Paid off the MINI Cooper bank loan
Back on September 28th, we bought a 2005 MINI Cooper for Stacie. To refresh your memory, we got a bank loan for $13,285 and put $6,000 on a 0% rewards credit card for a grand total of $19,285.
Today, I sent off a check for $13,340 ($55 to cover the projected loan payoff including accrued interest). We only have $4,000 left on the original $6,000 credit card debt, which will be paid off before the 0% offer ends. Heck, we paid off the car before we even got the license plates!
No, we’re not rich enough to just throw money at cars, and yes, I have a problem with buying cars, but this time we were lucky enough to almost get a car with cash. We used about $11,500 from the sale of our Chevy Malibu, saved up a couple grand more, and will pay off the rest of the loan with money budgeted for debt payoff.
However, now that we’ve paid off the bank loan, we should get the title from the bank in a few short weeks.
Yep, that’s all my news today. Time to work on my midterm exam some more. Have a great weekend!
That’s excellent news! Good luck on your midterm! 🙂
Congratulations on that!! Good luck on the test… I just signed up for Spring classes.. :[
That’s awesome! If you don’t mind sharing, why did you get the bank loan at all since you had $12K from the Malibu sale ready to go? I realize in the big scheme of things that $55 in interest isn’t much, but you wouldn’t have had to pay it all …
CFO: We had the money, but it was in-transit from HSBC to our checking account. It was month-end and we had plans the next few days, so I got the bank loan. I expect the interest to be less than $55, but I won’t know until the check clears. The payoff amount was through Nov 5th.
That is awesome CleverDude. Congrats on knocking about a huge chunk of your auto loan.
Aha, makes sense. Well, again, congratulations on paying off the car!
P.S. I hate that the lender always owes you money back when you pay off a loan. I am still waiting for the $1+ that my private student loan lender owes me back.