Well, she's all mine now! - Mercedes-Benz Forum

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post #1 of 14 (permalink) Old 07-10-2007, 03:27 PM Thread Starter
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Well, she's all mine now!

Been paying on my E for a few years now, the note balance was getting down there -- but in reality the credit union owned it, just let me drive it since they didn't have that much parking. Anyway an offer from a current credit card converted that remaining balance to an unsecured debt at 3.99%, so I'll end up saving a few bucks in interest along the way, even including the transaction fee.

But more importantly, the title's now free and clear, so you know something big is going to break soon!

Take care and enjoy the ride,
Greg

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post #2 of 14 (permalink) Old 07-10-2007, 03:30 PM
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Quote:
Originally Posted by gregs210
Been paying on my E for a few years now, the note balance was getting down there -- but in reality the credit union owned it, just let me drive it since they didn't have that much parking. Anyway an offer from a current credit card converted that remaining balance to an unsecured debt at 3.99%, so I'll end up saving a few bucks in interest along the way, even including the transaction fee.

But more importantly, the title's now free and clear, so you know something big is going to break soon!

Take care and enjoy the ride,
Greg
CONGRATS!!!!!!!!!! Well, even if something breaks occasionally, its still better than a payment every month!
post #3 of 14 (permalink) Old 07-10-2007, 05:47 PM
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Congratulations Greg, but the next time I would look at MB Financial. I bought this car at 2.9% over 24 months ( I think that was because of a special CPO rate, and arguably I paid up front for the low percentage). Without regard to that, I financed $10,000 for $300.

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post #4 of 14 (permalink) Old 07-10-2007, 05:54 PM
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Now hold onto it until you save enough to replace it. Congratulations on the monkey extraction!

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #5 of 14 (permalink) Old 07-10-2007, 06:38 PM
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Originally Posted by gregs210
But more importantly, the title's now free and clear, so you know something big is going to break soon!
I was thinking the same thing about my warranty. I was paying more than minimum each month to bring it down and then I realized that if I pay it off and something breaks, I don't have any leverage with them. Now they get the minimum!
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post #6 of 14 (permalink) Old 07-10-2007, 06:44 PM
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Originally Posted by Bogie
I was thinking the same thing about my warranty. I was paying more than minimum each month to bring it down and then I realized that if I pay it off and something breaks, I don't have any leverage with them. Now they get the minimum!
Sounds like a good plan to me Bogie!

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post #7 of 14 (permalink) Old 07-10-2007, 06:47 PM Thread Starter
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Originally Posted by Musikmann
Congratulations Greg, but the next time I would look at MB Financial. I bought this car at 2.9% over 24 months ( I think that was because of a special CPO rate, and arguably I paid up front for the low percentage). Without regard to that, I financed $10,000 for $300.
Hey, MM. Unfortunately mine was not CPO, I bought a 3rd party warranty to get me through the first few years, so it's not even an issue. That said, for the used car loan the CU only was 4.24% because (1) I had excellent credit (2) it was through payroll deduction and (3) included autopay, so I didn't even have to remember to write a check, and no stamps. Made it very easy and an excellent rate. Still, 3.99 is better and now there's no lien, so I'll actually have a title (in CA the lender retains the title).

Take care and enjoy the CPO ride,
Greg

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post #8 of 14 (permalink) Old 07-10-2007, 07:05 PM
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Question Whose car is it anyway

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Originally Posted by gregs210
(in CA the lender retains the title).
Same here, but I thought that was the case in all 50 states?? Technically, these are their cars until we pay them off. At least here in WV, we are also required to buy full coverage insurance to protect the lender's investment too.

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post #9 of 14 (permalink) Old 07-10-2007, 07:07 PM Thread Starter
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Same here, but I thought that was the case in all 50 states?? Technically, these are their cars until we pay them off, isn't that true in CA? At least here in WV, we are also required to buy full coverage insurance to protect the lender's investment as well.
In both AZ and Colorado, the buyer gets a title, but the lender is listed as a lienholder. In CA all you get is your registration; you don't get anything that shows you own the car until you pay it off, then you get a clear title. Very strange, but wait, it's California!!

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post #10 of 14 (permalink) Old 07-10-2007, 07:09 PM
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Originally Posted by gregs210
In both AZ and Colorado, the buyer gets a title, but the lender is listed as a lienholder. In CA all you get is your registration; you don't get anything that shows you own the car until you pay it off, then you get a clear title. Very strange, but wait, it's California!!
Yepper, we have the registration but no title until completely paid off, so same stuff in West "By God" Virginia

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