- 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 #260471
Ok, I’ve been through Dave Ramsey’s FPU and I have a different take on this(Sell
your car with payments & get a beater) arrangement. Here is my understanding of
how it works. Say you have an 8,000 dollar car and still owe 4,000 dollars. You
sell the car for as much over the 4,000 as you can get. YOU Pay OFF the 4,000
and buy somthing cheap & drivable with what is left over. You may have to drive
an old jalopy for a while, but you have no car debt. Without the payments you
should be able to squirrel a little into an emergency fund to cover car repairs
From: Suzi McMullen
Sent: Friday, July 25, 2008 8:15 AM
Subject: Re: Budget101.com : Re: Dave Ramsey Total Money Makeover
Well now I think that’s really foolish. You end up owing 3,000 dollars for a
car you don’t have anymore. And now you own a beater that’s going to break down
2 or 3 times per year.
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