Payoff

Seven years ago, I leased a brand new car. Approximately 4.5 years ago, I decided to purchase that little 2004 Honda Civic (had I had enough money for a down payment back in 2004, I would have just started buying it outright, rather than leasing it for a couple of years, but such is life).

Last fall, I realized that my anticipated payoff date was some time in October 2011.  The thousands of dollars owed on this car were reaching a point where it actually seemed like paying it off was in my near future.  I could see the light at the end of the tunnel. The beginning of a time in which I would not be paying $258.28 a month and racking up interest (albeit at a fairly low rate).  In January, as part of a New Year's Not-Really-A-Resolution, I decided to double my monthly payments in order to save money on interest and pay off the rest of my balance sooner.

After my most recent payment, I noticed that my account balance was under $100.  Under $100! Wow!  I had planned on making a final payment on my birthday, as a sort of symbolic gift to myself (I like to give myself finance-type gifts for my birthday, apparently), but it didn't make sense to wait another month and rack up interest, even if it was only a few dollars.  Why not just pay it off now?  So happy early birthday to me!*

"After making that last payment, your title will be released and
sent to you in the mail, and the vehicle you've been financing
will officially be all yours." -Honda Financial Services Website

*I haven't written about our weekend getaway yet, but I got an early birthday present while we were there...tickets to see Sarah Silverman (this past Monday), complete with a room service surprise of the most delicious red velvet cake I've ever had and mimosas at 8am :)  And I got Will an early birthday present of the framed team picture from when the Pens won the Stanley Cup in 2009.  It's a year of early birthday celebrations, no?