Paid off !

[rule18]

To each his own. I’m not putting anyone down. I got debt free 10 years ago; house and everything. Being debt free is something I wish everyone could be. It is a different lifestyle with a different outlook on things. Debt free is stress free.

There is NOTHING in the world that would ever make me take out a loan ever again. It is simply not worth it. I will never be held hostage ever again.

Once you quit paying interest and making someone else rich, YOUR money piles up surprisingly fast. Then you can pay cash.

ok, I’ll get off the soap box for now.

I disagree with you on the lease option, if the circumstances are right, the planets align and you have a tiny company to write it all off to (which we do). I highly agree with you on the debt-free no more loans sentiment. We got there three years ago (at 52 years old) after a metric poop-ton of saving, and (obviously) haven't looked back since. So much less stress, I also wish people had clearer paths to get out from under.

 

[rule18]

We took a lease on our 2017 Ram 1500 BH at the beginning of October 2017. At the time, the salesman told us that the rebates were higher on leases than purchases (Jedi mind trick?)....anyway, we went with it, the payments were <$190/month, so I saved a pile out of every paycheck since then. I lost my job this past June, but I had saved enough to buy it out.

At 34.5 months, the truck is paid off with about 23600 miles. Felt a little weird writing a hefty 5 figure check with no job, but that was the plan and we stuck to it. Should get the title in about a week.

Mileage-wise, definitely the earliest I've ever paid off a vehicle. Feels kinda good....although I wish I was working. The wife's Grand Cherokee is showing its age, and no way we could get into another loan (or lease) on just her income.

But all that aside...damn thing is paid off !!

Photo from Dixie Nat'l Forest, south central Utah, Sept 2018. With our popup.

Peace out.

Congratulations, well done!! I love it when a plan comes together. Anyone, anyone??

 

[RLJ10X]

We’ll have to agree to disagree.

 

[rule18]

We’ll have to agree to disagree.

Yes. But only because you don't have a company to write a lease off to. It's really a good thing for LLCs and S-Corps since all lease payments and insurance get applied. It's the monthly gift that keeps on giving. I do actually agree with you that for the average person, it's kind of a rip off disguised as lower monthly payments.

 

[Dr. Righteous]

Did you do the "Paid For Dance"? I sure did when my '14 got paid for last year. (bought it in '16)

 

[pjcodner]

I paid mine off about a month ago. Traded in a 2006 Ram 1500 Big Horn that was paid off on my 2015 Ram 2500. I had about 9 more payments left to go and when I did the math I saved myself about $300 by paying it off early. I only have 14k on the truck and like others have said it is a joy to drive knowing I own it 100% free and clear.

Now I am buying other things for the truck with the savings. Got a good deal on some 2019 2500 Limited 20" wheels and tires for $1300 that have 0 miles on them. The guy took them off at the dealership before he left the lot with his new truck.

 

[RaftingDave]

Did you do the "Paid For Dance"? I sure did when my '14 got paid for last year. (bought it in '16)

Not much of a dancer, but maybe I'll drain a cold one or two when the title shows up.

Oddly, though, I feel like I'm driving it a little more aggressively than before. I'm usually a pretty mellow driver, but lately I've been stomping the pedal a bit.

Also not much of a mod guy, but I'd kind of like to switch out the front speakers from my "Alpine" system.

 

[Dr. Righteous]

Unless life takes a drastic turn this '14 is the last truck for me. A drastic turn my be it blows up but at this point I doubt that.

I have a business in mind I would like to start up and was working on my business plan when covid hit and the economy when to crap.
But if it ever happens I'll need a 2500 for pulling a long box trailer.

 

[RLJ10X]

Take the truck payment money and attack your mortgage like is the evil entity that it is.

Unfortunately, living paycheck to paycheck is the accepted way of life in the richest country, ever.

And if you point out he folly of paying interest, and buying extended warranties, the censorship nazis will delete your post.

Go to I heart radio. Listen to Dave Ramsey for a few weeks. He'll shoot it straight. It'll be interesting to see how long this post stays up.

 

[RaftingDave]

Take the truck payment money and attack your mortgage like is the evil entity that it is.

Unfortunately, living paycheck to paycheck is the accepted way of life in the richest country, ever.

And if you point out he folly of paying interest, and buying extended warranties, the censorship nazis will delete your post.

Go to I heart radio. Listen to Dave Ramsey for a few weeks. He'll shoot it straight. It'll be interesting to see how long this post stays up.

I'd love to slay my mortgage...but as I said, I'm out of work at the moment. How soon, or whether, I get back into the working world....that's the big question. My dealership is extending my warranty for a year - after that, we'll see where we're at.

 

[gfh77665]

so I saved a pile out of every paycheck since then. I lost my job this past June, but I had saved enough to buy it out.

At 34.5 months, the truck is paid off with about 23600 miles. Felt a little weird writing a hefty 5 figure check with no job, but that was the plan and we stuck to it. Should get the title in about a week.

Dave Ramsey said many times "A vehicle runs best without having to drag a note behind it".

GOOD JOB!

 

[Livinalittle]

3 and a half months to go for me. It’s been a long 8 years but I see the light at the end of the tunnel.

 

[mtofell]

Yep.... paid off is super nice!!

As for the lease thing, it can work out but that is probably the minority of the time. My business is an S-corp and I lease our small little delivery vehicles since, as someone already pointed out, everything is a write-off.

Leases are a bit more complicated than purchases and it's generally easier for a dealer to play the shell game and screw you. As long as you realize that just like purchases, the terms must be negotiated, you can do okay. If you just walk in and sign the first lease they throw in front of you I totally agree... you'll get screwed.