Dave Ramsey Total Money Makeover

[Guest]

Say you owe $15k on your car and you sell it for $12k, you then owe $3k + the money you spent buying a beater. So yes, you may still owe some–but your overall debt has decreased. Does that help??

.
Original Message
.

From: Herlean
Date: 7/24/2008 1:47:33 PM
To: Budget101_@yahoogroups.com
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?

Thanks!
Herlean

— 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?

[Author]

Posts