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It’s Official…My Car is Now a Pure Asset, Baby!

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After 5 years of payments, our car is paid off. The last payment was actually due on Monday but the company initiated the payment on Tuesday for some reason (we’ve always had automatic payment on this vehicle).

I waited to announce on here until I saw the following:

The car is officially ours and no more car payment!

We could snowball that payment to other debt, but it looks like it will be used for health insurance. My husband and I do not have any, and the plan my son is on will be lost at the end of the year.

Of course, I will write more about that once I make some progress on getting that ready. The to-do list that I wrote to myself some time ago is not shrinking as quickly as I would like.


12 Comments

  • Reply Carl |

    It will feel even better when you have the title on your hands. We had 2 cars paid off, and then when one of them died, tranny @ 250,000 miles. I traded the other paid off vechicle, regular cab truck, does not carry 2 car seats. Now we are back to not having any titles.

  • Reply Matt |

    Congrads! Cars are probably one of the most expensive items we ‘own’ and having one less payment is great. I can’t wait till the day I own mine outright(only 4 more years)

  • Reply Kevin |

    That’s great. Now do like I do and drive it into the ground. The last car I had, I couldn’t even sell it after I was through with it. I had the junkyard tow it away. OK, they gave me $15 for it.

  • Reply mapgirl |

    That’s great news! Good for you Tricia! Health insurance is a great alternative to saving money since one healhcare crisis could throw your debt reduction plans out of whack.

  • Reply D |

    That is so great. I know the car payments were always the worse for me. Maybe cause I could keep looking at KBB.com and realized I owed more than they were worth.

    Thankfully I have been car payment free for a long time. Hopefully, God willing it will remain so.

    This is a huge step and something to really be proud of. You go girl!!!

  • Reply Mike |

    If they don’t send you a Release of Lien so that you can get a clear title within 30 days, start harassing them to get it. That’s what I had to do two cars ago (since then I’ve paid for them outright).

    And since you’ve paid it off, keep making those payments toward your other debt. (suspect that’s what you were planning to do anyway)

  • Reply Tricia |

    D – this is probably the first time we have had a car loan and our car was worth more than the loan for the whole duration. I have to give it to my little Toyota Echo. It held its value well.

    Lisa – actually, I haven’t driven it too much except for some this past weekend. It didn’t really feel different, but as I gripped the wheel it was a feeling of “it’s all mine….muwahhhhh” 🙂

    Mike – the release came in the mail today so all we need to do is get the new title. I would love to put the payment towards other debt, but we have to get health insurance. I feel like we are playing with borrowed time in that regards.

So, what do you think ?