When I bought my truck, I got it for 33.5k out the door after all rebates... including a small business rebate, and $500 off if I financed through DC. I specifically asked if there was any penalty for pre payment. They said no, so I financed through them to get that extra $500 off, then drove straight to my wells fargo branch, got a check from them for the payoff amount and financed through wells fargo instead.. it was 8% interest with DC, and with my wells account, it was only 4.5% I bought the truck because I wanted it, and I knew I could make the payment... Of course, then I left that job, and I have to leave this job in a month or so, but I always manage to have the money. Technically I could pay the truck off at this point with the cash in my savings, but its called savings for a reason.
Scott

 

I thought I had the cash to pay it off, but the land deal fell threw, so I financed it until I find another buyer for my land, that was two yrs. ago.

 

At this point in my life I refuse to have debilitating vehicle payments (or house payments, for that matter).
I traded in a 99 Dodge 5.9L, gas, 4x4...and kicked in enough cash to have payments around $300.00 a month.
I also went back and looked for an 02 when I found the 03's were a lot tighter getting into & out of (shorter front door). Saved a lot ($8,000) off sticker.

Just never planned on going over 350 hp.

RJ

 

I paid $6k cash to a dealer for my 96 4x4 CTD when it had 355k miles.
I know, I'm made of money. ... . yea right. lol

 

I was going to do the same...when had just over one yr to go. But, since almost all the interest is already paid, it seems smarter to keep making payments for the last 1/3 of the finance term.
I actually got better rate from Chrysler than from my local banker... and I knew something was up, when Chrysler started sending buy out figure for my truck, after making 2/3 of the payments. They really clean up on interest, if you pay it off early!!

RJ

 

Great topic and Hohn's first post is one of the most honest I've read in a long time.

Like some I had a pretty good year (bonus at work). Put $25k down on my '05, cost was $37k. Financed the rest and have fairly small payments, $274/mo.

I, too, do not have the extra money to buy a bunch of stuff. What really confuses me are the number of guys driving a new F450 with a bunch of add-ons. Like to know what they do for a living.

Have to say that it's good to see most of you use common sense and not over-extend yourself. Vehicles, at best, are a poor investment although they are a lot of fun.

 

I bought my 98 for $7500 and tacked on $2000 to the loan to pay off my 00 GMC. Turned around and sold the GMC for $7k- it's nice to have a paid off pick-up, even if it's not new

 

I put 10% down on my new '06, and financed the rest of the $33k with a local bank at 6%. Paid off in 11 months with the money earned with it. Great to have no payment on a one year (at the time) old truck! Now time to look at options.
David

 

With $17,000.00 in $100.00 dollar bills I handed it to the previous owner and after he signed it over I walked away smiling with MY new/used completely PAID OFF truck.

You know how the new car excitement wears off after the first year and you realize you still have 5 more years to pay it off feeling?

Well I don’t have that.

I know it might sound dumb but I am just as excited actually more to drive my Dodge truck every day than any of my other vehicles I have owned.

I actually look forward to drive it every day; PROUD yeah that’s it.

Every day as I drive around town and see these new Escalades, Hummers, Navigators all pimped out with the big giant tires, 37 TV monitors and all the Bling Bling and see the 19 year old driver I have to wonder, where did he get his money.
Like I didn’t really know.

I have always lived by if I do not have the CASH for what I want then I do not need it bad enough. Except for our house of course.

I think of the interest they make on a loan and the thoughts on a Loan Sharks and mob’s come to mind.

I know most people cannot live this way but I do.
Jim

 

I put 9K down on this new one, thanks in part by how WELL my 2001 held it's value. That left about 28K worth of note, or $490 per month for 60 months. Most all of my mod money comes from dispersement of profit bonuses.

 

Of all of our cars (5) in the past 15 years or so all were financed 4 years and usually paid off in 2 1/2. I really try not to finance more than $20K on any vehicle. The Ram was $3K down with $5500 trade for my Durango. I took Chryslers extra $1K for financing it with them @ 6% for 60 months. Ended up financing about $22K. Made one payment to Chrysler. Called the credit union that did four of our cars and got 4.75%. Should be paid off in 3 years (one year left). The note was actually $30 a month less also. Now to your point. Your right. Wifey is currently driving an 07 Aspen. We got the 0% for 72 months. Put nothing down. I figured I would use as much as Chryslers money as possible since they offered. I suspect this will be the first vehicle we will be upside down on though. I have a hard time paying extra on a note with no interest charges (did this with my Kubota 0% for 3 years). BUT, we tend to keep cars for atleast 6 years. And I contacted the credit union and we should save between $8K-$9K in finance charges. We kept her 01 Intrepid as it was paid for and only had 70K miles. Three kids were just getting to competative in the back seat. And the Trep has come in handy since diesel is around $.30 to $.40 more than regular around these parts.

And to person who does 15 year house notes, Amen brother, only way to go. We did our that way and paid it off in 10 years. Of course we bought less house than the bank and realtor were trying to sell us.

 

I paid cash for my "used" truck.

 

Jim Lane-- we should all aspire to your example. You, sir are a great American.

I'm still really proud to drive my truck (when I get it back), even though I paid a lot for it. That money is gone, and in its place I have a great truck that will last me a good long time.

Considering that it will be paid for with less than 65K miles on it, I'm pretty happy that I'll have a lot of life left in it when I make that last payment next month.

I'm looking forward to that day when I can pay cash for a car, or better yet-- a HOUSE!!

Justin

 

Hmmmm....70% of America is in crazy debt yet most people on this site have evrything paid for and is saving money??? NOT!!! Let's hear from the guys that are buying those 50k+ trucks with $1000.00 down and $800.00 a month payments. I live in Jersey and it's not abnormal to hear of $650.00 + monthly payments. Personally i pay $425.00 for 48 months on mine. With the cost of living in the Northeast you better be bringing home some paper to not be in debt. Heck my property taxes are $10k for a 3 bedroom house with just over an acre of property. Yeah....Jersey suks

 

I bought my CTD "used" if you want to call 38,000 miles used on a Cummins. I borrowed most of the money to get the truck. I had just bought a house so money was tight. I was so sick of the Nissan Xterra I had at the time and was in a panic to get rid of it while it was still worth something.

I would probably have it paid off by now had I never set eyes on the DTR performance and accessories section. I'll still have it paid off a year early, not much of a penalty for the fun I've had with the truck.