I know I’m stupid

[paymanp]

@keepstronghavefaith Honestly if it's your dream truck and you plan at living at home for another 4-5 years. Hammer out some extra payments. You got this!

BTW you're not stupid, you just an expensive hobbie, that's all.

My buddy is a Mustang guy. I swear he spends more money on his cars then he does his house lol

 

[keepstronghavefaith]

@paymanp I used to have a Subaru STI payment was 450, gas was surprisingly more than the truck ( because it was tuned) and insurance was roughly the same haha

But it was just costing a lot in repairs, good thing I got coverage on the truck

 

[paymanp]

@keepstronghavefaith One day I might own a truck, but for now, just an Elantra and Sonata

 

[jenniferm]

@keepstronghavefaith How have you leased multiple cars by age 20?? When did you start working?

 

[kiranlee]

@keepstronghavefaith get rid of the truck and get a cheaper car. You will pay $1000s and $1000s in interest.

Interest rate depends on your risk. Your default risk is high.

 

[keepstronghavefaith]

@kiranlee Daily driven for a year, selling today would probably almost get me at the buyout meaning I’d still owe on interest and the remaining of the buyout

Would definitely save me in the long run

Thanks for advice

 

[torak_skye]

@keepstronghavefaith Assuming finance and not lease because of the 7 year term. You financed 72,000 on the truck. You currently have ~$64,500 remaining on the loan if you haven’t made extra payments.

If it’s a standard auto loan, you don’t “owe on interest and the remaining buyout”. If the dealer told you this, they lied to ensure they get their kickbacks from the finance company.

Read your contract/agreement, but with standard auto loans, you sell the truck for $60,000 and you kick in an extra $4,500 to get to the balance remaining on the loan. That money goes to the finance company, and the lien on the truck is removed.

Each month of your $1200 payment, $540 is interest at the beginning of year 2.

I would recommend cutting your losses, you bought the truck, you drove it for a year, it was fun.

 

[keepstronghavefaith]

@torak_skye Put nice and easy, appreciate it

dad said the same thing

Thanks for the advice

 

[thisduckthatluck]

@keepstronghavefaith That not how the interest works unless it's a sketchy front loaded loan.

All you need to pay off is the outstanding loan amount. Interest accumulates monthly for as long as you hold the loan on the amount owing.

 

[keepstronghavefaith]

@thisduckthatluck Even if the buyout amount isn’t fully paid back? Let’s say buy out is 50 grand and I pay back 40? I’d still owe interest on that 10 grand wouldn’t I?

But I’d be able to cover that with cash on hand..

I guess your right, I needa go over my options