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Discussion Starter · #1 ·
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Yup, all those zeros hit me yesterday. I've owned cars with more miles on them, but I've never put this many on a car before. There were 25 miles on the odometer when I bought it, and that was just over 3 years ago. Usually I keep cars 5.5-6 years and put 40k something miles on them.

So the plan was to pay it off before 100k, I only got a 4 year loan on it afterall. The problem is I wasn't driving Uber at the time and I have an early termination fee if it's paid off more than 6 months early. I even had rewrite my check/overpayment last month because it would have put me too far ahead and would have cost me that fee. So, just two more minimum payments and then about $80 to finish it in September.
 

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Discussion Starter · #3 ·
Save some extra money for awhile. Some for savings/retirement and some to help cover a down payment on the next car.
 

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I had an early pay off fee on my car. So what I did was pay it off except for a couple of dollars and the interest on that was hardly nothing. There is always a work around for everything.
 

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Is early pay off fee common? Maybe I wasn't paying attention when I bought my car. I am not aware of such fee, regardless it should still cost you less in interest if you pay it off earlier right? Fauxknight, do you plan on keep driving it until it dies or about how much miles you think you will get out of it before you trade it in?
 

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Discussion Starter · #6 ·
I had an early pay off fee on my car. So what I did was pay it off except for a couple of dollars and the interest on that was hardly nothing. There is always a work around for everything.
But I have a minimum payment to meet as well. The minimum doesn't change just because the balance is lower, so I can't pay to just a couple of dollars and leave it or I'll be forced to pay off early and get the fee. I'm at the point where two minimum payments and one last smaller payment will do the job, so exactly where I need to be.
 

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Discussion Starter · #7 ·
Is early pay off fee common?
In the olden days it was pretty common, nowadays most banks don't do it. The bank I was at was surprised it was on my loan, they don't do early termination fees anymore and haven't for some time. I had the dealer do this loan and apparently they tacked it on, perhaps a habit of old that they just never dropped.

I have a loan on my truck from my credit union and it does not have the early termination fee.

regardless it should still cost you less in interest if you pay it off earlier right?
Correct, if it was an extra year earlier or something I would just pay the fee and save more in the long run, but I didn't pay my car off that fast. In this case were talking $150 for early termination or maybe an extra $5 in interest (the balance is really low and it's only at 3.23%). I'm willing to drag it out another couple of months to save $145.

Fauxknight, do you plan on keep driving it until it dies or about how much miles you think you will get out of it before you trade it in?
I don't really know, it's working great at the moment and making me a lot of money, so I figure I'll probably keep it a couple more years. Since it just passed 100k miles depreciation is going to start to level out on it soon, so it's not like it's going to cost me much to hold onto it. It's a PriusC so mileage wise I could probably count on at least 200-300k miles before any major issues come up. I can keep it 2 almost 3 more years and still trade it in before it hits 200k, but even then I don't know. The longer I can keep driving it the better for the most part, at least until it starts to fall apart, but even then getting rid of the car payment means I can afford some pretty hefty repairs if for some reason they did pop up.
 
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