I paid off my truck with my October 1 payment. The final payment was due Jan. 1, so I'm three months early - a 36 mo. loan paid back in 33 mos.
I'm happy to have my truck paid off. I really am. But, I've discovered, or maybe re-discovered something about myself.
When the payment went through, I thought to myself about how it will be another almost 2 1/2 years before my wife's mini van is paid off. And that my truck will need to last AT LEAST that long before we can replace it. And what if it doesn't. What if it breaks down tomorrow. We're screwed.
OK, maybe all of those thoughts didn't come into my head that rapidly. But still, that's the basic flavor of what was running through my head. Instead of being completely happy about having my truck paid off, I was worrying about having this van paid off in time that we wouldn't have two $300+ payments at the same time.
I need to be worrying about something at all times. My grandma P.'s contribution to my psyche, I guess.
Truly, I am happy about having the truck paid off, and no, I'm not really all that worried about my truck taking a crap.
But, that thought was still there, and that says something about my approach to life.
I paid off my truck
October 2nd, 2015 at 01:34 pm
October 2nd, 2015 at 01:47 pm 1443793640
October 2nd, 2015 at 04:37 pm 1443803861
October 2nd, 2015 at 05:42 pm 1443807739
October 2nd, 2015 at 10:38 pm 1443825510
October 3rd, 2015 at 05:30 am 1443850229
October 3rd, 2015 at 07:54 pm 1443902072
October 4th, 2015 at 01:37 am 1443922634
October 4th, 2015 at 08:58 pm 1443992316
October 5th, 2015 at 02:57 pm 1444057059
We bought the mini van last December. At that time, we had some cash. The cash was split between a down payment on the van, and paying down principal on the truck. When we made that payment the remaining truck loan balance was $2,500. I made a $1,500 payment on the truck in March, and a $500 payment in April, our federal and state tax refunds, respectively. Since then, I've been making payments of between $40 and $50 each month. The Oct 1 balance was around $135. I could have continued whittling it down until Jan, but the mood struck me, and I paid it off.
My philosophy has always been to have one vehicle payment at a time. When we bought the van, it was under the premise that the truck payment would be greatly reduced. So, I now have $40-$50 per month to allocate to something else.