My husband and I did a very stupid thing 3 years ago....we purchased a new minivan, with a massive car payment of $477 per month....our income no where near covers this, so my mom is graciously paying this for us in order for us to have a vehicle to use for the kids. We thought we only had 2 years left on the loan, but today my mother called and was told we had 38 payments left. YIKES!!!!
So we are contemplating options....we could sell but there is body damage, so we could only get about $9k for it....we owe $14k, so we would have to make up the $5k difference, plus have another 2-3k to get another vehicle large enough to carry everyone (including 2 car seats)...but as Dave Ramsey says, owing 7k is better than owing $14k.....so the jury is still out on this one for now...
But there is NO WAY WE WILL EVER HAVE ANOTHER CAR PAYMENT EVER AGAIN!!!!!!!
NO MORE!
NO MORE!!!!!!!!
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