Once upon a time

There was a very, very daft woman! She succumbed to an almost new car, with extremely low milage (about 200 miles from it being a demonstrator) and she signed on the dotted line……….without reading the small print. She’d been previously seduced by the main dealers after previously having an economical little town car on a very reasonable 7.5% finance deal. She fell for the coffee, the comfy chairs and smooth banter and the shiny, 1.9 multijet sporting, sexy little Italian va va voom machine!!!! (car below is not my car, but mine is filthy!) But it’s identical to the one below including the shiny alloys!!!!

However, when I’d got over my own stupidity and checked the paperwork, the bleepin’ interest rate was 14.9% and they’d slipped me a new credit deal, with a reasonable monthly payment but with a hugely increased amount of interest to pay. I made a payment every month, then I doubled that payment and put it into a savings account and when I got the balance down to the ‘set’ amount. I transferred the money and paid for the bleepin’ thing!

You have to ‘click’ the photo to read what it says. I managed to pay the £199 a month to Fiat Finance and then put aside another £100 a month into a savings account as I couldn’t over pay the ‘fixed’ loan and could only pay off a lump sum………….which I did! I never saw it as money I could dip into or use for anything but paying off the car, 19 months sooner than the finance deal was due to end!

It’s taught me that I can save up for anything. I’m aware that the car I have will not last forever and I have to be realistic about saving up for another. I really love getting the ‘you’ve made the last payment’ letters. I’ve had some achievements in my life and now I can add, almost getting myself out of debt completely! I can now transfer what’s left in the savings account, plus the month amount I will deposit, to bringing my house loan to a close this year. It’s been very very hard but if I achieve that, then I will have brought the final, final payment of all the payments forward by eight months!

If a silly, not reading the small print nitwit like me can get a huge amount of interest paid in a whip of time, then it proves anyone can.

Until tomorrow,

Love Froogs xxxxxxxxxxx

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8 thoughts on “Once upon a time

  1. Well done,
    im doing that on my car but i can pay off extra each month, my dd is £100 extra each month and i send the odd £1 here and there to them via online banking. i will have paid my car off in 440 days and cant wait,The money will then snowball to my mortgage.
    Are you going to contact the tv company as mentioned on yesterdays comments?I think you have lots of good sensible advice which people like me like to listen too.:-)

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  2. We were, thankfully, able to buy our car for cash when it was five years old. Now it's eleven years old and still going strong, and we are accruing the money, month by month, to do the same again when this one goes kaput at some point in the future. It's very unfashionable, unsporty, unclean, unstylish and people seem to race past us because how could they POSSIBLY cope with being behind THAT?! The sweetest feeling is; “But it's paid for!” Isn't it lovely to get to that feeling? Well done; that took a lot of self discipline to pay off.

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  3. A Fiat! They are no longer sold in the U.S., but DH and I had a Fiat 850 Spyder (2 seat convertible sports model) when we were first married. I'm sure Fiats are more reliable than they used to be, but we used to joke that FIAT was an acronym for “Fix it again, Tony!” LOL We rented a Fiat in Italy a few years ago, and wow–it was like being 22 again! They still shift the same way! Love the feeling when you take it from second to 3rd gear!

    Yep, they seduced you with that car. Lousy, lousy loan. Good for you for paying it off early!! (Now you can afford to “Fix it again, Tony!” LOL).

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  4. Hi Mike, it's never gone wrong! and, with our tiny roads and hairpin bends and the fact that it can go up hill in 6th, with such amazing torque (and oh boy, do we have hills here) makes it a brilliant car.

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  5. I'm paying off my car tomorrow. I hate the idea that my bank balance will be negligible after that, but at least it will be mine. Yes, I too have a soft spot for European sports cars – mine's a Peugeot 406 V6 coupe – I'm an idiot. What can I say? xo

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  6. Been there, done that unfortunately. I was 21 and in love with a little MGF sports car, the salesman totally swooned me and I stupid enough to sign the loan papers. When I read it all through properly I felt sick. In the end I took out a 0% credit card as the the transfer fee was lower than the interest I would pay and I saved like mad to pay it off. It really took the edge of the car when i realised how much it would actually cost me. I've now got a nice sensible family car which I paid cash for last year (after hard, hard saving!) and I hope it will last me a while. Well done for paying it off and seeing the light!!

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  7. We've been paying double payments on my husband's car and will pay it off 2 years early, and this week I had to have a new car and was able to get a great deal on a lease.
    Don't like having 2 cars but we live 8 miles out of town with no public transportation and his car is a 2-seater.

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