Sonic Loan Roll Call

[Swordsmith]

Bought: 9/2012
Monthly minimum payment: $202.8
Amount left: $8326.51
Mileage to date: 43,000

I am surprised at how much is remaining, I pay well over the minimum and put down a very substantial deposit, not because they insisted, but because I had the money and wanted to dig down fast.

I had some problems with them for the first several months, I would set up auto payment, then I'd get a notice saying I was late, because they weren't taking the money. Then I'd get caught up, set it up again, repeat. Then when they did start taking the auto payments, they would take it one month, but not the next, because nothing was due (they would apply my excess payment to the next month's bill instead of to the principle as I wanted). So for most of a year, I was really only making the minimums, despite intending to more than double that. I guess that's why it's still so high.

 

[Preloader]

9/2012? right? Feels like you've had it longer than 6 months.

 

[Scot]

Damn. Reading some responses in this thread is depressing.

 

[Preloader]

This is only the second vehicle loan I've had. I remember paying down my $108/month loan on a GSXR750 in my early 20's. Once it gets down, it suddenly seems more motivating to make larger payment and just "Finish Her!!!

It was a glorious feeling to pay it off.

I'm hoping this thread will get me charged up to pay quicker in same way the other threads motivate me to buy mods.

 

[sx sonic]

I can't remember the specifics of mine so It's ball park close.

Bought- 3or4/2012
Monthly minimum payment ~267.xx (personal minimum of 300).
Amount left- $8 or 9k
Mileage to date- 46,xxx miles.

My plan was to have it paid off early this year but unforeseeable circumstances changed that.

 

[Scot]

I won't share my "policy" of buying vehicles, because I'll sound like a privileged, arrogant prick.

What I will share is my thanks to all of you that spend your hard-earned dollars on not only a product made in the USA, but also produced by GM. Money isn't easy to come by, and new cars definitely ain't getting cheaper!

 

[Insanika]

I need to look at what mine is. I know we had to do some "wenaggling" in order to keep my payments low enough to afford while I wasn't working and traveling to school. I didn't have a choice on whether or not to buy a new car, I needed it. Since I graduated and have started bringing in more cash, I've kept my payment for the car on the same level for now. I WOULD like to start trying to pay it off enough to keep what I owe below or reasonably close to what the actual value of the car is, just in case I need to offload it in some rare case.

Instead of plunking down the extra on the car (which we will probably always have some kind of car payment) I have increased my house payment by about 3x. Call it my savings for my down payment for my next home when we move. The payments since last summer are all completely on the principal.

 

[Isambard]

new cars definitely ain't getting cheaper!

Inflation, my friend. Combine that with how much standard equipment cars come with nowadays, and I would say that cars are just as cheap or cheaper. Now, wage stagnation is another thing

 

[Preloader]

I owe more than what my car is worth. Didn't even think about that til Insanika pointed out the concept.

Meh. :blankface:

 

[Insanika]

I owe more than what my car is worth. Didn't even think about that til Insanika pointed out the concept.

Meh. :blankface:

For me, with the amount of miles I put on the vehicle, I think its going to be just a pipe dream. My ultimate goal is to have the loan below the value of the car by the time I reach the end of my 100k warranty.

 

[SouthFLSonic]

Bought: 9/2012
Monthly Payment: $266
Amount left: $11K+
Mileage: 50K+

 

[kmw1191]

Purchased: 12/2013
Monthly payment: $288
Amount left: $14,880.57
Miles: 37503
Not too bad for being a 23 year old

 

[rdss]

I owe more than what my car is worth. Didn't even think about that til Insanika pointed out the concept.

Meh. :blankface:

I lost a good bit of money on my Sonic when I traded it in with my Sierra on the STi. Luckily the truck had plenty of equity in it that was carried over to the STi.

 

[TomFromParma]

Bought new 28 days ago.
$324 x 48
Just scheduled my first payment for later this month!
Spent the equivalent of two payments on snow tires and rims and a couple of other niceties for the car.
1100 miles

 

[Stew]

Bought new: 1/2013
Monthly minimum payment: $289, been paying $300, 2.34% interest
Amount left: $12,800
Mileage to date: 25,000

 

[joshalamew]

Bought: 02/2013
"Monthly minimum payment": $228
Amount left: $6,389
Mileage to date: 12,287

Interest rate 2.19%. I've made 1 payment since my purchase and I don't owe one until September.

 

[Stew]

Straight cash, homie.

I won't share my "policy" of buying vehicles, because I'll sound like a privileged, arrogant prick.

What I will share is my thanks to all of you that spend your hard-earned dollars on not only a product made in the USA, but also produced by GM. Money isn't easy to come by, and new cars definitely ain't getting cheaper!

I just want to let the guys/gals who may not be in the position to pay cash know that paying cash is not always the best way to go.

If you've been responsible with your credit and would qualify for very low or even zero percent financing, and have your money in an interest bearing account, you could actually make money on your money by making payments rather than giving it all to Chevy.

Simple example is: you are awesome and qualified for 0% (yay!) financing and have an interest bearing checking account with that money you were going to pay for your car with, you will earn interest on that money by making payments rather than giving it to Chevy all at once.

 

[Preloader]

I kind of disagree, but I'll digress. The only thing I'll agree with is if you have a 0% interest loan, then yes you are right. Don't pull money out of an account that you are earning dividends on to pay down a loan you are not paying interest on.

However the advice is dangerous, because most, MOST people on the borrowing end of a loan are there because they aren't the most responsible with money. Somebody truly responsible with money should never need a loan.

I will also add that interest bearing checking accounts can't possibly bear as much interest as an actual investment in a money market or mutual fund. If you do have enough, say 12-18k in an interest bearing checking account to actually see a gain, then you'd be wise to put the money in a higher returning low risk investment than letting it run the race against inflation.

Well I guess I didn't digress. And I'm actually not disagreeing with you Stew, I just jump to attention whenever I hear someone advising that paying off a loan slower is better for their credit history/score or savings. There is a very smal anomaly where it might be true, but unless you are very informed about credit and investing, trying to win at the game of credit is like playing with fire.

 

[Stew]

You are right on Preloader, it is a small group indeed where making payments can be advantageous. And, for the record I didn't advise anyone but merely pointed out that upon deeper consideration there may be other options which are not readily apparent. The best thing for someone with questions about which is the best way to go would be to consult a financial adviser. Actually, I believe most of us could benefit by checking in regularly with such a person.

 

[AndrewGS]

Bought: 11/11 with $0 down (First payment on 01/12)
Monthly note: $369.05 (3% interest, 54mo.)
Balance: $9,623.75
Current mileage: 28,084

For sale for $12,000!