I don’t know if I was high on the joy of impending MINI ownership but I never knew until this weekend that the term of my loan is a whopping 66 months. I had it in my mind that it was a 4 year deal – five and a half years is a crazy long time to be making payments on a car. Now, its quite likely that the value of the MINI will stay high enough to pay off the loan in a trade-in before the time is up but I’m still shocked that I signed such a thing.
And I’ve ranted before about how Bank of America sends me monthly statements where the amount to pay changes based on how much ahead of the schedule I am. My most recent ‘demand’ was for $0.00 so they must be getting worried I’m going to pay the loan off too early. I’m not overpaying by much each month but I do hope to knock a few months off the loan schedule.