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Ok I finally refinanced the car today the balance of $5,586.82 for 24 months at 4.24% biweekly payment of $112.37 every two weeks. My goal is to pay 2 times every payday. If I would have refi the loan with the present cu I would have had to pay a $50 rebook fee and not got as low of rate.
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Did you confirm that they were willing to accept payments every week?
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They automatically take out the payment out of my checking account every two weeks first one in 3 weeks. Honestly I need to see if this checking out is costing me more than $12 in fees that I occur. If so I really need to bank with JPmorgan Chase as I could qualify if I don't direct deposit to any other financial instition.

Honestly I just want to get this debt down to $0 and pray that some other bank with finance a Altima for me.
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So... you want to pay off your car... and then finance another one?

Man, you're giving me flashbacks: http://boards.fool.com/car-debt-now-27300-payment-228-every-...

oy.

~Mary Anna
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Honestly I just want to get this debt down to $0 and pray that some other bank with finance a Altima for me.

How about keeping your current car for a while, and financing the Altima with savings generated by directing your previous loan payments into a savings account, instead of stock investments that you refuse to sell?

AJ
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The car has 64,000 miles on it just commuting between Surprise to Scottsdale 5 days a week. There is no bus service in Surprise they took it away. Well see what things look like in a year from now.
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The car has 64,000 miles on it just commuting between Surprise to Scottsdale 5 days a week. There is no bus service in Surprise they took it away. Well see what things look like in a year from now.

You apparently got the car about 3 years ago, since the first indication of your car debt was this post http://boards.fool.com/its-been-a-while-bad-news-26620481.as... 64k miles in 3 years is a rate of about 21k a year. A 2008 car that you paid $28k or so for should be good for at least 200k miles, so you should be good for at least another 6 or 7 years. That's plenty of time to save up money for an Altima.

AJ
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The car has 64,000 miles

It's just barely broken in. Why would you even be thinking about getting a new car at this point?

I drive a 2003 Civic hybrid that we bought used 2 years ago. In that time, I've put on 70,000 miles and it now has just over 200k miles on it.

I wouldn't dream of getting rid of a car that only has 64,000 miles on it.
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The car has 64,000 miles on it just commuting between Surprise to Scottsdale 5 days a week. There is no bus service in Surprise they took it away. Well see what things look like in a year from now.

3 years/64K is still a relative new car. 200,000 miles without serious problems maybe optimistic, but another 3-4 years would not be unreasonable. You have a long commute and I understand not being willing to tolerate an unreliable car.
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Yep my Honda Civic is nine years old and has over 100,000 miles on it. At 100,000 there were a slew of part to replace before they failed, but the shop said I'd be good for another 100,000/7 years.

The only way I would replace a vehicle with 64,000 miles on it would be if

a. it was totaled in an accident
b. it was a lemon
c. my life changed drastically (like if I was expecting triplets and now needed a minivan)

Lara Amber
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While we're comparing Civics, mine is 18.5 years old and 185,000 miles. It has a few cosmetic issues but still drives great.

That said, we're going to get a new one probably this Fall. I'm not ditching the Civic (since I want to teach my kids to drive the stick shift in two years) but it probably won't get driven much in the mean time.

v/r
Tom
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The car has 64,000 miles on it just commuting between Surprise to Scottsdale

I bought a 1998 Subaru Dec 29th, for $2000.
It had 216,000 miles on it.
I have put another 10,000 miles on it in the last 12 weeks.

I do not hesitate to get in it and drive 400 miles (each way) to work and another 400 miles back nearly every week.

At least wait until your odometer reading hits 6 figures before you need something new. High mileage is relative.

peace & options
t
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At least wait until your odometer reading hits 6 figures before you need something new. High mileage is relative.

And these are highway miles. Very little wear (comparatively) on brakes, transmission, etc.
Ray
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Honestly the point of me refi the car really was to get out of the credit union that possibly could have NCUA shut them down before a vote on a merge. I still have 1 small share secure loan at 3.11% biweekly for 29.11 I owe every two weeks so I could buy shares of Wells Fargo.

Seriously I could not sleep at all I had to get this done as I realy afraid my mom and dad might stick me back in Banner Psyc ward again.
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No. of Recommendations: 13
Honestly the point of me refi the car really was to get out of the credit union that possibly could have NCUA shut them down before a vote on a merge. I still have 1 small share secure loan at 3.11% biweekly for 29.11 I owe every two weeks so I could buy shares of Wells Fargo.


You need to find more useful things to worry about. New owners of loans are bound by the original loan documents.
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Honestly the point of me refi the car really was to get out of the credit union that possibly could have NCUA shut them down before a vote on a merge.

The NCUA is unlikely to shut your CU down unless the vote on the merge fails and then, the capital raise plan your CU presents to them after the vote fails is unsatisfactory.

Even in the unlikely event that your CU was shut down soon, the receiving institution would still be required to follow the original terms of the loan. As you were told before, you would just have to change the name on the payment that was being made.

I still have 1 small share secure loan at 3.11% biweekly for 29.11 I owe every two weeks so I could buy shares of Wells Fargo.

Using leverage to buy stocks, as you have done by taking out this loan, can be more detrimental to your financial health than the possibility of your CU being shut down, assuming that you don't have more than $250,000 on deposit at your CU.

AJ
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Your CU re-finance rate is way, way too high!!!

KCFA financed a car today. Interest rate = 1.9%.


New or used car?

PSU
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used
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PSUEngineer,

You wrote, New or used car?

Really? Why do you even ask? You already know the answer.

It's Apples v. Oranges.

- Joel
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401kinvestor,

You wrote, used

I think he was talking to KahunaCFA...

The big Kahuna likes to boast. His boasts often are tangentially related to the original post, but often they're just annoying given the original poster is dealing with a different set of circumstances.

- Joel
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Really? Why do you even ask? You already know the answer.

It's Apples v. Oranges.


Yeah, I know. I just wanted to see if kahuna would say it was a new car.
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TGIF night
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