What happens when you get your car loan paid off?

[kphoger]

God has a middle schooler's sense of humor.

That's what she said.

[Road Hog]

The best thing about paying off a loan is you no longer have a car payment. Duh.

You do still have to pay for car upkeep. Hopefully that doesn't involve a $2,000 short block or a new tranny. My last 2 car purchases were for used Japanese imports that I drove forever. One I misjudged a left turn with and totaled it against a streetlight post. The other is still going strong after 6+ years and just over 100K miles. I still want and need a pickup for my next ride.

[KCRoadFan]

Here's a follow-up question I have to my OP. These days, many (most?) car payments are set up so as to direct-debit a set amount from a specified bank account on a given day each month (for me, the 10th). Anyway, this is what I wonder: once the loan balance is paid off, does the direct-debit cut off automatically, or will it continue to deduct the funds unless you cancel it? What's been your experience in that regard? (For reference, I'm paying my loan through Chase.)

[Rothman]

Cuts off automatically.