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Posts tagged with: car loan

New Debt and a New to Us Car

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I am going to sit down this weekend and put together a post on all my existing debt, I realize it is long overdue.  Unfortunately, I did have to accrue some new debt this past weekend.  I had to buy a car.

Back Story

About two years back, I got a great deal on a used car. We put miles on that car with all the back and forth between Virginia and Georgia over the past year, almost daily trips to the gym and now about 100 miles a day between my work commute and an hour drive one way to the gym…our used car served us well.  But about 7 weeks it died.  We have been making due with one car (my son’s 1996 Honda Accord) and borrowing a car (my Grandmother’s) one time a week when three of us had to be in different places.

The Search

I’ve spent the last 7 weeks trying to get by, and trying to determine the best plan moving forward and trying to save more money thinking I might could by a used car with cash. I have learned that I HATE car shopping and I hate the game of car shopping.

The Car

I settled on a 2011 Chevy Impala with 63K miles on it for $10K out the door (including everything, no other out of pocket costs.)  My uncle found it for me, knows the previous owner and made sure it was in good shape. It has new tires, new brakes and so on. Rather than cleaning out the emergency savings I have, I financed the entire $10K at 7% interest for 3 years.  My goal is to pay it off in 2.  I have scheduled payments of $400 a month automatically to start and will go up from there. (The required monthly payment is just at $308.) My uncle delivered it to me from Virginia and I am paying him back the $178 he paid for the tow trailer rental.

Conclusion

This is not the car of my dreams. It’s not one I would have even considered. But the price is right, it came with full service records, it’s a good size for our family while being reasonable on gas for all my driving and I am assured I can get 200K miles out of it if taken care of.  I spent a lot of time figuring out the best plan.

2011 Chevy Impala

Literally within the hour of driving away with this car this past Saturday, another tragedy struck our little family. More on that tomorrow.


WE DID IT!!!!!!!

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I thought we’d have to wait until the end of the month, but hubs’ month has started out on an upswing, which gave us the extra leeway to make the call.

Actually, I’d tried to call yesterday but I called at 3:40pm Arizona time (=5:40 EST), and they closed at 5:30pm EST. Rats!

But that didn’t dampen the mood any this morning when I called bright and early and made the request:

Customer Service: Thanks for calling PenFed, what can I do for you today?

Me: I WANT TO PAY OFF MY CAAAAAAAAAAR!!!!!!!!!!!!!! AHHHHHHHH!!!!!

I think the representative got a bit of a chuckle out of my excitement. He even gave me a hearty congratulations and “Wow, good job!” after looking at my payment history.

It takes 2 days to clear and then they’ll start the process of getting the title mailed out to me. He said it can take up to a month total. But that doesn’t stop the excitement from growing inside me.

IT’S MINE! IT’S MINE! THE CAR IS OFFICIALLY MINE!!!!!

Actually, this was our last consumer-related debt (only remaining debt is medical and student loans – see latest debt update here), so really EVERYTHING we own is officially ours!

No more monthly payments for furniture loans (see here), vehicle debt, or license fees (see here). Everything we own is OURS! Not a payment owed to anyone! No one can come and take anything from us.

It’s a glorious feeling, friends! So freeing! About 100 times better than I’d even expected!

Hubs had to work today so he wasn’t here to witness the actual moment of pay-off. But you can bet I did a happy dance around the living room and made the girls give me repeated High Fives all around!

I can’t stop smiling! It feels so, so, so good!

I know we still have a long way to go (I just want to acknowledge the obvious), but for today let me just soak up the feeling. Feels so freeing! If you’d asked me two years ago, not in my wildest dreams did I think I’d be sitting here today! In fact, my original goal was just to pay off our credit cards (a measly $10,000 compared to the over $50,000 we’ve paid in the past 2 years). Seriously – the power of this community is incredible! The support and the accountability it provides! I just. I can’t. I’m so happy!

Hugs and high fives all around! I feel like this is as much an accomplishment for YOU as it is for me. You’ve pushed me along and gotten me here, after all. For that, I’ll be eternally grateful!

Hope your Mondays are as INCREDIBLE as mine has been! : )


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