This thread is for those out there who have paid for their MINI in full and owe no more. That means....The title to car is in your name (not your parent's or anyone elses name) and There are no lienholders on the title. You own it free and clear

CELEBRATE! If you got a story to tell....tell it. If you just want to let the 47,600 members of this site that your car is debt free....Do it

Please post when you bought the car and when it was paid off.

 

Ill be the first one....Bought my Jan 03 build MINI in on March 22, 2003

Paid it off July 1, 2005.....Just a bit over 2 years. :smile:

They say your car drives diffrent when it's paid for....I agree:smile:

 

Mine was mine the day I bought it.

 

when we bought 'squirt' in march '02, we had a small loan. we paid that off with some equity from our house. so yeah, we own our MINI outright, but the bank owns another bedroom of our house.

 

I’ve had my title in hand over a year now on my 02 MCS.

 

Wrote check to dealer, drove car home. Good feeling to not have car payments. It's been 15 years since I bought a car. :smile::smile::smile:

Steve

 

We own both of our! One after 2 years and the other we wrote a check for.

Didn't make the BMW Finance guy happy, but that's not my fault.

 

My first Cooper was paid off, but I financed $10k on my new one so that I could invest the money instead and hopefully beat the 4.6% on my car loan. Saving for a house...

 

Paid cash for mine in 9/02 and have been paying myself back monthly ever since; in a way, I loaned myself the money. I'll have fully recouped the principal of the "loan" by the end of 2007. Then, I'll be ready to pay cash for the next car...whatever that turns out to be.

I've been doing this now for about a dozen years and it sure beats the heck out of paying interest to a bank. Yeah, I suppose I could do what chrisnl is doing (hoping to make a larger return with an investment than the interest rate on a loan), but for the past 4 or 5 years it's been a bit of a challenge to easily find investments that return much more than the 5% or so a loan would cost...and I'm a lazy s.o.b. when it comes to investments.

 

in the immoratal words of daffy duck, "mine! mine! all mine!"

:-)

drew

 

We paid cash at the dealer. Years ago my wife and I paid off our first together car and kept "making payments" to our "car fund" in the bank. So when that car was nearing its end, the trade and what was in the car fund allowed us to avoid payments with interest. Of course, we still made "payments" anyway, and each time have purchased a nicer car.

Pete

 

2003 MCS:

Bought the car in August 2003. Financed about half. Paid the rest off with my Christmas Bonus three months later............

 

All 3 we paid cash = no debt!! Yippee....

Donna

 

All mine since the day I picked it up 12-28-02.

Nik

 

So far I'm only down $150 on that $10k! Honestly, the goal was really just having the money available, since I'm hoping to buy a house or apartment next summer. If it grows, that's icing on the cake. If I beat 5%, then !!!

 

I paid cash for mine 6/29/05 when I took delivery of it.

 

After buying a Ford Escort with a 4 year loan back in the '80s, I vowed never again to buy a car I couldn't pay for in cash! For me, the MINI is affordable fun.

 

We own and have a free and clear certificate of title on our 2002 MC CVT. When we bought it, we took out a 36 month loan, but we paid it off in just 9 months. The loan was paid in full July 2003. It is very nice not to worry a car payment for that one.

My 2005 MCS is paid off about 50%. I still owe about $12K on it as we speak. I put down $10,170 cash downpayment for it and financed the rest with Capital One Auto Finance on a 30 month loan @ 4.09% APR. I still have 25 payments to go, but same as the '02 MC, I plan to pay it off a lot sooner than that

So we have 2 nice MINIs, one paid off and the other almost paid off.

 

Excellent strategy. We do the same! So next MINI purchase will be cash outright from the get go.

 

Took delivery on 10/8/2003, owed $13.5K. Made triple (and sometimes quadrupel) payments for 12 months, then gave that loan the smack-down on 11/4/2004.

Debt-free, baby, that's the only way to fly. That way I can mod to my heart's content, and never worry about making a payment.

 

I paid for the car in full when I drove it off the lot but loaned myself 10 grand for one year to see if I could beat the interest rates through investing and it worked!

Not haing car payments is the only way to fly

 

......[paid]......

 

I'm jealous of you guys!

 

Bought mine in 01/15/2005, put $6,000.00 down, sending extra $500.00 (ONLY PAYABLE TO PRINCIPAL), will finish paying it by 01/15/2007 latest. A little balance left. I invested the rest of the sticker price, that's where some of my extra $500.00 per month is coming.

Having a paid off car is priceless, however dumping money on a car is not my thing, I like to use someone else's money to grow my own cash.

 

Paid cash for MINI#1 Aug. 28, 2002; traded her in for Wanda April 4, 2003, paying the balance due in cash. FREE AND CLEAR, baby! (Um...this is definitely related to the new gloat thread in OT!)


Clover