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Make sure your State's DMV clears the lien from it's records. This is automatic in some States, but may not be in others.
Unless you're going to cancel your collision coverage, notify your insurance company that the lien is paid, so they can remove the lienholder as the "loss payee". YOU are now the loss payee, congratulations!
I agree to save the money you were spending on payments. But to help keep that new-car-want at bay, spend a few bucks here and there to freshen up your truck. Maybe replace some speakers or add a sub. If the carpet has taken a beating, replace it. Get the little dents taken out and have it detailed. If the windshield is badly pitted, replace it. Look for new wheels. Personalize it. Do whatever is keeping it from being like new, along the lines of what is important to you.
It's worked for me for every car I've had that long.
I hope you used Mopar brand ATF+4 to do the trans services. If that's all you used and you didn't beat it up, it might go the distance. Different trans, but I had a Dodge car from that era go 231k miles on the original trans before I traded it in. At that milelage it acted a little funny when cold but ran like a champ after a couple minutes. Might've had something to do with the fact I had the fluid changed at 60k and never again after that...
If you always kept it maintained well, I'd keep the truck and "freshen" it up. You might need to rejuvenate the headlight lenses, change the belts, spark plugs, @ 100k is when I serviced the rear brakes for the first time. Might want to take a look at all the front-end bushings and replace if you see any hairline cracks to make it ride better-- you'd be surprised how much that makes a difference.
Do you just have e serious need for something different?
It's paid off, keep it.
I keep getting told to trade in my F150, but it's paid off and has been since Sept 2009. I can use it around the refinery (XL trim = vinyl floors, ftw) and find something else on the cheap to roll around town in. Really want a Supercrew or a newer Ranger, but if the grandfather goes big ballin' one last time and gets a 2012 GMC Sierra, his 04 Chevy is mine to buy.
So, to answer your question, "Celebrate and do nothing silly!"
Drive it for another 100K and save the money you aren't spending on car payments.
thats the key. if you don't save the car payments that you would have made, and your truck dies your out of luck and can't afford a new car. Most people will spend the $$ they are not paying into the payment on crap and have no savings
Copntinue paying 3/4 of the payment. 50% goes into an account for downpayment on a new or newer car. 25% goes into a fund for repairs for this one. the remaining 25% can either pay down credit cards, provide some savings for other purposes or simply be some "fun' money.
Location: Butler County Ohio and Winters in Florida
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Keep that Truck!
Quote:
Originally Posted by Coldjensens
Copntinue paying 3/4 of the payment. 50% goes into an account for downpayment on a new or newer car. 25% goes into a fund for repairs for this one. the remaining 25% can either pay down credit cards, provide some savings for other purposes or simply be some "fun' money.
This is very good advice.( above quote)
The 4.7 is a good engine, not as forgiving as some designs due to its over head cams and the way the tension is kept on the timing chains. Keep the oil and coolant changed often. Keep the transmission fluid changed and that rear diff fluid changed. As a former Dodge Service Mgr I strongly recommeded changing the engine oil every 5K and all the other fuilds every 30K. Those folks who did usually had great service well into 150K plus with trucks like yours before needing any major work.
so I'm just asking what some of you did after you paid it off?
Personally I've enjoyed 6 years and 5 months years without a car payment. I paid off my car in 2 years and enjoyed the last 6+ years without any payments, repair bills have been low too. I hope to get another 2 or 3 years out of it, good on gas too.
If I die before it stops running, I demand to be buried in my 2003 Honda Civic LX Coupe.
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Keep that Truck!
