Hell Hath Frozen Over...
Thread Starter
Le Mans Master
Joined: May 2006
Posts: 6,774
Likes: 363
From: Midland TX
Hell Hath Frozen Over...
Yes, I know, it is hard to believe, but the car is FINALLY PAID OFF!!!
Just received the Clear Title and bought it the nicest frame $3.00 could buy. Even though the car was paid off a few weeks ago, I did not actually believe it until I got the paperwork since this was the worst car financing fiasco I have ever experienced (I won't bore you with the details of what U.S. Bank put me through).
One thing for sure... this Corvette had the MOST PAYMENTS ever made on it by an original purchaser in history!
The car was purchased originally on a lease that was to be paid for by one of my clients as part of my compensation package. Naturally after 9/11 that client disappeared so I had the option of turning in the car or assuming the lease payments myself. The car only had about 2,000 miles so I took over the 4 year lease payments. At the end of 4 years I had the option of turning the car in or rolling it into a "buy". Well the car still only had about 12,000 miles at the end of 4 years and looked/drove like new, so I put in on a 5-year purchase at almost zero percent interest. SO AFTER 108 MONTHLY PAYMENTS, the car is finally mine and I am having the marriage agreement finalized.
Modified Representation...
Just received the Clear Title and bought it the nicest frame $3.00 could buy. Even though the car was paid off a few weeks ago, I did not actually believe it until I got the paperwork since this was the worst car financing fiasco I have ever experienced (I won't bore you with the details of what U.S. Bank put me through).
One thing for sure... this Corvette had the MOST PAYMENTS ever made on it by an original purchaser in history!
The car was purchased originally on a lease that was to be paid for by one of my clients as part of my compensation package. Naturally after 9/11 that client disappeared so I had the option of turning in the car or assuming the lease payments myself. The car only had about 2,000 miles so I took over the 4 year lease payments. At the end of 4 years I had the option of turning the car in or rolling it into a "buy". Well the car still only had about 12,000 miles at the end of 4 years and looked/drove like new, so I put in on a 5-year purchase at almost zero percent interest. SO AFTER 108 MONTHLY PAYMENTS, the car is finally mine and I am having the marriage agreement finalized.
Modified Representation...
Race Director
Joined: Aug 2003
Posts: 16,270
Likes: 30
From: "It's 106 miles to Chicago, we've got a full tank of gas, half a pack of cigarettes, it's dark, and
St. Jude Donor '03-'04-'05-'06-'07-'08-'09-'10-'11-'12-'13-'14-'15-'16-'17-‘18-'19
NCM Sinkhole Donor
It's a great feeling!! I own all of my vehicles outright, but paying it off gives you a wonderful sense of ownership and accomplishment! Congratulations!
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Le Mans Master
Joined: Sep 2007
Posts: 7,604
Likes: 8
From: Belleville Il
Congrats!!! I'm only hitting the 40% mine point!! One car that I can honestly say is worth the payment pain!! I will however be thrilled to death when she is ALL MINE as well!! Now you can start putting money away for those little things that make it your personal play toy!! Have fun,,and now you can relax and REALLY enjoy it!!!
Le Mans Master
Joined: Aug 2006
Posts: 9,987
Likes: 25
From: If opportunity doesn't knock, build a door. South West Florida / Livin' The Dream
St. Jude Donor '12
Congratulations! It's a nice feeling to be free of monthly payments! Especially when they go on for 9 years!
It's a nice feeling to be free of monthly payments! Especially when they go on for 9 years!
Thread Starter
Le Mans Master
Joined: May 2006
Posts: 6,774
Likes: 363
From: Midland TX
Who would have ever guessed? In the past I used to swap out new Corvettes after every 3-4 years, but the C5 was a "keeper".
Also, there was no real incentive to pay off the car early at basically Zero Percent interest - so I just let it go the full term - in fact there was a penalty for early payoff.
Last month was the first month in over 35 years that I did not have a New Car Payment!
Also, there was no real incentive to pay off the car early at basically Zero Percent interest - so I just let it go the full term - in fact there was a penalty for early payoff.
Last month was the first month in over 35 years that I did not have a New Car Payment!
Le Mans Master
Joined: Mar 2005
Posts: 5,811
Likes: 31
From: Minnetonka MN
St. Jude Donor '06
Congrats. I'm sure it's an awesome feeling. Honestly, never had a car payment so I wouldn't know. But now u can spend money on mods!!! Got anything big planned now that you have no car payment?
Aj
Aj
Thread Starter
Le Mans Master
Joined: May 2006
Posts: 6,774
Likes: 363
From: Midland TX
Pro
Joined: Dec 1999
Posts: 515
Likes: 0
From: Mississauga Ontario