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Saving a ton!!
Hi Guys! I hope this doesn't come off as bragging, but I just want to let you know what happened with the car situation that I have been complaining about lately. So H has a car payment of $490/month for an SUV. It's because of 2 previous car loan amounts rolled into this one. We got the car Jan 2011 and he had gotten a 6 year loan so we are only halfway through and we owe $16,000 still! We weren't very MM when we got this car. We had thought about putting extra money towards the payments but it comes out automatically of our checking account and instead we are trying to increase our emergency fund and house DP, and put more towards our condo mortgage (we are about $20,000 underwater in this crap economy).
I've been racking my brain thinking of ways to get rid of this car or pay it off but anytime I brought it up to H he would get upset (he knew it was a big mistake he admitted to me yesterday). So a few days ago I woke up one morning thinking about this and said lets try to trade it in for a lease. Neither of us have never leased before nor am I a big fan as I like to own things as I do my car now, but I think it worked out for the best and has brought us back to even ground to start over.
So Saturday we traded in the car, got $14,500 for it (loss of $1500), and we put down $1500, and our payments dropped down to $279 per month now for another SUV. What a HUUUUGE relief, you have no idea. H is starting an 18 month school program this week and we plan on buying a house on fall of 2015, so the lease will get us through all these things so we won't have to worry about high payments and we can save a ton more toward our goals.
The other thing that we did on Friday was we changed our car/condo/e-ring insurance company. We used to pay about $3200/year for everything but now we will be paying about $1600 for a little better coverage as well! I am SOOOO excited. I've never shopped around before as I had no clue what to do but my dad told me we were paying too much money. After calling a few companies, I really learned so much and will continue to do this on an annual basis.
Thanks for listening, I'm so proud of us, lol!
Re: Saving a ton!!