Comments on: The MINI Cooper is totally ours. Next up…

By: Debt Reduction Strategies that Work, Being Abnormal and Paying Off a Mini Cooper » Blogging Away Debt

Sat, 15 Dec 2007 03:31:48 +0000

[...] just paid off their mini cooper car loan. [...]

By: Vicki

Vicki — Mon, 10 Dec 2007 14:10:55 +0000

Holy Moley, I’m going to pay off my MINI this week. It’s a good month for paid off Coopers!

By: I’m A Personal Finance Blog Junkie - Plus A Quick Stroll Through My Blogroll

Sat, 08 Dec 2007 03:32:55 +0000

[...] Clever Dude just paid off an automobile loan. [...]

By: Tim

Tim — Fri, 07 Dec 2007 04:23:34 +0000

I’d sell the truck, b/c with depreciation you are looking at relatively the same rates; moreover, having the title gives you more flexibility and easier selling than not having the title. Get a few more dings or what not, and resale value could be less than what you owe. cars are just goofy things. seeing it is the highest monthly payment, getting rid of it would also give you more financial flexibility once paid off.

By: Mike

Mike — Thu, 06 Dec 2007 22:14:29 +0000

I think its a little more complicated than lowest balance vs highest interest. If you have 2 loans, one with a lower interest rate, but you can take care of it in 2 months if you concentrate on it, whereas normally it might take a year, and your loan with the higher interest rate is going to take you 5 years to pay off, and might be reduced to 4 1/2 with the combination of other bills payment, you might still come out ahead doing it in that order.

By: Fiscal Musings

Fiscal Musings — Thu, 06 Dec 2007 14:09:57 +0000

Nice to hear that someone’s actually reducing their debt. Whether it’s the highest rate or the smallest balance doesn’t matter. There are arguments for both.

By: Double Journey

Double Journey — Wed, 05 Dec 2007 21:48:53 +0000

Congratulations Clever Dude. I’m completely debt free and it’s a wonderful feeling. You are making fantastic progress and I commend you for it.

By: Mrs. Micah

Mrs. Micah — Wed, 05 Dec 2007 21:42:32 +0000

Awesome! Even using the old car to pay off the new one, it’s still impressive.

By: plonkee

plonkee — Wed, 05 Dec 2007 19:41:26 +0000

You only need the psychological crutch of paying the smallest balance first if you are just starting out with getting debt-free.

Congratulations on paying off the Mini Cooper and onwards and upwards to the next goal.

By: debtdieter

debtdieter — Wed, 05 Dec 2007 19:10:28 +0000

That is a truly amazing story, congratulations! You’re more than half way to being debt free, that must be an amazing feeling.