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Paid off my car today...what next?
Posted on 6/16/15 at 10:31 pm
Posted on 6/16/15 at 10:31 pm
First time in my life I bought a car and paid it off. Other two cars I had in HS and college were bought used.
So, my $375 monthly payment is gone. Paid it off 16 months early. Now, do I need to apply for a title? Do I change insurance? What are the 'norms' in this instance? The car has about 65k miles on it and is in great condition. I financed a complete maintenance plan with Nissan when buying and have never had a hiccup on it. I am trying to make sure I am doing the right thing.
So, my $375 monthly payment is gone. Paid it off 16 months early. Now, do I need to apply for a title? Do I change insurance? What are the 'norms' in this instance? The car has about 65k miles on it and is in great condition. I financed a complete maintenance plan with Nissan when buying and have never had a hiccup on it. I am trying to make sure I am doing the right thing.
8
Posted on 6/16/15 at 10:37 pm to rpg37
Your insurance should be comp without collision coverage
Posted on 6/17/15 at 7:28 am to rpg37
Make and model? I wouldn't drop comp/collision if the car is still worth a decent amount. If it's only worth $3k, I'd take my chances and drop it, but at $10k, I'd keep it just in case
Posted on 6/17/15 at 8:22 am to rpg37
I commend anyone who can pay their vehicle off early to avoid potential interest charges. however, always remember that there's no "building" equity in a vehicle. if you're vehicle is worth 10k this year, it will be worth 7500.00 next year.
enjoy "no notes", however.
enjoy "no notes", however.
Posted on 6/17/15 at 9:15 am to rpg37
And paid off early? That means you aren't living large enough. It's time to upgrade. Now, you need to go and trade that puppy in on something you don't need and really can't afford to maintain. Make sure your note is pretty high so you can't pay it off early this time. THAT is the American dream!
Posted on 6/17/15 at 9:32 am to rpg37
1) Congrats!
2) Start saving that $375 a month in a dedicated account somewhere so you can make a huge cash payment when you buy your next vehicle.
3) Title - depends on the state. Some states require a new title to be issued without the lienholder, others the title stays the same and the lienholder issues a letter releasing themselves from the title. Would not hurt to call the finance company and ask them when you will receive the paperwork.
4) Absolutely keep comprehensive. As far as collision, if you only have 65K miles on it, and you paid it off early, my guess is the car might still have a lot of value to it. Yes, collision is something you should be able to "control" but accidents happen even if you are a super safe driver... tires blow out, etc.
I would look at the actual cash value of your car, and if that number is a number that you can't easily replace with other savings... I'd keep the coverage until your savings go up and your ACV goes down.
2) Start saving that $375 a month in a dedicated account somewhere so you can make a huge cash payment when you buy your next vehicle.
3) Title - depends on the state. Some states require a new title to be issued without the lienholder, others the title stays the same and the lienholder issues a letter releasing themselves from the title. Would not hurt to call the finance company and ask them when you will receive the paperwork.
4) Absolutely keep comprehensive. As far as collision, if you only have 65K miles on it, and you paid it off early, my guess is the car might still have a lot of value to it. Yes, collision is something you should be able to "control" but accidents happen even if you are a super safe driver... tires blow out, etc.
I would look at the actual cash value of your car, and if that number is a number that you can't easily replace with other savings... I'd keep the coverage until your savings go up and your ACV goes down.
Posted on 6/17/15 at 12:55 pm to rpg37
Keep paying a note to yourself. Set up an auto-draft into a savings account as your car fund. The goal is to be able to buy your next car with cash. But also use this fund to pay for any unexpected high cost maintenance.
Every now and then, consider moving a chunk of the savings balance to a high dividend paying stock with a relatively stable stock price.
Every now and then, consider moving a chunk of the savings balance to a high dividend paying stock with a relatively stable stock price.
Posted on 6/17/15 at 12:56 pm to rpg37
Drive it till it dies. No payment for years.
Posted on 6/17/15 at 1:00 pm to rpg37
First this is open a savings accound (if you don't have one) and each month put the $375 into it. Save as much of your note as you can. That way when it comes time to buy a new car you will have a significant down payment.
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