Quote:
Originally Posted by AA702
I wonder how the world would be like if everyone bought a car with cash only. I'm the type of person who buys a car and keeps it until it is not worth keeping anymore. I cannot fathom a car payment (paying interest and principal on an item that looses value every day).
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Well, now having a financed, newer vehicle (still bought used), I can't fathom going back to an older out of warranty car, where I would need to cover repairs as they happen, which even with good maintenance, they do.
Over a 6 year period (in all reality it will be a lot less than that, as I'm paying a lot more than I need to) I pay roughly $700 dollars in finance charges for a vehicle which is far far nicer than anything I could buy cash out of pocket and I don't have to be concerned with anything breaking.
The extra cost of roughly $0.32 a day over a cash car (and that assuming nothing ever fails on the cash car) is easily worth it for me.
And yes, I could've bought a new or used car with warranty for cash too, but there's something special about a car that doesn't give me a backache.
That said, there are plenty of people who have absolutely no idea how financing works, which unfortunately leads them to spend an awful lot of money on it, but financing isn't all bad.
As for the OP situation, it's been said before, but it shows as repossessed on a CB, (if the bank accept the Vol Surr) it will sell on auction, far under trade in value, she will be legally responsible for the remaining balance, if it's not paid, it will eventually be charged off and mess up her credit even further.
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