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May 8, 2009 | 07:16 AM

#31

mech8251

Tourer

Joined: Feb 2008

Posts: 473

Likes: 1

From: Florida

Quote:

Originally Posted by FlatDF

Just sent in a check for the full payoff amount left on my loan, should have the title in a week. Feels great to be rid of that payment. When I bought the bike in Feb 2008, I knew I wanted to pay it off before summer 09, and writing that check every month was painful. It'll be nice to have some extra cash again!

Chris

Now when you get the title you'll have to take it to the DMV and have it switched over in your name and take the bank off of it

May 8, 2009 | 07:32 AM

#32

Sammi

Outstanding HDF Member

Joined: Mar 2006

Posts: 3,411

Likes: 22

From: Connecticut

Quote:

Originally Posted by mech8251

Now when you get the title you'll have to take it to the DMV and have it switched over in your name and take the bank off of it

In CT the title has a section on the back for Lein Holder (Lender). Once loan is paid the Lender marks that section that the Lein is removed.

Front of title has my name as owner.

May 8, 2009 | 09:05 AM

#33

FlatDF

Thread Starter

Tourer

Joined: Mar 2008

Posts: 257

Likes: 0

From: Granby, CT

Quote:

Originally Posted by SC-Longhair

Congrats! Let me ask...how did you do it? Double payments?

I got a big tax refund last year due to mortgage interest and getting married (wife is a tax accountant, so we're pretty good at maximizing our deductions!), so that was the downpayment. Then I just put whatever I had leftover from bills etc at the end of the month towards it, worked out to around $1k/mo (sucked bigtime). It meant I didn't have any leftover for much else, but it was worth it to save the interest. Also, I didnt feel too bad considering I wasn't going to make any interest saving the money or investing it with the way the economy was headed - figured it was a good time to cut down whatever debt I could.

Chris

May 8, 2009 | 09:17 AM

#34

SBRob

Seasoned HDF Member

Joined: Oct 2008

Posts: 7,649

Likes: 4,889

From: Missouri City,TX

Congrats...I put about 50% down on my Street Bob and I'm hoping to pay off the balance within a year. I HATE not having a clear title for the bike.

May 8, 2009 | 09:51 AM

#35

MZBuckeye

Road Warrior

Joined: Aug 2008

Posts: 1,500

Likes: 0

From: Brunswick, OH

I'm going to Europe this summer so we've been saving for that, but as soon as that's over, the money I've been saving is going right to the bike note. Making bike payments during the winter in Ohio is a REAL drag.

CONGRATS!!!

May 8, 2009 | 10:12 AM

#36

KBFXDLI

Big Kahuna HDF Member

Joined: Feb 2006

Posts: 23,881

Likes: 34

From: USA

I have one rule: All toys get paid for cash...if I don't have the coin...I figure I can't afford them.

May 8, 2009 | 11:28 AM

#37

883 IRON

Tourer

Joined: Feb 2009

Posts: 304

Likes: 1

From: Washington State

Quote:

Originally Posted by FlatDF

Congrats Chris, now the money you save on interest you can put into mods or the bank

May 8, 2009 | 02:09 PM

#38

arkieollie

Tourer

Joined: Nov 2006

Posts: 355

Likes: 0

From:

My bike's financed at 3.9%. I pay $31.00 and some change each month in interest. The rate isn't killing me but I still pay $50.00 over the minimum each month. I, too, hate giving my money away.