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My tactic to avoid being upside-down...
Posted by James D [Email] (more from James D) on Tue, 6 Jul 2004 10:35:23
In Reply to: best way to get out of an upside down situation?, JB, Mon, 5 Jul 2004 16:05:33
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This is my tactic and its worked: When purchasing a car make sure your payments are at least HALF what you can "actually" afford to pay on a monthly basis. Especially on 60 month loans, the last 12-24 months will be plagued with large repair bills...so you need to make sure you have enough in your monthly cash flows to pay for that in addition to your car payments. Next, during the first 24 months, pay the maximum you can afford to pay (which if you're following along should be twice what your actual payment is). After the initial 24 months, start building your "maintainance fund" by paying maybe $100 more than the minimum and putting the rest into a savings account. After 36, if you've still got a loan outstanding, start paying the minimum and putting all of the extra away. You won't be upside-down and you won't be caught with your pants down when the maintainance bills start rolling in.
posted by 207.183.11...
Posts in this Thread:
- best way to get out of an upside down situation?, JB, Mon, 5 Jul 2004 16:05:33
- Re: best way to get out of an upside down situation?, Erik W, Wed, 7 Jul 2004 16:21:55
- Worse and worser......., Mike Lynch
, Wed, 7 Jul 2004 11:35:00 - My tactic to avoid being upside-down..., James D, Tue, 6 Jul 2004 10:35:23 <-- Viewing This Message
- You know the answer, pay it off..., JBinDC, Tue, 6 Jul 2004 06:18:46
- you're not Erik Carlsson are you?, Trev, Mon, 5 Jul 2004 17:15:27
- upside down situation? (sorta long), fsik, Mon, 5 Jul 2004 16:39:25
- Just drive it forever, into the ground, no? n/m, AlexA, Mon, 5 Jul 2004 16:24:53
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, Mon, 5 Jul 2004 17:17:48