paid off my loan yesterday - 986 Forum - The Community for Porsche Boxster & Cayman Owners

teacher · 12-06-2008, 04:17 PM

ahhh! gotta tell you all that I'm so glad! I paid off my Porsche Boxster loan yesterday! Now I can continue to drive the car, knowing it's all mine and I can't wait for the pink slip to arrive! Granted, I bought the car used in 2004 and I paid it off 11 months ahead of schedule, but it's so nice to be able to drive the car knowing that there aren't any more payments! And I plan to keep it! So, to treat myself, and the car, I got it detailed today. I opted for the "clay wax" plus everything else (which included full leather and upholstery conditioning...for only $50! Times are tough for some here in Cali, and I feel the pain (who knows what classroom situation I'll be in next year, but that's another story).
BTW, anyone know about using clay on the car's paint job? I've done it a few times before, every few months, and it is fantastic! You just run your fingers across the paint, at any point, and it so smooth, no oxidation residue, nothing!
So anyway, I just wanted to share...I'm happy, the car's happy and life is good!

Nineteen89 · 12-06-2008, 06:47 PM

Congratulations man! enjoy your Porsche! how did you pay it off ahead of schedule? Did you just sent in more than what the payment was every month?

Fletch986 · 12-06-2008, 08:03 PM

Congratulations! Knowing the car is YOURS is a great feeling.

FTD · 12-07-2008, 04:28 AM

Congratulations! And I sure would like to get a detail like that for only $50. Very nice!

12-07-2008, 04:38 AM

Congrats! Good work. It is even more of a "status symbol" to be debt free, than it is to own a sportscar.

coreseller · 12-07-2008, 01:22 PM

Quote:

Originally Posted by bmussatti

Congrats! Good work. It is even more of a "status symbol" to be debt free, than it is to own a sportscar.

Agreed!!! Doesn't look as cool though lol. You sound like a Dave Ramsey fan bmussatti, me too. To Teacher Congrats!!!! The more debt free someone is the better they feel.

Brucelee · 12-07-2008, 02:06 PM

Great job. Nice to own it free and clear no?

:dance:

Jeph · 12-07-2008, 07:58 PM

Dave Ramsey fan here!

Congrats teacher... Good job! And I mean that sincerely. I recently paid mine off as well (ahead of the Dec. 09 schedule) and it really is a great feeling. I send you a high five!

Unfortunately, in my case, it accelerates the desire to get another car (Can you say Carrera 4S?).

Getting the title the mail is truly and officially the certificate of freedom.

tnoice · 12-08-2008, 10:12 AM

Congrats, except I am confused. So it was not your car when you had a loan on it? "Now I can continue to drive the car, knowing it's all mine"

Even with a lein on the car, you could still install a car stereo, install rims, or even sell the car if you wanted to. I do not see how your control of the vehicle increased simply by paying off the loan, especially 11 months early. The interest that is being charged on your loan is not necessarily bad if you have the payoff amount sitting safely in a savings account earning the same amount. That being said, if your loan was for 8+%, I will proceed to stop talking, and tell you CONGRATS!!

jopo43 · 12-08-2008, 10:39 AM

Another teacher with a porsche!!!

teacher · 12-13-2008, 04:29 PM

the scheduled payments were about $425 a month, but I paid $600 a month. And now the car is still worth $17k at least, so I'm happy

teacher · 12-13-2008, 04:32 PM

Porsches are classics, the way I see it..sure the dealership gives me enticing offers, but no, I'm happy with what I have. Not to mention I always maintained it and I know the money I put into my car, including the new top with glass...thanks all!

teacher · 12-13-2008, 04:38 PM

I got my loan in the good old days...5.9% financing, and my down payment was $14000 interest free forever, from Citibank...so really I do owe $5,000 to them now, but it's not costing me anything so, life is good, they'll get their money when I'm good and ready! lol

and they do, credit rating is everything today.

vath2001 · 12-14-2008, 03:08 AM

Hold on... I'm confused. Its a Porsche, so you really never finish paying for it. Tires, belts, oil, fuel, upgrades, fuel, stereo, fuel, rims, fuel, more tires, fuel.

But I will say its nice to have the title at home.

Congrats... and drive it like you don't own it!

Brucelee · 12-14-2008, 06:15 AM

Dec. 14 (Bloomberg) -- Prince Alwaleed bin Talal, Citigroup Inc.’s largest individual investor, lost 19 percent of his personal wealth in the past year as the global economic slump reduced the value of banking and property assets, according to Arabian Business.

The Saudi billionaire was ranked the wealthiest Arab with assets worth $17.08 billion as of Dec. 2, the 2008 Rich List, published on the Dubai-based magazine’s Web site today said. That compares with $21 billion a year ago, the magazine reported, citing Alwaleed’s private financial accounts.

“Everyone has been guessing for 20 years” about the assets, Alwaleed was quoted by Arabian Business as saying. “I want you to get it right -- to get it absolutely right.”

Financial firms worldwide have taken $980 billion of writedowns, losses and credit provisions since the start of the current turmoil in the financial markets, according to data compiled by Bloomberg. More than 200,000 jobs have been cut across the industry and the U.S. benchmark Standard & Poor’s 500 Index has dropped 40 percent this year.

Making Money

husker boxster · 12-14-2008, 05:27 PM

Quote:

Originally Posted by Brucelee

Dec. 14 (Bloomberg) -- Prince Alwaleed bin Talal, Citigroup Inc.’s largest individual investor, lost 19 percent of his personal wealth in the past year

In the immortal words of John McClane - "Welcome to the party, pal!"

Don't think I'll be shedding any tears for the old Prince. It's interesting, it seems this economic downturn is really hurting the Arab economy too. Past recessions were partially their doing as they cut oil production, increased prices, and made boat-loads of $$$ at everyone else's expense. Maybe in an effort to diversify their economies they've become what they outwardly loathe - Capitalists. Hopefully they'll realize the importance a strong US economy plays in the world economy and think twice about hatching some death-blow move on us.

I guess it's good to know the really rich are worth 3/4 of what they used to be, just like us common folk. I'm glad I was able to pay off my mortgage last summer and all I have to do is pay the taxes on my house and make Boxster payments for 36 more months.