rockhound
Preferred Member
Cash: $ 26.45
Posts: 132
Joined: 03 Feb 2006
Location: West Virginia
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| drastic measure |
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The word "lease" makes me cringe. But I see how you're looking at the lower payment, especially with your dad's employee discount. If you sold the truck straight out, you'd be left to pay on a $6,000 balance for a truck you no longer own, which you would be doing with the lease rollover plan anyway. It sounds like your mother's car is not really yours to drive, otherwise I might suggest selling the truck at a loss and driving the car, with the reasoning that at least then you would only owe $6,000 instead of $22,000. I almost hesitate to suggest this next part, because it is not for everyone. But, if somebody had experience and confidence with machinery and automobile repair, and lived within say 20 miles of work, they might be able to get along with a $500 (or thereabouts) car purchased for cash, just something no frills to get them to work and back, with some trips around for errands. The kind of car you find in the classifieds, the classic "beater" like an '84 Plymouth Reliant or '89 Grand Am, etc. That's why I call this a drastic measure, and if you don't know a distributor shaft rotor from a brake rotor, then this method isn't for you.
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Mon Feb 06, 2006 2:03 am |
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oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
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Nonetheless, Ive been looking into dumping the vehicle im paying $496 a month for. Its a 2002 Envoy SLT and the market value is around $16k with my low mileage and all the options and condition of the truck. I owe $22000 on it. Im pretty sure Chrysler financing can roll the $6k into the lease and every $2k brings your payment up $40, so Jeep Grand Cherokees are leasing out for $179/mo for employees. $179+$120=Alot LESS than im paying now,
Tech80. You're still not getting it. To accumulate wealth you must stop thinking only about monthly payments. New cars depreciate - your Envoy dumps about $5000/yr. The only thing that depreciates worse than a late model car is a LEASED late-model car. To stop this cycle you must buy your way out the Envoy, ie sell it and pay the $6000 - that gets the $500/.m stopped. Then buy a car that you can afford - maybe a 5-year-old $6000 car.
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Sun May 21, 2006 6:41 pm |
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No-Brainer
Senior Member
Cash: $ 83.45
Posts: 986
Joined: 29 Dec 2005
Location: Oregon USA
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| That's not all . . . |
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quote:
Originally posted by go2self
There are people who have paid off 30 year loans in 4years, without affecting their lifetyle, no budget cuts, no refinancing and no increase in income needed.
Sure it's possible for the superhuman, but anyone can do it with a little more money, don't you agree? So why not just get another stream of income going and direct it to paying off your debts?
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Mon Aug 07, 2006 12:04 am |
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go2self
Preferred Member
Cash: $ 26.45
Posts: 129
Joined: 06 Aug 2006
Location: hawaii
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| Re: That's not all . . . |
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quote:
Originally posted by No-Brainer
quote:
Originally posted by go2self
There are people who have paid off 30 year loans in 4years, without affecting their lifetyle, no budget cuts, no refinancing and no increase in income needed.
Sure it's possible for the superhuman, but anyone can do it with a little more money, don't you agree? So why not just get another stream of income going and direct it to paying off your debts?
Anyone could do it if they stop eating or other luxuries but to do so without increasing income, refinancing, budget cuts, lifestyle sacrifice or super human qualities.
Why not do both?
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Mon Aug 07, 2006 2:24 am |
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