- This topic has 64 replies, 1 voice, and was last updated July 22, 2008 at 3:52 pm by .
- July 22, 2008 at 3:52 pm #260412
You still owe have the car payment, but rather than think in terms of payments, think in terms of balance.
It is a lot easier to knock out a $2K debt (that was the overage on your car loan), than a $22K debt (your entire car loan).
On Thu, Jul 24, 2008 at 9:25 AM, Herlean <firstname.lastname@example.org> wrote:
I have a question about selling the car for a beater.
If you sell a car that has a loan on it, you are still responsible for paying that loan off. So, if you sell the car and get a beater, even paying cash for the beater, you still have the car payment for the car you no longer have. Or am I missing something? It is not like you get the money that you are currently paying for the car freed up to pay on your other debts.
Can someone clarify this for me if I am mistaken?
— On Thu, 7/24/08, Ria wrote:
Have you considered selling your car and getting a beater car until you've been able to pay down your debt?
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