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Smart Shopper Owe more than it's worth... I'm upside down and I can't get up!
1160 messages, Last post on Oct 22, 2009 at 7:11 PM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Replying to: im_brentwood (Sep 18, 2007 5:52 pm) Whatta ya got? 
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Replying to: fezo (Sep 19, 2007 9:53 am) 
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Replying to: im_brentwood (Sep 21, 2007 4:04 am) Can I get it checked out by my local Vauxhall dealer?
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Replying to: fezo (Sep 21, 2007 5:49 am) LOL! Of course! That's the one next door to the Citroen dealer, right?
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Replying to: qbrozen (Sep 21, 2007 6:49 am)
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Replying to: fezo (Sep 21, 2007 6:57 am) |
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Hope this is the best forum to post this in (Hosts, please let me know otherwise!). I currently own a 2004 Jeep Wrangler; still have about 20 payments left, but not upside down (approx. $9K equity). Jeep has 38K miles and a 7yr/70K mile powertrain warranty. We have more credit card debt than I'm comfortable with (although we're making all the payments OK), and am considering getting out of the Jeep payments by selling it and using the equity to buy a used car outright. Depending on what I bought, $9K should get me something around a 2000-2003 with 60-80K miles. The money saved on Jeep payments would go towards quicker credit card repayment. I'm stuck between two rational decisions: Sell Jeep to pay off debt faster, or keep Jeep with the idea that in 20 months it's paid for, still has warranty, and I know who's owned it (me, since new.) What would you do?  
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Replying to: mcrrt (Oct 08, 2007 8:34 am) a) Is the Jeep worth what you think it's worth? I suggest a trip to the Real World Trade-In Values forum for that one. b) make sure there a vehicle you can live with in your price range. Nothing worst then buyer's remorse on a used vehicle. c) Make sure the extra money goes towards the credit card bills and not a new big screen TV. This is harder then you think as "life happens". Good luck. |
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Replying to: mcrrt (Oct 08, 2007 8:34 am) I'm stuck between two rational decisions: Sell Jeep to pay off debt faster, or keep Jeep with the idea that in 20 months it's paid for, still has warranty, and I know who's owned it (me, since new.) What would you do? If you have top of the line Rubicon with all the options and a spare Hard top you may get $15,000 for it. Since you say you are $9,000 right side up, that means that your loan is only $6000, or you are paying about $300/month on it. I would stay with the Jeep. Like you said, you already know who owned it, you already know its maintenance history, and it has warranty. If you go out an buy a 4-7 year old car, who knows who drove it and how they drove it, and why they are selling it. So, you have this risk of unexpected repairs, which will most definatley eat into your profits. I don't know how disciplined you are, I can't assume that you have no discipline at all because you have this credit card debt, but stuff happens. But, if you are disciplined and can stick to a plan no matter what and have good credit history, you may want open up a new credit card that offers 0% for a year or two on balance transfers with no fees. Consolidate all your credit cards into that one. And then, pay it off in 12 months without having to pay interest. It will make your debt disappear faster, since you are not paying 15%-25% in interest every month. This will only work if you are willing to make sacrifices to reach your goal of being debt free. This means that whatever you have done to accumulate this credit card debt, can no longer be done. If you don't have the money in the bank today to pay cash for the purchase you make with a credit card, then you simply can't buy this item. Good luck.
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Replying to: blueiedgod (Oct 08, 2007 11:38 am) james |
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