This is a follow up post to The Next Step. There was an over-whelming consensus that this should be my next debt tackled even though people didn’t agree on how. So here is my plan…
Because I have eliminated all other consumer debt other than this car loan…I have two lines of credit open with no balance. I called and asked if the introductory offer still stood that I used last December…any transferred balance 0% interest for 6 months. Wonderful news…it does!
So I have transferred the balance of HIS car loan to my line of credit, effectively paying off the car and I should receive a clear title. Yeah!
That gives me a balance of just at $3,000 at 0% for 6 months…$500 per month to pay it off with no new interest. Seems like a good deal to me. He will continue paying $246 per month to me until the balance is paid, but I will have cleared it off my credit by early 2016.
(We have also dealt with his moving the car out of state…after research done with the state’s DMV in question and insurance company. All above board when that move actually happens which I have no ETA on that from him, but I’m prepared for when it does.)