Comments on: How to Get Out of an Upside Down Car Loan with Negative Equity http://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/ Personal Finance Blog, Your Guide to Financial Fitness Thu, 09 Feb 2012 21:28:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: kakikahttp://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-35286 kakika Thu, 02 Feb 2012 02:42:00 +0000 http://moneycrashers.com/?p=98#comment-35286 Yeah....grow a brain! Yeah….grow a brain!

]]> By: Hendo19gngghttp://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-35097 Hendo19gngg Wed, 25 Jan 2012 15:29:00 +0000 http://moneycrashers.com/?p=98#comment-35097 i bought a ferrari enzo on a loan car cost £220,000,000 car repayments were £19000,00 a month after the 3rd month drove car to car company i bought it from and set car on fire the ended up taking blame for car damage and my injuries and i got money of 369,999,440 lovely i bought a ferrari enzo on a loan car cost £220,000,000 car repayments were £19000,00 a month after the 3rd month drove car to car company i bought it from and set car on fire the ended up taking blame for car damage and my injuries and i got money of 369,999,440 lovely

]]> By: Carman01http://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-34964 Carman01 Thu, 19 Jan 2012 10:56:00 +0000 http://moneycrashers.com/?p=98#comment-34964 A possibility is to get a used trans from a salvage yard. If you make enough phone calls you prob can find one with low miles. Sometimes they carry a limited warranty. HOWEVER, the risk is that the labor is prob 50% of the total job cost. So, if it fails you are out the labor cost, even if the tranny was free. But still... You may also find a "shade tree" mechanic hanging at the salvage yard who would do the job for far less money. More risk, of course, but sometimes you have little choice. I once bought a side window for a truck at a salvage yard, and on the way out asked a greasy clothed guy if he knew how to change it. For $15 he did it right then in the parking lot! You never know. A possibility is to get a used trans from a salvage yard. If you make enough phone calls you prob can find one with low miles. Sometimes they carry a limited warranty. HOWEVER, the risk is that the labor is prob 50% of the total job cost. So, if it fails you are out the labor cost, even if the tranny was free. But still…

You may also find a “shade tree” mechanic hanging at the salvage yard who would do the job for far less money. More risk, of course, but sometimes you have little choice. I once bought a side window for a truck at a salvage yard, and on the way out asked a greasy clothed guy if he knew how to change it. For $15 he did it right then in the parking lot! You never know.

]]> By: washington d.c.http://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-34943 washington d.c. Wed, 18 Jan 2012 18:36:00 +0000 http://moneycrashers.com/?p=98#comment-34943 Hey Broken Down- I am in the same boat my 04 caddy tranny is going out. The mechanic said he could fix it to drive it but I am sure my tranny can and will go at any time. I am still making payments of $400 a mo (not that this is anyone prob but I am a single mom, this is my 1st car payment) I still owe like 10K...I dunno what to do. Hey Broken Down-
I am in the same boat my 04 caddy tranny is going out. The mechanic said he could fix it to drive it but I am sure my tranny can and will go at any time. I am still making payments of $400 a mo (not that this is anyone prob but I am a single mom, this is my 1st car payment) I still owe like 10K…I dunno what to do.

]]> By: washington d.c.http://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-34941 washington d.c. Wed, 18 Jan 2012 18:32:00 +0000 http://moneycrashers.com/?p=98#comment-34941 Hey Steve- I have a 04 SRX caddy...I had the same problem - mechanic saying transmission needs to be replaced and the work it needs is more than the car is worth....I am still paying on the car too. I am a single mom and cannot afford a new transmission (which is 5 or 6K to fix), and $400 monthly payments. I am in the same boat Steve...I dunno what to do, I am considering giving the car back to the bank and filing bankruptcy...Like Allan said in his post above. Geeze what crooks... Hey Steve-
I have a 04 SRX caddy…I had the same problem – mechanic saying transmission needs to be replaced and the work it needs is more than the car is worth….I am still paying on the car too. I am a single mom and cannot afford a new transmission (which is 5 or 6K to fix), and $400 monthly payments. I am in the same boat Steve…I dunno what to do, I am considering giving the car back to the bank and filing bankruptcy…Like Allan said in his post above. Geeze what crooks…

]]> By: washington d.c.http://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-34940 washington d.c. Wed, 18 Jan 2012 18:24:00 +0000 http://moneycrashers.com/?p=98#comment-34940 Hi Allan- I bought a 04 Cadillac SRX 3yrs ago. Well my mechanic says there is something terribly wrong w/ the transmission and will cost betwee 5k to 6k to fix - to which he said is more than the car is worth. I am still paying for the car $400 a mo. Not that its your problem but I am a single mother and I get no support. Obv i cannot afford that type of repair bill. Do you think I should just do as you suggest and give the car back? I believe I have 9K or 10K i owe on it. I just cannot afford the repair bill on my salary (true I should have thought about that before buying, but this was my 1st car I bought-so i know i am a dummy) Let me know what you think. Thanks! anne.carey@saic.com Hi Allan-
I bought a 04 Cadillac SRX 3yrs ago. Well my mechanic says there is something terribly wrong w/ the transmission and will cost betwee 5k to 6k to fix – to which he said is more than the car is worth. I am still paying for the car $400 a mo. Not that its your problem but I am a single mother and I get no support. Obv i cannot afford that type of repair bill. Do you think I should just do as you suggest and give the car back? I believe I have 9K or 10K i owe on it. I just cannot afford the repair bill on my salary (true I should have thought about that before buying, but this was my 1st car I bought-so i know i am a dummy) Let me know what you think. Thanks!
anne.carey@saic.com

]]> By: Allan Carterhttp://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-34864 Allan Carter Sun, 15 Jan 2012 00:16:00 +0000 http://moneycrashers.com/?p=98#comment-34864 You can just give the car back to the Bank. Do it before it gets behind, just tell them you don't want it any more , period. Make you have bad credit, I don't think so, If they report it to the credit Agencies, you request a letter and contest it in writing, they aren't going to spend much time on this. As far as I'n concern they are all crooks anyway. I deal with them on a daily bases, I'm a debt mediator, I do it for free for people, and I see how the Banks and Loan Companies steal on a regular bases from everyone, so don't give me this bull about credit, its all controlled by the Banks and goverment. If you are poor you pay way more than your share. I see people who thought they had a 15 year loan, after 15 years they still owe more than they took the loan out for. We need to close all the banks, not give them billions of loan free money, If the goverment was giving all the money they gave the banks to small business people and to people who wanted to start a business, we would already be on to the road to recovery. Of course the Banks officers would not get the millions of dollars in bonus and than quit their jobs. Our system is total unfair to the poor working people. They pay all the high Interest, high bank fees,check fees,late fees,etc. Allan Carter Private Mediator You can just give the car back to the Bank. Do it before it gets behind, just tell them you don’t want it any more , period. Make you have bad credit, I don’t think so, If they report it to the credit Agencies, you request a letter and contest it in writing, they aren’t going to spend much time on this.
As far as I’n concern they are all crooks anyway. I deal with them on a daily bases, I’m a debt mediator, I do it for free for people, and I see how the Banks and Loan Companies steal on a regular bases from everyone, so don’t give me this bull about credit, its all controlled by the Banks and goverment. If you are poor you pay way more than your share. I see people who thought they had a 15 year loan, after 15 years they still owe more than they took the loan out for.
We need to close all the banks, not give them billions of loan free money, If the goverment was giving all the money they gave the banks to small business people and to people who wanted to start a business, we would already be on to the road to recovery. Of course the Banks officers would not get the millions of dollars in bonus and than quit their jobs.
Our system is total unfair to the poor working people. They pay all the high Interest, high bank fees,check fees,late fees,etc.
Allan Carter
Private Mediator

]]> By: Allan Carterhttp://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-34863 Allan Carter Sun, 15 Jan 2012 00:15:00 +0000 http://moneycrashers.com/?p=98#comment-34863 You can just give the car back to the Bank. Do it before it gets behind, just tell them you don't want it any more , period. Make you have bad credit, I don't think so, If they report it to the credit Agencies, you request a letter and contest it in writing, they aren't going to spend much time on this. As far as I'n concern they are all crooks anyway. I deal with them on a daily bases, I'm a debt mediator, I do it for free for people, and I see how the Banks and Loan Companies steal on a regular bases from everyone, so don't give me this bull about credit, its all controlled by the Banks and goverment. If you are poor you pay way more than your share. I see people who thought they had a 15 year loan, after 15 years they still owe more than they took the loan out for. We need to close all the banks, not give them billions of loan free money, If the goverment was giving all the money they gave the banks to small business people and to people who wanted to start a business, we would already be on to the road to recovery. Of course the Banks officers would not get the millions of dollars in bonus and than quit their jobs. Our system is total unfair to the poor working people. They pay all the high Interest, high bank fees,check fees,late fees,etc. Allan Carter Private Mediator You can just give the car back to the Bank. Do it before it gets behind, just tell them you don’t want it any more , period. Make you have bad credit, I don’t think so, If they report it to the credit Agencies, you request a letter and contest it in writing, they aren’t going to spend much time on this.
As far as I’n concern they are all crooks anyway. I deal with them on a daily bases, I’m a debt mediator, I do it for free for people, and I see how the Banks and Loan Companies steal on a regular bases from everyone, so don’t give me this bull about credit, its all controlled by the Banks and goverment. If you are poor you pay way more than your share. I see people who thought they had a 15 year loan, after 15 years they still owe more than they took the loan out for.
We need to close all the banks, not give them billions of loan free money, If the goverment was giving all the money they gave the banks to small business people and to people who wanted to start a business, we would already be on to the road to recovery. Of course the Banks officers would not get the millions of dollars in bonus and than quit their jobs.
Our system is total unfair to the poor working people. They pay all the high Interest, high bank fees,check fees,late fees,etc.
Allan Carter
Private Mediator

]]> By: Lisahttp://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-34819 Lisa Fri, 13 Jan 2012 03:11:00 +0000 http://moneycrashers.com/?p=98#comment-34819 you are right, Kenneth. That happened to me..I paid $300X60 on a 04 Honda element..where thankfully it is paid off now....but i had to charge the gas and another 1k for tires,,that i charged over a year ago, and still can't pay that off.. We all have to see where our money is going on a daily basis,,ie ,,coffees, the food court, etc to come up with the money for these car payments,,or get a p/t job also like the other commenter posted. Having a large car payment is a huge burden..i have a friend who leases cars for a 36 month term, but every 2 years, turns them in..he now pays 500 X36 for his current lease, and then says he can't afford a gym membership.. **BOTTOM LINE IS TO NOT GET THE TOP OF THE LINE!! If you see a car with 14" tire or 16" tire options,,remember that it's going to be more expensive to replace the 16"..sounds trivial I know, but people's eyes(i am guilty too) are bigger than their wallet. you are right, Kenneth. That happened to me..I paid $300X60 on a 04 Honda element..where thankfully it is paid off now….but i had to charge the gas and another 1k for tires,,that i charged over a year ago, and still can’t pay that off..
We all have to see where our money is going on a daily basis,,ie ,,coffees, the food court, etc to come up with the money for these car payments,,or get a p/t job also like the other commenter posted. Having a large car payment is a huge burden..i have a friend who leases cars for a 36 month term, but every 2 years, turns them in..he now pays 500 X36 for his current lease, and then says he can’t afford a gym membership..
**BOTTOM LINE IS TO NOT GET THE TOP OF THE LINE!!
If you see a car with 14″ tire or 16″ tire options,,remember that it’s going to be more expensive to replace the 16″..sounds trivial I know, but people’s eyes(i am guilty too) are bigger than their wallet.

]]> By: Lisahttp://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-34818 Lisa Fri, 13 Jan 2012 02:47:00 +0000 http://moneycrashers.com/?p=98#comment-34818 Look at your old records if you have them from your old checks to see who the financial institution was, ie it would probably be Ford Financial, unless you bought the car used from another dealer. If it is Ford, walk into your local dealer for help. Look at your old records if you have them from your old checks to see who the financial institution was, ie it would probably be Ford Financial, unless you bought the car used from another dealer. If it is Ford, walk into your local dealer for help.

]]> By: GHEDhttp://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-34762 GHED Wed, 11 Jan 2012 08:13:00 +0000 http://moneycrashers.com/?p=98#comment-34762 DONT BE STUPID .... JUST MAKE SURE YOU HAVE GAP INSURANCE AND ITS PAID UP AND GO WRECK THE CAR INTO A DITCH OR BETTER YET HAVE A FRIEND DO IT SOMEWHERE OUT IN NO WHERE AND BUST OUT THE KEY AND SAY IT WAS STOLEN THE INSURANCE WILL PAY IT OFF IN FULL AND YOU WALK FREE AS A BIRD .... I WORK FOR A SALVAGE POOL WHERE ALL THE WRECKED CARS THAT GET PAID OFF GO TO GET AUCTIONED OFF AND I SEE PEOPLE WRECK THERE CARS CAUSE THE ENGINE STARTS KNOCKING AND THE CAR NEEDS A NEW MOTOR SO RATHER THAN PAY TO GET IT FIXED YOU JUST RUN IT INTO A DITCH AND MAKE THE INSURANCE COMPANY PAY FOR IT ... BUT DONT FEEL BAD FOR THE INSURANCE COMPANY THEY WILL NOT LOSS A DIME THEY JUST PASS THE FEE ON TO THE REST OF THE PEOPLE PAYING INSURANCE AND THE SUCKER THAT PAYS WAY TO MUCH FOR THE SLIGHTLY WRECKED CAR THAT REALLY NEEDS A WHOLE NEW ENGINE AT THE AUCTIONS WHERE YOU CANT TEST DRIVE THE CAR ..... THIS IS THE ONLY WAY TO WIN IN THIS SYSTEM TAKE ADVANTAGE OF EVERYONE AND EVERYTHING CAUSE TRUST ME THEY ARE TAKING ADVANTAGE OF YOU EVERY CHANCE THEY GET .... GOOD LUCK EVERYONE AND KEEP STICKING IT TO THE SYSTEM IT WILL ALL COME CRASHING DOWN SOON ENOUGH ;-) DONT BE STUPID …. JUST MAKE SURE YOU HAVE GAP INSURANCE AND ITS PAID UP AND GO WRECK THE CAR INTO A DITCH OR BETTER YET HAVE A FRIEND DO IT SOMEWHERE OUT IN NO WHERE AND BUST OUT THE KEY AND SAY IT WAS STOLEN THE INSURANCE WILL PAY IT OFF IN FULL AND YOU WALK FREE AS A BIRD …. I WORK FOR A SALVAGE POOL WHERE ALL THE WRECKED CARS THAT GET PAID OFF GO TO GET AUCTIONED OFF AND I SEE PEOPLE WRECK THERE CARS CAUSE THE ENGINE STARTS KNOCKING AND THE CAR NEEDS A NEW MOTOR SO RATHER THAN PAY TO GET IT FIXED YOU JUST RUN IT INTO A DITCH AND MAKE THE INSURANCE COMPANY PAY FOR IT … BUT DONT FEEL BAD FOR THE INSURANCE COMPANY THEY WILL NOT LOSS A DIME THEY JUST PASS THE FEE ON TO THE REST OF THE PEOPLE PAYING INSURANCE AND THE SUCKER THAT PAYS WAY TO MUCH FOR THE SLIGHTLY WRECKED CAR THAT REALLY NEEDS A WHOLE NEW ENGINE AT THE AUCTIONS WHERE YOU CANT TEST DRIVE THE CAR ….. THIS IS THE ONLY WAY TO WIN IN THIS SYSTEM TAKE ADVANTAGE OF EVERYONE AND EVERYTHING CAUSE TRUST ME THEY ARE TAKING ADVANTAGE OF YOU EVERY CHANCE THEY GET …. GOOD LUCK EVERYONE AND KEEP STICKING IT TO THE SYSTEM IT WILL ALL COME CRASHING DOWN SOON ENOUGH ;-)

]]> By: Whaswellhttp://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-34611 Whaswell Thu, 29 Dec 2011 05:56:00 +0000 http://moneycrashers.com/?p=98#comment-34611 i had 10k on a gas sucking explorer and loaded it on a 2.3 fusion and it came to 16k with added long term care and gap insurance. this is the better motor and tranny and i feel it will run many years and at 275 a month i could not lease one for that! the difference in mpg will make up for what i traded off for as the car books at 8200 so i am satisfied as best as a person could be. i really do not mind with the low miles on the auto and the better mileage plus always have GAP insurance. it will save you a bundle thanks i had 10k on a gas sucking explorer and loaded it on a 2.3 fusion and it came to 16k with added long term care and gap insurance. this is the better motor and tranny and i feel it will run many years and at 275 a month i could not lease one for that! the difference in mpg will make up for what i traded off for as the car books at 8200 so i am satisfied as best as a person could be. i really do not mind with the low miles on the auto and the better mileage plus always have GAP insurance. it will save you a bundle
thanks

]]> By: Whaswellhttp://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-34612 Whaswell Thu, 29 Dec 2011 05:56:00 +0000 http://moneycrashers.com/?p=98#comment-34612 i had 10k on a gas sucking explorer and loaded it on a 2.3 fusion and it came to 16k with added long term care and gap insurance. this is the better motor and tranny and i feel it will run many years and at 275 a month i could not lease one for that! the difference in mpg will make up for what i traded off for as the car books at 8200 so i am satisfied as best as a person could be. i really do not mind with the low miles on the auto and the better mileage plus always have GAP insurance. it will save you a bundle thanks i had 10k on a gas sucking explorer and loaded it on a 2.3 fusion and it came to 16k with added long term care and gap insurance. this is the better motor and tranny and i feel it will run many years and at 275 a month i could not lease one for that! the difference in mpg will make up for what i traded off for as the car books at 8200 so i am satisfied as best as a person could be. i really do not mind with the low miles on the auto and the better mileage plus always have GAP insurance. it will save you a bundle
thanks

]]> By: Pathttp://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-34382 Pat Wed, 14 Dec 2011 17:18:00 +0000 http://moneycrashers.com/?p=98#comment-34382 You can do a volunteer repo. You turn your car back into the dealer and walk away. Of course, it kills your credit for 7 years but it absolutely gets you out of the purchase. You can do a volunteer repo. You turn your car back into the dealer and walk away. Of course, it kills your credit for 7 years but it absolutely gets you out of the purchase.

]]> By: Andrewhttp://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-33386 Andrew Thu, 13 Oct 2011 15:33:00 +0000 http://moneycrashers.com/?p=98#comment-33386 This is actually very common. For the future do not leave the dealership with there car until your contract has a banks name at the bottom!!!! I learned the hard way too. This is actually very common. For the future do not leave the dealership with there car until your contract has a banks name at the bottom!!!! I learned the hard way too.

]]> By: Luckyrabbitearshttp://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-32263 Luckyrabbitears Wed, 27 Jul 2011 02:49:00 +0000 http://moneycrashers.com/?p=98#comment-32263 Oh my bad after the $18000 of interest was added on it came out to like $41,000 yikes I could of had a benz lol talk about getting f***** Oh my bad after the $18000 of interest was added on it came out to like $41,000 yikes I could of had a benz lol talk about getting f*****

]]> By: Luckyrabbitearshttp://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-32262 Luckyrabbitears Wed, 27 Jul 2011 02:46:00 +0000 http://moneycrashers.com/?p=98#comment-32262 Ok so I got my 03 chevy avalanche back i'n 08 and my grandmother was the co-signer... She just basically signed her name as well as I did not looking through the paperwork and % I ended up putting $500 down and ended up with a $571 payment for 69 months, it was 23,000 off the lot and with the interest added on it came out to like $18,000 OMG I didn't realize this till a year later that half my payments throughout the year was going toward interest. I love my truck but please people don't make dumb decision when making a deal that takes longer then 2 years because this has been rough for the last year I have been making late payments to where now I owe an extra 100 a month because I can never make my payment on time now. Its best for me to just pay te rest off and have a truck for the rest of my life, if you think about it that way it's kinda of worth it, rather ten getting i'n and out of loans and never owning anything, right? Ok so I got my 03 chevy avalanche back i’n 08 and my grandmother was the co-signer… She just basically signed her name as well as I did not looking through the paperwork and % I ended up putting $500 down and ended up with a $571 payment for 69 months, it was 23,000 off the lot and with the interest added on it came out to like $18,000 OMG I didn’t realize this till a year later that half my payments throughout the year was going toward interest. I love my truck but please people don’t make dumb decision when making a deal that takes longer then 2 years because this has been rough for the last year I have been making late payments to where now I owe an extra 100 a month because I can never make my payment on time now. Its best for me to just pay te rest off and have a truck for the rest of my life, if you think about it that way it’s kinda of worth it, rather ten getting i’n and out of loans and never owning anything, right?

]]> By: MrWhttp://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-31686 MrW Mon, 06 Jun 2011 22:09:00 +0000 http://moneycrashers.com/?p=98#comment-31686 Get a life, Allie . We're talking about finacial situations here and you talkin about typin in caps. Is this person sending a personal message to someone ? NO. Quit being sensitive. Get a life, Allie . We’re talking about finacial situations here and you talkin about typin in caps. Is this person sending a personal message to someone ? NO. Quit being sensitive.

]]> By: ImpulseBuyerhttp://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-26625 ImpulseBuyer Mon, 11 Apr 2011 02:01:36 +0000 http://moneycrashers.com/?p=98#comment-26625 It's not as easy as stated above, after being divorced I decided to purchase a vehicle and purchase a vehicle I did "Impulse Buy of my life" I traded all three of my cars on one vehicle and with the trades ended up with $16K down on a 71K vehicle....long story short its been 3 years and I still owe 40K on a vehicle worth 30K and at 990.19 per month I desperately want out of it. Any real ideas? It’s not as easy as stated above, after being divorced I decided to purchase a vehicle and purchase a vehicle I did “Impulse Buy of my life” I traded all three of my cars on one vehicle and with the trades ended up with $16K down on a 71K vehicle….long story short its been 3 years and I still owe 40K on a vehicle worth 30K and at 990.19 per month I desperately want out of it. Any real ideas?

]]> By: Machttp://www.moneycrashers.com/how-to-get-out-of-a-car-loan-when-you-owe-more-than-the-car-is-worth/#comment-25751 Mac Sat, 02 Apr 2011 07:10:58 +0000 http://moneycrashers.com/?p=98#comment-25751 @Dustin Interesting ideas, but I don’t agree. One could lease a car, but you’ll still be paying interest on it for the 3 years you own it as the dealer will ensure that you as the driver will be paying the full depreciated amount each year. Buying a new car with cash is a much better option, but I’m not rich either. The better option is to buy that leased car after it’s been on the road for 3 years! Much more affordable, the depreciation is slowing down, and it’s usually still under manufacturer warranty. And the point of life insurance is to help your family after your death. If you’re taking all the money out beforehand, why get the policy at all? However, I don’t know much about such policies, so correct me if I’m wrong. It just doesn’t sound like the right way to go. @Dustin
Interesting ideas, but I don’t agree. One could lease a car, but you’ll still be paying interest on it for the 3 years you own it as the dealer will ensure that you as the driver will be paying the full depreciated amount each year. Buying a new car with cash is a much better option, but I’m not rich either. The better option is to buy that leased car after it’s been on the road for 3 years! Much more affordable, the depreciation is slowing down, and it’s usually still under manufacturer warranty.

And the point of life insurance is to help your family after your death. If you’re taking all the money out beforehand, why get the policy at all? However, I don’t know much about such policies, so correct me if I’m wrong. It just doesn’t sound like the right way to go.

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