Quote:
Originally Posted by Micjones
Flops when she tries to get a car from this other dealership won't they see an open car loan and deny her application?
I'm hoping so... That'll be her saving grace.
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These places don't care. Everybody who walks onto their lot is in the same situation. The worse your credit, the bigger your desperation. Desperate people make stupid financial decisions.
Her credit is so shot that another repo isn't going to make much difference. She needs to scrape together about $1,500 and buy a jalopy with a little life left in it for cash. If she can then save up $300 a month for two years (while putting the other $100 she was spending towards repairs), she can buy a $7,200 car for cash that will last her 5 years. Then she can put $400 a month into investments and have a nice little nest egg.
You don't have to make much to retire a millionaire if you stay away from car payments, credit cards, and whole life insurance.