I just started checking the Chase Auto Finance website to make sure they received the payoff for my car loan. I just mailed the payment on Sunday so I'm sure it probably hasn't made it to them yet. I should have sent it via overnight mail but I didn't think it was worth it to pay the extra fee. The payoff amount given was good thru June 2, 2008 so I was pretty sure the payment would make it to them before that. I'd just made my regular payment two weeks ago so I didn't need to worry about the payment being late.
The funny thing about paying off my car loan is that I wasn't just paying off the loan on my current vehicle; I was also paying for all of the negative equity I'd rolled in from my past new car splurges. I bought my first new car when I was 18 and continued to buy a new car every 2-3 years. Each time, I would just roll in the negative equity from the prior vehicle and take out a whole new loan. It floored me when I thought about that I've been making car payments for the last twelve years!!!
After all those years of making car payments, I will finally own a relatively new (2006 model) vehicle outright. It makes me sick to think of how much money I've given to the finance companies but at least I won't need to make a another vehicle purchase for at least 5-10 years. This gives me plenty of time to save for my next pre-owned vehicle that I will be paying for in cash.
Once my car loan is showing a zero balance, I will have finally put twelve years of past mistakes behind me and have a fresh start.
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Image Credit: Omar Omar