- July 22, 2008 at 3:52 pm #260419
I think they are talking if you are not UPSIDE down in the car. Sell the old car (what you owe at least) buy beater car then no payments…you sell the car for less then you owe then YES you are responsible for the amount you still owe…
Date: Thu, 24 Jul 2008 09:25:28 -0700
Subject: Re: Budget101.com : Re: Dave Ramsey Total Money Makeover
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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