Corvette Last Payment
Thread Starter
Melting Slicks
Joined: May 2008
Posts: 2,359
Likes: 204
From: Sunnyvale CA
Corvette Last Payment
So the bank received the last payment for my 08 CRM 1LT MN6 Z51 NPP this morning. 14 months of owning my first Vette, 14,600 miles. Sunny in Sunnyvale, and will be 71 degrees today. Top will be off and I got wings to fly today 
and will be brainstorming about mods to come... 
Have a nice day all you good members of this forum.
and will be brainstorming about mods to come... Have a nice day all you good members of this forum.
Burning Brakes
Joined: Jan 2006
Posts: 894
Likes: 0
From: Decatur, Alabama-Bowling Green, Kentucky
CI 8-9-10 Veteran
St. Jude Donor '07-'08-'09
NCM Lifetime Member
So the bank received the last payment for my 08 CRM 1LT MN6 Z51 NPP this morning. 14 months of owning my first Vette, 14,600 miles. Sunny in Sunnyvale, and will be 71 degrees today. Top will be off and I got wings to fly today and will be brainstorming about mods to come...
Have a nice day all you good members of this forum.
and will be brainstorming about mods to come... Have a nice day all you good members of this forum.
What a great post!
to you. Have a wonderful day. 
Melting Slicks<br><img src="/forums/images/ranks/3k-4k.gif" border="0">
Joined: Sep 2004
Posts: 3,018
Likes: 214
From: Central Connecticut
St. Jude Donor '13, '17-'18, '25
Great work paying that Vette off.
No payments make driving any vehicle better, especially a Vette.
Congrats and enjoy !!!
No payments make driving any vehicle better, especially a Vette.
Congrats and enjoy !!!
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Melting Slicks
Joined: Jun 2008
Posts: 2,470
Likes: 1
From: New Jersey - National Corvette Museum Member '08, '09, '10, '11, '12
Congrats
I considered paying mine off early as well. But after only 19 payments of a 5 yr loan @ 3.19%, I have paid more than half of the total interest.
I wish the interest was spread out evenly over the 5 yrs. It would make more financial sense to pay off early ( even w/ a low rate )
When I paid off my Silverado 2 years early, I thought I saved money. That was until I learned I had paid all the interest in the 1st 3 yrs.
I considered paying mine off early as well. But after only 19 payments of a 5 yr loan @ 3.19%, I have paid more than half of the total interest.
I wish the interest was spread out evenly over the 5 yrs. It would make more financial sense to pay off early ( even w/ a low rate )
When I paid off my Silverado 2 years early, I thought I saved money. That was until I learned I had paid all the interest in the 1st 3 yrs.
Last edited by JERGENSEN LS3; Oct 21, 2009 at 01:41 PM.
Le Mans Master
Joined: Feb 2005
Posts: 8,691
Likes: 43
From: Stoneham MA
St. Jude Donor '07-'08-'09-'10-'11-'12-'13-'14-'15
So the bank received the last payment for my 08 CRM 1LT MN6 Z51 NPP this morning. 14 months of owning my first Vette, 14,600 miles. Sunny in Sunnyvale, and will be 71 degrees today. Top will be off and I got wings to fly today and will be brainstorming about mods to come...
Have a nice day all you good members of this forum.
and will be brainstorming about mods to come... Have a nice day all you good members of this forum.
Have a great day
Thread Starter
Melting Slicks
Joined: May 2008
Posts: 2,359
Likes: 204
From: Sunnyvale CA
Folks,
Thank you for all kind words, and sorry about posting a selfish thread. I intended to mention I opted for higher discount in exchange for higher interest rate at the time of purchase. This is why I paid off the car early.
Yes you should
After all I agree that I do not deserve a Vette.
3.19% is very good rate. It is like free money. If I had that I could have waited to pay off the car. The issue was I was paying almost twice that interest rate.
Thank you for all kind words, and sorry about posting a selfish thread. I intended to mention I opted for higher discount in exchange for higher interest rate at the time of purchase. This is why I paid off the car early.
Yes you should
After all I agree that I do not deserve a Vette.Congrats
I considered paying mine off early as well. But after only 19 payments of a 5 yr loan @ 3.19%, I have paid more than half of the total interest.
I wish the interest was spread out evenly over the 5 yrs. It would make more financial sense to pay off early ( even w/ a low rate )
When I paid off my Silverado 2 years early, I thought I saved money. That was until I learned I had paid all the interest in the 1st 3 yrs.
I considered paying mine off early as well. But after only 19 payments of a 5 yr loan @ 3.19%, I have paid more than half of the total interest.
I wish the interest was spread out evenly over the 5 yrs. It would make more financial sense to pay off early ( even w/ a low rate )
When I paid off my Silverado 2 years early, I thought I saved money. That was until I learned I had paid all the interest in the 1st 3 yrs.
CF Senior Member
Joined: Feb 2006
Posts: 23,313
Likes: 25
From: Tucson Arizona
Congratulations!
Granted, more of your payment is applied on principal in later years but rest assured you did save money by paying the loan off early.
If you can put something extra on each month's payment to directly reduce the principal balance you will save significantly over the term of the loan. Not owing money is always best but the next best thing is to reduce the outstanding principal balance or just pay the loan off.
Congrats
I considered paying mine off early as well. But after only 19 payments of a 5 yr loan @ 3.19%, I have paid more than half of the total interest.
I wish the interest was spread out evenly over the 5 yrs. It would make more financial sense to pay off early ( even w/ a low rate )
When I paid off my Silverado 2 years early, I thought I saved money. That was until I learned I had paid all the interest in the 1st 3 yrs.
I considered paying mine off early as well. But after only 19 payments of a 5 yr loan @ 3.19%, I have paid more than half of the total interest.
I wish the interest was spread out evenly over the 5 yrs. It would make more financial sense to pay off early ( even w/ a low rate )
When I paid off my Silverado 2 years early, I thought I saved money. That was until I learned I had paid all the interest in the 1st 3 yrs.
If you can put something extra on each month's payment to directly reduce the principal balance you will save significantly over the term of the loan. Not owing money is always best but the next best thing is to reduce the outstanding principal balance or just pay the loan off.
Last edited by Wayne O; Oct 21, 2009 at 02:27 PM.
Thread Starter
Melting Slicks
Joined: May 2008
Posts: 2,359
Likes: 204
From: Sunnyvale CA
That is more than $30K to put down then...
The issue is I do not know if I ever would get tired of this car. I am liking it more every single day.