Just Curious...Who's still paying on their 5th Gen?
05-30-2008, 04:42 PM
#1
Senior Member
Thread Starter
Join Date: Aug 2007
Location: Delafield, WI
Posts: 486
Just Curious...Who's still paying on their 5th Gen?
I took out a 5 year loan 6 months ago to pay for my 03 Maxima. I have $8,000 left to pay off at $178 per month. I'll probably have 150K miles on the car by the time its fully payed off. Anyone else have some years left to pay off their car?
05-30-2008, 05:35 PM
#4
I bought mine in November (02 SE), put $2500 down and I'm paying $304 a month for 2 years. Probably pay it off at least 6 months early at the rate I am going. Then I'll drive it a year or two and then start looking for something else-unless I can find a really low mileage 03 with a 6 speed. 
05-30-2008, 10:51 PM
#7
Senior Member
Join Date: Dec 2005
Location: Leicester, Ma
Posts: 1,124
got mine 3 yrs ago this december. 03 Gle Bought for 16900 and called today for the payoff and 9300 left. 320 a month but pay more to lower the interest. Hopefully i can have it all paid off in 6 months.
05-31-2008, 02:02 AM
#9
I guess I could be the worst off here? LoL
Bought it new at Nissan in March 2003 with $3000 down, 6 yr loan. $29,890 original price @ $400/mo. will be done March of 2009 but lately trying to pay double, because I'm damn tired of monthly payments.
Bought it new at Nissan in March 2003 with $3000 down, 6 yr loan. $29,890 original price @ $400/mo. will be done March of 2009 but lately trying to pay double, because I'm damn tired of monthly payments.
05-31-2008, 05:18 AM
#12
Senior Member
Join Date: Apr 2004
Location: Atlanta
Posts: 1,861
NOT ME!!! Just rec'd the title in the mail a couple of weeks ago. Wooo Who!
Original Loan Date Jul 19, 2004
Scheduled Payoff Date Jul 18, 2009
Last Payment Date May 1, 2008
Payments Remaining 0
Was paying about $250/month on a 5yr loan right out of college. Started making more and starting paying more.
Having no debt but the house rocks!
Original Loan Date Jul 19, 2004
Scheduled Payoff Date Jul 18, 2009
Last Payment Date May 1, 2008
Payments Remaining 0
Was paying about $250/month on a 5yr loan right out of college. Started making more and starting paying more.
Having no debt but the house rocks!
05-31-2008, 06:42 AM
#15
Senior Member
Thread Starter
Join Date: Aug 2007
Location: Delafield, WI
Posts: 486
[QUOTE=darknite;6437788]aaaa justin its your buddy jay from sun praire,wi. $243.50 a month since 04'...[
Had to get a new account name huh? Darknite...Love the Batman reference!
You'll be payed off long before me, and then take that $243 and stick it into mods each month!
Had to get a new account name huh? Darknite...Love the Batman reference!
You'll be payed off long before me, and then take that $243 and stick it into mods each month!
05-31-2008, 07:56 AM
#19
2000 loaded SE purchased 7/13/07 for 10.9K (14K after taxes and powertrain warranty)
Car had 73k on it when I bought it - currently has 105k
Loan is $281 a month for 3 years. I plan on dropping some of my tax return on the loan each year to try and get it paid off early.
Car had 73k on it when I bought it - currently has 105k
Loan is $281 a month for 3 years. I plan on dropping some of my tax return on the loan each year to try and get it paid off early.
05-31-2008, 09:37 AM
#20
Senior Member
Join Date: May 2008
Location: Moore, OK
Posts: 1,767
I made the worst mistake of all.....refinanced about two years ago.....I bought my '01 in 2003 for $21k (had negative equity in prior vehicle). Was paying around $380/month and this was tough to pay at that time in my life. I was a single, low paid Airman in the Air Force. I'm now paying $270/month and got about a year left. So basically, my original 5 year plan has extended to about a 8 yr plan. BAH!!!!!! I got about $6k left.
05-31-2008, 09:38 AM
#21
Nope...I have a 2k which I bought at the end of 2000 in November. I paid it off at the end of 2003 with only about $5,000 left on the payments.
Sometimes it doesn't make sense to pay it off if your interest rate is low enough....
Sometimes it doesn't make sense to pay it off if your interest rate is low enough....
05-31-2008, 02:37 PM
#24
I made the worst mistake of all.....refinanced about two years ago.....I bought my '01 in 2003 for $21k (had negative equity in prior vehicle). Was paying around $380/month and this was tough to pay at that time in my life. I was a single, low paid Airman in the Air Force. I'm now paying $270/month and got about a year left. So basically, my original 5 year plan has extended to about a 8 yr plan. BAH!!!!!! I got about $6k left.
05-31-2008, 03:29 PM
#26
Senior Member
Join Date: May 2008
Location: Moore, OK
Posts: 1,767
05-31-2008, 04:37 PM
#28
Sometimes it doesn't make sense to pay it off if your interest rate is low enough....[/quote]
IMO that's not smart thinking, pay the car off and put the extra money somewhere else. Why have a car note when you can be debt free? I owe about $6800 on my 03 and will pay it off totally when I sell my house in two months.
IMO that's not smart thinking, pay the car off and put the extra money somewhere else. Why have a car note when you can be debt free? I owe about $6800 on my 03 and will pay it off totally when I sell my house in two months.
06-01-2008, 10:18 AM
#32
Your current interest rate on your car loan is 4.5% APR with $10,000 to pay off the loan. You have $10,000 in mutual funds bringing in 8% APR (after brokerages fees, load fees, etc.). You can choose to pay off the car with the money from the mutual fund. What would you do?
Would you...
A. Continue making your payments at 4.5% and gaining MORE money from your mutual funds. There is a 3.5% interest GAIN.
B. Pay off the car and be done with it, but also be done with your mutual funds and therefore losing out on the 3.5% interest GAIN.
Best financially SOUND option is A. Most people do not understand this and just do not like having debt. OF course, there are other factors involved such as your credit score, assets to loan ratio, etc. But this is the simple logic that financially smart people apply.
Another basic example is a home loan...who the hell pays off that? Most interest rates are in the 4% to 6% range. With the right investments you can at least make even money interest at 6%.
Do I have enough to pay off my home loan? Yes...but why don't I? Because I make more money off my money in investments than I would in home appreciation.
06-01-2008, 10:42 AM
#33
Here is a simple example of where making payments vs. paying something off DOES make sense.
Your current interest rate on your car loan is 4.5% APR with $10,000 to pay off the loan. You have $10,000 in mutual funds bringing in 8% APR (after brokerages fees, load fees, etc.). You can choose to pay off the car with the money from the mutual fund. What would you do?
Would you...
A. Continue making your payments at 4.5% and gaining MORE money from your mutual funds. There is a 3.5% interest GAIN.
B. Pay off the car and be done with it, but also be done with your mutual funds and therefore losing out on the 3.5% interest GAIN.
Best financially SOUND option is A. Most people do not understand this and just do not like having debt. OF course, there are other factors involved such as your credit score, assets to loan ratio, etc. But this is the simple logic that financially smart people apply.
Another basic example is a home loan...who the hell pays off that? Most interest rates are in the 4% to 6% range. With the right investments you can at least make even money interest at 6%.
Do I have enough to pay off my home loan? Yes...but why don't I? Because I make more money off my money in investments than I would in home appreciation.
Your current interest rate on your car loan is 4.5% APR with $10,000 to pay off the loan. You have $10,000 in mutual funds bringing in 8% APR (after brokerages fees, load fees, etc.). You can choose to pay off the car with the money from the mutual fund. What would you do?
Would you...
A. Continue making your payments at 4.5% and gaining MORE money from your mutual funds. There is a 3.5% interest GAIN.
B. Pay off the car and be done with it, but also be done with your mutual funds and therefore losing out on the 3.5% interest GAIN.
Best financially SOUND option is A. Most people do not understand this and just do not like having debt. OF course, there are other factors involved such as your credit score, assets to loan ratio, etc. But this is the simple logic that financially smart people apply.
Another basic example is a home loan...who the hell pays off that? Most interest rates are in the 4% to 6% range. With the right investments you can at least make even money interest at 6%.
Do I have enough to pay off my home loan? Yes...but why don't I? Because I make more money off my money in investments than I would in home appreciation.
06-02-2008, 07:50 AM
#36
Supporting Maxima.org Member
iTrader: (3)
Join Date: Apr 2003
Location: the OC & Silicon Valley
Posts: 2,586
I got mine brand new in April 2003 with zero down, 5 year loan, slightly less than $400 a month--0.9% interest w00t--with an original price of $22,xxx (MSRP was over $27K w/o tax and charges...6th gens were about to hit stealerships). Now it's paid off and the title is in my possession; and I've never been so tempted to get another toy...
06-02-2008, 09:28 AM
#38
2003 maxima gle loaded bought it with 24,000 miles in 2005 for $19,XXX put $11,000 down on her and got a 3 yr loan for 279/month. (has just under 54,000 mile now) hope to have her paid off by the end of the fall.
06-02-2008, 12:02 PM
#40
2001 GLE max fully loaded....heated seats, and sunroof
Im paying about 223 a month, i owe about 5 grand...I will probably start doubling up on payments in about 6 months...Ive got a 7% interest rate, 5 year loan...and im only 22..so i think im doing pretty good for a college student building credit
Ive had the car since summer of 2006....i purchased it at 20 years old for 11,900 after everything including new tires
Im paying about 223 a month, i owe about 5 grand...I will probably start doubling up on payments in about 6 months...Ive got a 7% interest rate, 5 year loan...and im only 22..so i think im doing pretty good for a college student building credit
Ive had the car since summer of 2006....i purchased it at 20 years old for 11,900 after everything including new tires
Last edited by hi-tek22; 06-02-2008 at 12:04 PM.