Question about car early payoff
somebody
in on a new car. I'm thinking that instead of going through the hassle of
completely paying it off, and going through the hassle of obtaining the
title, I'll just trade it in with a month or two remaining. Does that
sound reasonable?
-Thanks
The Henchman
"somebody" <so...@body.com> wrote in message
news:hoydnXfmXYZ9FX3a...@comcast.com...
I don't understanding. Are you leasing the car or financing it?
If you are financing the car you already have title.
If you are leasing the car, you don't have title and you take it back in 5
months and can negotiate then to buy the car with cash or financing, both of
which give you title, or lease a new vechicle
clams_casino
Trading a well running car for a new car typically makes little sense.
Just A User
Alway better to have something completely paid for than to still owe on
it when purchasing new.
brother mouse
> Trading a well running car for a new car typically makes little sense.
That's positively un-American!
:-)
George Grapman
> "somebody" <so...@body.com> wrote in message
> news:hoydnXfmXYZ9FX3a...@comcast.com...
>> I only have 5 months to pay on my car. At that point, I plan to trade it
>> in on a new car. I'm thinking that instead of going through the hassle of
>> completely paying it off, and going through the hassle of obtaining the
>> title, I'll just trade it in with a month or two remaining. Does that
>> sound reasonable?
>>
>> -Thanks
>
> I don't understanding. Are you leasing the car or financing it?
>
> If you are financing the car you already have title.
Yes, but the title will list the lender as a lien holder.
Binyamin Dissen
:>I only have 5 months to pay on my car. At that point, I plan to trade it
:>in on a new car.
Why do you want/need a new car?
Why is the decision predicated on when your current car will be paid off?
:> I'm thinking that instead of going through the hassle of
:>completely paying it off, and going through the hassle of obtaining the
:>title, I'll just trade it in with a month or two remaining. Does that
:>sound reasonable?
I would expect that most car dealerships know how to handle such a
transaction.
But the earlier questions stand.
--
Binyamin Dissen <bdi...@dissensoftware.com>
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I very rarely bother responding to challenge/response systems,
especially those from irresponsible companies.
val189
> I only have 5 months to pay on my car. At that point, I plan to trade it
> in on a new car.
Why do you want to trade it in? Personally, I loved the years of not
having car payments. Gave me a chance to beef up the rainy day
account or be in better shape for the next car purchase..
George Grapman
1998 my car died. I just wanted something to get me thorough the next 6
months. Found a 1980 Honda for $350 that the owner admitted would need a
clutch. I babied the clutch (not an easy task in San Francisco) but 4
months later it had to be replaced, Had the car until late 1999 when I
sold it for the same $350.
I am still driving the car I purchased in 1999. About once every two
years it needs a repair in the $300 range. Went to LA last month and got
about 35 mpg,Saturn 4 door,fully paid for.
h
You actually bought a car with a loan instead of paying cash for a used
vehicle? How unfrugal of you. I have no words.
max
<7558e211-22cd-4c5b...@13g2000hsb.googlegroups.com>,
val189 <gweh...@bellsouth.net> wrote:
maybe it's a gas-guzzling Tahoe and he wants to right-size into a Prius
or a Smart Fortwo.
--
This signature can be appended to your outgoing mesages. Many people include in
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webs...@cox.net
wrote:
Maybe these days. It used to be common sense, back when sense was
more common.
timeOday
You always have hamburger and never steak?
clams_casino
Makes little sense to have one steak and pay for it for the rest of your
life.
It amuses me when college kids (and others) use their credit cards to
eat out & then pay interest on that debt for 10-20 years.
Banks love it.
Seerialmom
>
> - Show quoted text -
That's one of the reasons the company that owns one of my cards keeps
calling to ask if anything is wrong (or why I'm not buying anything).
I'm being very atypical by not having a balance on anything but my
mortgage right now. Sometimes buy something on a card and almost
immediately pay it off online to show I still "use" it. But I was one
of those college kids once upon a time; didn't equate the "have it
now" with "owe forever".
Seerialmom
A man after my own heart! I've often bought used vehicles for $1200
or under, drive for 2-4 years....and then turn around and sell for the
same price. And none needed major work. Made me crazy when my
daughter and her bf wanted to dump the perfectly fine running 92 Camry
I found them for $500 (and it was the "luxury" model with moon roof,
etc) to buy a "new" Dodge Charger.
James
I've had good luck and bad. Some cars manage to pass an independent
mechanics inspection and still need major work 6 months later.
I bought a three year old Chrysler Intrepid after having it inspecting
and having reviewed all the maintenance records, and it was a
disaster.
I ditched it when it needed another $1200 of repairs, and the tranny,
which I had already replaced once, was ready to go again.
My current vehicle, a Mazda MPV runs as well as the day I bought it 3
years ago, and other than one tranny flush and fill(not on scheduled
maintenance), I've only replaced lightbulbs, air filters etc. And it
was 3 years old when I bought it. I will easily get another 4 years
more if the body holds out.
James
Lou
It sounds like you're itching to buy a new car and will "justify" doing so
with any straw you can clutch out of the wind.
There's no added hassle in completely paying off your present car - you just
mail in your monthly payment as usual. If you're planning on buying the new
car with a loan, you'll be making monthly payments anyway.
Same for the title - when the car is paid off, you get a piece of paper in
the mail from the loan company, and you file it so that you have it when you
do dispose of the car. I suppose that's a little trouble - five or ten
seconds worth.
If you want a new car, and can afford it - hey, it's your money, you don't
have to justify it to anyone (well, except your spouse). But if your sole
motivator is to avoid getting a clear title, spend at least as much time
thinking about it as you did in writing the question and reading the
answers.
somebody
> If you want a new car, and can afford it - hey, it's your money, you don't
> have to justify it to anyone (well, except your spouse). But if your sole
> motivator is to avoid getting a clear title, spend at least as much time
> thinking about it as you did in writing the question and reading the
> answers.
I'm not trying to justify it to anyone, least of all you. I posted the
question because someone suggested I avoid the hassle with the title, if
I payed off the car completely, what ever that means. That's what I'm
trying to find out there Lou.
somebody
> maybe it's a gas-guzzling Tahoe and he wants to right-size into a Prius
> or a Smart Fortwo.
Fuel savings is part of the equation.
clams_casino
You will likely be able to simply transfer the car if it still has a
payment. It'll likely take several months to get a clear title after
it's paid off (or at least one very lengthy visit to the MV)..
Seerialmom
>
> - Show quoted text -
I have to admit that "once" I bought a 78 Fiesta from the original
owner for $1200; all the papers were there from the maintenance they
did. About 2 months after I bought it the radiator hose
burst...luckily for Firestone I was about a block away and they saw me
coming. $600 later..."all" my hoses and radiator were fixed...and I
drove that car into the ground for 4 more years (had it happened now I
know enough about cars "and" have resources to get it done much
cheaper). But that was the only time I had to pay for more than
routine maintenance.
Lou
With gas at record high prices, it's tempting to get rid of the present
buggy and buy something with better mileage. But if what you're trying to
accomplish is spend the least amount of money for your transportation, if
you do the arithmetic most people will find that their best bet is to keep
the present car.
Consider that if your present car averages 20 miles per gallon and you drive
15,000 miles per year, you'll use 750 gallons of gas in a year. At an
average price of $3.00/gallon, that comes to $2,250. Get rid of that car
and buy one that get 30 miles to a gallon, your usage drops to 500 gallons,
and you'll save $750/year on gas. That's what, two or three months worth of
payments? It's a few hundred dollars less than the interest on a $20,000
car loan is likely to be for the first year.
Even if the new car gets 40 miles to the gallon, that's only $1,500/year
savings on gas - maybe six month's worth of payments on a new car, possibly
less. How realistic is that $3.00/gallon price? I don't know - today when
I filled up, it was $2.98. At $4.00/gallon, the annual saving is still only
$1,000. And yes, I know that some cars cost less than $20K - the point is
to plug in your own numbers and do the arithmetic, not let your emotions
make the decision without at least thinking about it.
For a while, it seemed different back in the 1970's - there were gas
shortages, days when you couldn't buy gas because of odd-even rationing, and
days when you couldn't buy gas because you couldn't find any. At least so
far, there hasn't been much if any of that - you can have as much gas as you
want, providing you're willing to pay for it.
timeOday
But there is a difference between making payments on something you don't
have any more (food), vs. something you still get value from every day
(a car).
Paying for a car up front is sort of like paying for all the food you'll
eat in the next 4 years up front - you're ahead of the game. Which is a
good thing.