Comments | nightshade1972: New(er) car!

nightshade1972

New(er) car!

Jan 31, 2012 22:19

As some of you who follow me on FB already know, hubby was in a car accident about two weeks ago. He was driving a Mercury Sable. A Tahoe was in the lane next to him. A Caprice ran the light, t-boned the Tahoe, and the Tahoe sorta slid into hubby. Rear passenger door was caved in pretty badly, and the window was completely shattered. Hubby ( Read more... )

Comments 4

hermioneann February 1 2012, 14:21:00 UTC

When Dustin needed a new car because his old one died, we wound up with a 6 year loan at 15%. Sometimes you have to do what you have to do, even if it's not the best long term option. (we were thankfully able to refinance it through our bank recently down to 6%, so at least we've saved a bit on the end.)

nightshade1972 February 1 2012, 14:31:15 UTC

We gave Wells Fargo the first shot at financing a car for us, since we bank with them. They quoted us a rate of between 15-17 percent (hubby recalls the figure as lower, I recall it higher). We went to our local Ford dealership and got a six-year note for a '10 Fusion (which is a nicer car than either the Fiesta or the Focus) at around 7 percent. We told the dealership how much WF wanted to charge us, and they were flabbergasted.

hermioneann February 1 2012, 14:35:00 UTC

At the time we had truly horrible credit. I had never owned a car before and he had a repossessed one still on his report. Things have turned around, but my credit is still much better than his.

We looked at a focus wagon this summer and I thought it was an awesome little car. When it comes time to get me a new one in a couple of years it's on the top of the list.

nightshade1972 February 1 2012, 15:39:27 UTC

Our credit isn't wonderful, because I left work in Dec '07 and didn't get my first disability check until July '08. For those six months or so, we had to depend a lot on credit cards to pay the bills. I don't recall actually *missing* any payments over the last five years, but we have a lot of late payments, or payments that didn't meet the minimum, so both our ratings went down. We'll be getting a reasonable check from our insurance company, so I'll probably use that to try to pay off two cards with low balances. Then I can concentrate on trying to pay down the cards with higher balances. A lot of it also has to do with the fact that hubby travels so much, and given that the Sable wasn't in good shape before the accident, if he had to drive from Houston to, say, San Antonio, he'd rent a car instead of relying on the Sable. Now that we have a car in good working order, he'll just drive the Fusion instead of renting, which will help us pay off the card with the highest balance, the one hubby used for traveling expenses ( ... )