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You paid WHAT for that car?

January 6th, 2010 at 06:48 pm

Now begins the embarrassing disclosure of who my creditors are and what I owe them for. I'd love to say that all of my debt is from student loans because hey, who can blame a girl for wanting an education. But no, sadly NONE of it is from student loans. My financially savy parents paid for my college education (Note to self: write Congress and tell them that FINANCIAL education should be a regular part of high school and colleges).

About 1/2 of my debt is for 2 car loans. Get this- for any of you feeling down on your financial pitfalls, this next tidbit should make you feel a financial God. Two years ago my husband & I traded in 2 cars for ONE car, creating a mountain of negative equity and a lovely monthly payment of about $461. Wow, you must be thinking, that woman must be driving a hell of cool ride. No, it's a 2007 Dodge Caravan. That I bought for $30,000. That should have been bought for like $15,000, except for that little thing called negative equity.

I still look back on that and think....what in the heck!!??? I had 2 cars before that I couldn't afford the payments on, so I traded it in for the one car, which resulted in 1 payment, lower than 2 separate ones. And at 0% interest...that may be the only silver lining.

We've been paying on it for about 2 years and still owe $18,000. Why don't we sell it you ask? God bless, I wish I could. It's only worth about $6,000 right now. Oh yes, hubby and I have learned the extreme hard way, that cars loans are MUCH easier to get into, than to get out of. I'd take a beater car in day of the week....

Oh yeah, my husband has a little pick up truck that we owe about $4,000 on. It can't fit the whole family in it, and it's a stickshift which can be a pain in the rear when you're in traffic...but the story behind that is for another day.

Onward and upward, there's no way out of this loan, so it's a part of my debt and I will drive the car until it dies.

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