# Paid Off My Truck Today!



## Dub (Dec 8, 2008)

Only had to make 3 payments then used my tax refund to pay it off. Now to double up on the camper and pay it off. Got a 15 year loan and if I pay double then according to Capital One's Mortgage calculator it will take me 3 years and 6 months to pay it off. I'm really starting to buy into the debt free lifestyle saving thousands on interest payments. Just gotta keep telling myself, "No, I don't need a new hybrid car to use as a daily driver...no no no."


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## battalionchief3 (Jun 27, 2006)

Its amazing how fast we (me) can dig a debt hole, jump in and pull the dirt over our heads...ok I am stretching it a bit but you get the idea. I say the same thing, I dont need a new truck or camper, what we have is fine and paid for. The same reason I dont live in a McMansion....and drive the same truck since 1995. Stay strong.


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## Sayonara (Jul 23, 2007)

Good job !! Keep it up !!

1.5 years left on our 3 year loans on both the camper and truck. Feels good to "own" stuff!!


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## mountainlady56 (Feb 13, 2006)

CONGRATULATIONS!!!!
I love the "debt-free" life, myself, and going into debt is KILLING me, buying this motorhome. You really have no idea how much I dread payments. I DO use credit cards, but responsibly. When the bill comes, I either write a check, or the full amount it autodrafted from my checking account, if that's available. I met a personal goal of paying off my new cabin in a year (actually 11 months from closing) by selling former home, selling OB, trading truck (diesel was almost $5/gal) for car, cutting down on things we "need" (actually wanted), doing more cooking at home, etc. 
The autodrafting the full amount owed on credit card each month is the best advice I can give anyone. It's not deductible interest, and you know you can't spend it if you're not going to have it when the bill's due.
Darlene


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## Scottyfish (Mar 7, 2009)

We paid off the tow vehicle this year from the wife's severance pay. Gonna keep the payments on the trailer because of the tax write off. Right now is a great time to take some of those extra funds (if you have any, we don't) to pick up on some investments or buy into the market. Everything is so de-valued right now that a long term investment plan could pay off big in the future.


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## Oregon_Camper (Sep 13, 2004)

Paid off Outback 3 months after buyin from Y-guy. Paid cash for F-350 this summer.

Only owe on the house.....which is just refinanced down to 4.5%.


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## Dub (Dec 8, 2008)

Oregon_Camper said:


> Paid off Outback 3 months after buyin from Y-guy. Paid cash for F-350 this summer.
> 
> Only owe on the house.....which is just refinanced down to 4.5%.


I'm thinking about refinancing myself...made 30 extra payments on it so far so I think it'd be worth it. Taxes went up $1000/yr in my county though this year, sucks!


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## Scottyfish (Mar 7, 2009)

Oregon_Camper said:


> .....which is just refinanced down to 4.5%.


4.5%! Please do tell which institution is providing that kind of rate.....


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## mmblantz (Jul 1, 2007)

When you guys refinance consider this. I did and went from a 30 to a 15 year loan and saved $90,000. I went with Chase and they also offered me a program called equity accelerator. It automatically deducts from your checking account 1/2 of the payment every two weeks. By doing this it is putting more towards the principle and knocked my 15yr loan down to about 12 years. Makes me feel all warm and fuzzy inside. I think some other banks are offering similar products. ---Mike


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## clarkely (Sep 15, 2008)

Scottyfish said:


> We paid off the tow vehicle this year from the wife's severance pay. Gonna keep the payments on the trailer because of the tax write off. Right now is a great time to take some of those extra funds (if you have any, we don't) to pick up on some investments or buy into the market. Everything is so de-valued right now that a long term investment plan could pay off big in the future.


We did the same......only monthly payment we have now is on a home equity from the last trailer.........a year or two on that..........and NOTTA for payments.

I agree, Great time to invest.......but i am so scared........of who will make it and who won't!! I lost so much in my Wachovia positions................I could've made so much if i had sold a week before it went south.................but i did not want to pay so much for capital gains.............

Might be better right now in Real Estate, and rental units...............they are not as big a return in the short term, but are always great long term investments.

my 2 cents

And Congrats on Paying off the Truck!!


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## camping479 (Aug 27, 2003)

Good to not have the burden of debt! Congratulations!

I like the idea of doubling up on the trailer payments, will have to check into that...

Mike


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## 1jeep (Jul 24, 2007)

Good for you! I still have another 2.5 years on the truck since i took the 5yr 0% finance. Unfortunatly i got stupid last month and bought a new Harley and only had half the money, oh well whats another bill, at least i only have a few years left on my house. 
I do believe there are too many people in this country with some serious debt that have fallen behind on their payments and this does not help any of us.


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## Oregon_Camper (Sep 13, 2004)

Scottyfish said:


> .....which is just refinanced down to 4.5%.


4.5%! Please do tell which institution is providing that kind of rate.....
[/quote]

I had a mortgage broker watch this for me over the last 6 months....once it dipped to to 4.5 he locked it for me. Then we simple completed the paperwork and closed the loan. I think it was at 4.5 for about 2 days.....nice to have someone in the business watching this for me.


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## wolfwood (Sep 19, 2005)

We thought about a ReFi....even got a call from the bank. BUT, a ReFi would have also resulted in a reappraisal of our house's value and it would have lost almost 50%. That, in turn, would have seriously impacted our equity ... and, ultimately, net worth. Of course, the taxes would have stayed where they are, too. All in all - not a good deal for us!


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## 1jeep (Jul 24, 2007)

wolfwood said:


> We thought about a ReFi....even got a call from the bank. BUT, a ReFi would have also resulted in a reappraisal of our house's value and it would have lost almost 50%. That, in turn, would have seriously impacted our equity ... and, ultimately, net worth. Of course, the taxes would have stayed where they are, too. All in all - not a good deal for us!


inst it nice how the home value has dropped, but the taxes remian the same...lol


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## wolfwood (Sep 19, 2005)

1jeep said:


> We thought about a ReFi....even got a call from the bank. BUT, a ReFi would have also resulted in a reappraisal of our house's value and it would have lost almost 50%. That, in turn, would have seriously impacted our equity ... and, ultimately, net worth. Of course, the taxes would have stayed where they are, too. All in all - not a good deal for us!


inst it nice how the home value has dropped, but the taxes remian the same...lol
[/quote]
Yeah








Funny how that works, eh?









But we didn't ReFi ... and didn't have the house reappraised ... so, while we are paying the exhorbitant RE taxes (but not as high as in MA!) ... we at least get to claim the currently appraised value of the home!!


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## johnp (Mar 15, 2004)

Ah to live debt free







................................................................Now back to reality where dig I put that pick and miner's cap









John


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## Nathan (Jan 2, 2007)

Yep, the drop in home values has hurt the ability to refinance.

I can't complain though because our property taxes have dropped by ~1k/year due to the home losing value.


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## wolfwood (Sep 19, 2005)

Nathan said:


> Yep, the drop in home values has hurt the ability to refinance.
> 
> I can't complain though because our property taxes have dropped by ~1k/year due to the home losing value.


Good for you!!!

(Our taxes weren't gonna change a bit!)


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## prevish gang (Mar 19, 2006)

I'm so happy that you have one less bill each month. I paid mine off a year ago and it makes a BIG difference. We are currently on track to be almost debt free by next Jan so that I can go back to school for a "just in case" second career or a part-time retirement plan.

As far as real estate taxes go, our county decided to help us out. Instead of reducing our home values to what the houses would actually sell for, they aren't gonna make us pay the storm water fee. (That ought to make a BIG difference







)

Darlene


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## GlenninTexas (Aug 11, 2004)

I heartily recommend the debt-free life. I was out of work the whole of 2008. Had a pretty good size mortgage, Outback payment and car payment. Luckily I had a go0od severange and stock option. I eventually decided to put my house on the market - just in case. It sold for avery good profit and I had a lot of equity, enough to pay cash for a new house, payoff the car and RV - so I owe nothing to anyone! What a relief, what a great feeling.

Best of luck to you all.

Glenn


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## Collinsfam_WY (Nov 9, 2006)

GlenninTexas said:


> I heartily recommend the debt-free life. I was out of work the whole of 2008. Had a pretty good size mortgage, Outback payment and car payment. Luckily I had a go0od severange and stock option. I eventually decided to put my house on the market - just in case. It sold for avery good profit and I had a lot of equity, enough to pay cash for a new house, payoff the car and RV - so I owe nothing to anyone! What a relief, what a great feeling.
> 
> Best of luck to you all.
> 
> Glenn


Awesome Glenn! Great to hear that you got to keep the truck and 5'er!

-CC


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## Dub (Dec 8, 2008)

1jeep said:


> inst it nice how the home value has dropped, but the taxes remian the same...lol


They sent us a letter saying that our taxes would be based on the 2005 rate for the next 3 years....then they raised taxes so they are now getting around $1000 extra per homeowner per $150K of house value. Nice of them to stick it to us that have worked hard to keep our house payments on time.


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