Heading to the bank today to payoff my M3...

vndkshn · Thu, Feb-26-2009, 02:07:21 PM

Shouldn't this be in OT since it has NOTHING to do with the E46 M3?

TopElement · Thu, Feb-26-2009, 04:44:05 PM

Quote:

Originally Posted by matti

This doesn't strike me as a good time to start eating into revolving credit. I have zero balances on all CC's, that's the only way I'm comfortable.

Great advice. It's never really a good time to owe anybody anything.
My cars are paid with interest from a savings account. Let the money work for you, instead of the other way around.

skillets · Thu, Feb-26-2009, 05:10:05 PM

That must be one hell of a savings account. Last time i checked my banks saving account intrest rate was like .9%

TopElement · Thu, Feb-26-2009, 06:03:42 PM

Quote:

Originally Posted by skillets

That must be one hell of a savings account. Last time i checked my banks saving account intrest rate was like .9%

Depends on the type of account and tier. It's a high yield, and what it produces monthly covers payments on my cars, and if for any reason they need to be paid off, they could be without using credit.
Cars are terrible places to store money, but I'm sure many on this board are in over their head to drive something flashy!

dsanta · Thu, Feb-26-2009, 10:50:44 PM

I'm not paying mine off. I only owe $6K at this time and I just got $12K to pay for repairs after an accident and I opened a new credit card to pay for the repairs with a 0% apr and put the money in a high yeild savings account, so I'm bascially not even paying interest on my car.

MikeyV3D200 · Fri, Feb-27-2009, 02:16:29 AM

Quote:

Originally Posted by vndkshn

Shouldn't this be in OT since it has NOTHING to do with the E46 M3?

I have an E46 M3 so that means this is fine here lol, btw Im waiting for my stimulus check to pay off my M!

ohnoes · Fri, Feb-27-2009, 02:29:54 AM

Quote:

Originally Posted by dsanta

I'm not paying mine off. I only owe $6K at this time and I just got $12K to pay for repairs after an accident and I opened a new credit card to pay for the repairs with a 0% apr and put the money in a high yeild savings account, so I'm bascially not even paying interest on my car.

Please don't tell me you didn't get collision insurance on your $20,000+ car.

Rac'nmyT/A · Fri, Feb-27-2009, 02:52:38 AM

I would continue paying the 100.00 in interest and keep the money in the bank. Cash is king!! I would have more peace of mind paying 1200.00 year in interest and know I have the extra 23k in the bank in case of a rainy day!! Even if its just means making payments for one more year until the economy stabilizes, before paying it off.

caden · Fri, Feb-27-2009, 03:58:42 AM

way to go! i paid off both the X5 and the M3 'vert last year. i tell ya, there is nothing like the feeling of financial freedom...no car payments, that is 'till i was succumbed into adopting a lightning fast 2008 white twin turbo 535i with aerodynamic package. menacing only second to my M3. invest in the living and enjoy life.

dsanta · Fri, Feb-27-2009, 04:58:12 AM

Quote:

Originally Posted by ohnoes

Please don't tell me you didn't get collision insurance on your $20,000+ car.

I have colision. To be more clear. I collected $12k from the other person's insurance who recently rear ended me. Then I put that $12K in a bank account earnning 3% interest and paid for the $12K in repairs with a 0% apr credit card that I will pay off with the money in the bank earning interest once the 0% apr period is over

I'm always figuring out ways to earn a couple few extra bucks.

Thu, Feb-26-2009, 02:07:21 PM	#11
vndkshn Goin' crazy... wanna come? Join Date: Feb 2004 Posts: 8,811 Reputation: 0 Location: Parker	Shouldn't this be in OT since it has NOTHING to do with the E46 M3? __________________ 2005 Interlagos Blue M3 - Cinammon Interior - ZCP - 6MT - Premium - HK Sound Performance Mods: D/A Race Software, D/A VAC Lightweight UnderDrive Pulleys, Streamline Panel, Ceramic Coated Stainless headers, Race-cats, B&B Tri-Flow, Motons, Vorshlag plates, GC Adj. Rear Camber Arms, GC Race Hybrid FCAB, Powerflex RTABs, H-Sport Sways, GC adjustable endlinks, GSP Clutch Pedal, 40% Autosolutions SSK, Rogue Trans Mounts, PFC WC/GAC front brake kit, PFC-01s for the track. Click Here for nightmare ECS story. - LOL, it was deleted, guess it shows the sponsors can get away with anything here.

Thu, Feb-26-2009, 05:10:05 PM	#13
skillets Registered User Join Date: Oct 2008 Posts: 126 Reputation: 0 Location: hornell	That must be one hell of a savings account. Last time i checked my banks saving account intrest rate was like .9% __________________ 05 comp package tiag 6mt Gruppe M ti exhaust Gruppe M carbon fiber intake Bilstein pss9 coilovers carbon fiber fog light housing carbon fiber splitters

Fri, Feb-27-2009, 02:52:38 AM	#18
Rac'nmyT/A Registered User Join Date: Jul 2004 Posts: 1,753 Reputation: 0 Location: Metro Area	I would continue paying the 100.00 in interest and keep the money in the bank. Cash is king!! I would have more peace of mind paying 1200.00 year in interest and know I have the extra 23k in the bank in case of a rainy day!! Even if its just means making payments for one more year until the economy stabilizes, before paying it off. __________________ 05 CarbonBlack ZCP/Cinn Interior 6sp Manual F-235/35/19 R-265/30/19 PSS “If liberty means anything at all, it means the right to tell people what they do not want to hear.” _George Orwell

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Thu, Feb-26-2009, 10:50:44 PM	#15
dsanta Registered User Join Date: Aug 2008 Posts: 432 Reputation: 0	I'm not paying mine off. I only owe $6K at this time and I just got $12K to pay for repairs after an accident and I opened a new credit card to pay for the repairs with a 0% apr and put the money in a high yeild savings account, so I'm bascially not even paying interest on my car.

Fri, Feb-27-2009, 03:58:42 AM	#19
caden Registered User Join Date: Feb 2009 Posts: 412 Reputation: 0	way to go! i paid off both the X5 and the M3 'vert last year. i tell ya, there is nothing like the feeling of financial freedom...no car payments, that is 'till i was succumbed into adopting a lightning fast 2008 white twin turbo 535i with aerodynamic package. menacing only second to my M3. invest in the living and enjoy life.