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Stupid $#%^ Van Payments

September 16th, 2007 at 03:46 pm

Ok- so the ONE terribly horribly wrong decision that I *we* make, was the decision to lease a mini van. So, now I'm trying to figure out how best to purchase the darn thing and mark it up to a lesson learned. So anyway, we are currently leasing the Honda minivan with a payment of 435.00 a month. OUCH! So, anyway...I call to get the payoff today to figure out about financing....payoff is...*drum roll please* $26,657.10. Talk about OUCH! So, I am trying out how to finance that much money on a stupid car. Dumb, dumb, I know. Believe me we will NEVER ever do this ever again. We are going to drive this car until it dies and then buy something USED!

So, anyway...any suggestions? We don't own a home to get an equity loan and car loans right now are at the 7.20% I have this amount available on my CC's to possibly put on there, but the interest rate is at 10%. I'm sure I could ask to lower it..as we've always been on time, and have a great record with them. So, help me out!

2 Responses to “Stupid $#%^ Van Payments”

  1. Fred Says:

    What is the van worth? It sounds like you owe more than it is worth. My first plan of attack would be to find a way to borrow the difference, then sell the van.

    Say you are $4,000 upside down. Could you borrow $6,000 from your bank, credit union or credit cards? If so, sell the van then buy a $2,000 car. Although you would take quite a step down in rides, you would go from $26k in debt to $6k in debt very quickly.

    Then, pay off that car and put the payments into a savings account until you have enough to move up to a $6k or $10k car.

  2. reflectionite Says:

    personal loans here in australia are at 13.5%, which is what mine is at for my car.
    maybe borrowing maybe with a personal loan but make sure it has an early payout option, and that you're able to make additional payments. you could get a 5 year loan term with the intent of paying it off in half the time, it will save you moneyin interest that way. that's what a friend told me who works in the loan department of a bank. (i trust his advice!!!)

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