at the time...

Also some good mini math lessons in this thread, my inner math teacher to be is glad to see at least some people know wtf is going on with borrowing money.

We both live in Edmonton, AB.


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quit posting on this thread, its pissing me off lololol.

^^^ haha @chudson91

so innocently and nicely said.

Congrats man. I am probably going to sell my winter car to pay down the amount on my loan. Then refinance into a 3 year loan. I have no debt except my car payment and my house. I don't think I will ever keep a balance on a CC again.

I hope to pay off my car in the next 2 years or so...until then...I'm jealous!!!

Congrats.

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man, that's hideous. what are mortgage rates up there?

wow you guys suck. I had crappy cedit due to my iresponsibilty with a military star card. 3 years ago. Im at 12.3%. owe 19k for a 2010.

I took a similar rate for mine three months ago because of a limited credit history. I have awesome credit, there just isn't much of it. But I signed off on the rate with every intention of refinancing ASAP, probably within 6 months, through a credit union. Just gotta find a new one since I moved out of state from my current CU.

I got 60months 0% on my '11 right before the '12 came out.