so far you have lost $6000 on paper >

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so far you have lost $6000 on paper > Posted by ChipJ (more from ChipJ) on Thu, 27 Dec 2001 20:39:07

In Reply to: hey chip and richard, larry, Thu, 27 Dec 2001 17:05:50 Members do not see ads below this line. - Help Keep This Site Online - Signup

you may be able to get a personal loan for, say, $8000. Pay off the $6000 with part of the loan proceeds, then use the remaining $2000 to buy a car outright (such as a late '80s 900 na). Your payments on $8000 will be much less than lease payments.

The way you were thinking about it, you were "hiding" the cost of a $6000 loan to pay off the debt on your current car in the cost of a lease for another car. No dealer will do this except on a fairly expensive car - one that you don't need and can't afford (I presume).

The best way to get yourself out of this problem is NOT take on any more debt and get rid of the debt you have as quickly as possible.

I am not really an expert on any of this, but my MBA was in finance, and I know a thing or two about the cost of money.

posted by 64.197.1...

Posts in this Thread:

is it possible to trade in a car..., larry, Thu, 27 Dec 2001 14:18:23
- Here are some options..., pmr, Fri, 28 Dec 2001 07:28:17
  - Good advice from pmr, or to put it another way, Texron, Fri, 28 Dec 2001 10:36:46
- If you can't afford the payments, don't lease >, ChipJ, Thu, 27 Dec 2001 15:14:47
  - Leasing is for Rich people???, Richard P., Thu, 27 Dec 2001 15:58:55
    - Keep an open mind & run the numbers, Marc, Sat, 29 Dec 2001 15:25:24
      - Interesting worksheet but >, ChipJ, Sat, 29 Dec 2001 17:10:38
    - Flawed analysis, Richard (Long), pursang, Thu, 27 Dec 2001 18:59:24
      - Flaw in your logic...compare apples to apples..., Richard P., Fri, 28 Dec 2001 08:37:03
        Re: Flaw in your logic...compare apples to apples..., NewYorkCitySaab, Fri, 28 Dec 2001 12:42:25
        You need to look around..., Richard P., Fri, 28 Dec 2001 14:04:29
      - Pursang is correct >, ChipJ, Thu, 27 Dec 2001 20:52:59
    - Define "rich" as someone who >, ChipJ, Thu, 27 Dec 2001 16:41:57
      - hey chip and richard, larry, Thu, 27 Dec 2001 17:05:50
        so far you have lost $6000 on paper >, ChipJ, Thu, 27 Dec 2001 20:39:07 <-- Viewing This Message
- Money is never "lost" when you trade in...., Richard P., Thu, 27 Dec 2001 14:33:37

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