Comments for My New Choice http://www.mynewchoice.com Debt free, financially independent and retired early Fri, 03 Jul 2009 03:28:49 +0000 http://wordpress.org/?v=2.7.1 hourly 1 Comment on How to Escape a High Interest Car Loan with Negative Equity by LYN http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-94885 LYN Fri, 17 Apr 2009 01:07:35 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-94885 i have a 2006 pontiac grand prix w/ 17,000 or more left on it. like most people i just needed a car at the time. well now i am having to pay for repairs on it that leave me choosing between paying the monthly car note 450-500 or paying for repairs. my credit is not the greatest low 500. would it be wise to trade in for something cheaper or should i keep my vehicle and just deal with it. the repairs are things like a new rac and pinion (i think i spelled that right). i'll need brakes soon as well. or would it be more beneficial to me to refinance. please help i have a 2006 pontiac grand prix w/ 17,000 or more left on it. like most people i just needed a car at the time. well now i am having to pay for repairs on it that leave me choosing between paying the monthly car note 450-500 or paying for repairs. my credit is not the greatest low 500. would it be wise to trade in for something cheaper or should i keep my vehicle and just deal with it. the repairs are things like a new rac and pinion (i think i spelled that right). i’ll need brakes soon as well. or would it be more beneficial to me to refinance. please help

]]> Comment on How to Escape a High Interest Car Loan with Negative Equity by mario http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-93701 mario Fri, 10 Apr 2009 05:12:06 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-93701 i have a 2005 ford focus, i bought it in april of 2006 my interest rate is 10% for seven years i bought it for 17,000 and as of today i still owe 11,000. the value of the car is about 4,000. is there any way i can lower my rate or trade it in without a negative. i have a 2005 ford focus, i bought it in april of 2006 my interest rate is 10% for seven years i bought it for 17,000 and as of today i still owe 11,000. the value of the car is about 4,000. is there any way i can lower my rate or trade it in without a negative.

]]> Comment on How to Escape a High Interest Car Loan with Negative Equity by Kay http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-89682 Kay Wed, 18 Mar 2009 02:22:59 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-89682 I have a question regarding loan to value financing on automobiles. I have a 2007 Nissan Murano S that I purchased in April 2007. It was a used vehicle with 7000 miles on it. There were several fraudulent aspects of my transaction and the dealer has been shut down with the owners spending time in prison. At the time I had bad credit and felt I had no other options. The payment on this vehicle is $903.74 for 72 months. The interest rate is 20.72%. I originally financed $37081.18. The current payoff is $31436.51. I have been current and on time until recently when my work slowed down to the point I am earning 2/3 less than I was. Before December 2008 I was only late on one payment. Because of my work deteriorating I decided I could no longer afford this astronomical payment so I began shopping for another car. I quickly learned that the current LTV on this car is 230%. The value of this car now is around 13k with 45k miles on it and in good condition. There was no trade in involved in the purchase. I have figured approximately when I originally purchased the car the LTV must have been close to 160%. Along with so many other fraudulent activities that took place during the transaction I now have to wonder if such a high LTV was even legal. I can see being a little upside down in a car loan especially if there is a trade in involved but am learning as I shop for another vehicle this is unheard of. One dealer after another has told me that I have been taken in a major way. As you can see without having about $15000-19000 cash there is no way I can trade this car in, sell it outright, or refinance it. In December I did a deferred payment with the bank. I have since been told I have no options left for help with this payment. I have tried at least 10 times to talk with them about this matter and it is always the same answer. Can you please tell me if there are any banking laws or regulations that state how high the LTV can be on a loan? If so, can you please also tell me if I have any recourse at this stage? Thanks you so much for your help. I have a question regarding loan to value financing on automobiles. I have a 2007 Nissan Murano S that I purchased in April 2007. It was a used vehicle with 7000 miles on it. There were several fraudulent aspects of my transaction and the dealer has been shut down with the owners spending time in prison. At the time I had bad credit and felt I had no other options.

The payment on this vehicle is $903.74 for 72 months. The interest rate is 20.72%. I originally financed $37081.18. The current payoff is $31436.51. I have been current and on time until recently when my work slowed down to the point I am earning 2/3 less than I was. Before December 2008 I was only late on one payment. Because of my work deteriorating I decided I could no longer afford this astronomical payment so I began shopping for another car. I quickly learned that the current LTV on this car is 230%. The value of this car now is around 13k with 45k miles on it and in good condition. There was no trade in involved in the purchase. I have figured approximately when I originally purchased the car the LTV must have been close to 160%.

Along with so many other fraudulent activities that took place during the transaction I now have to wonder if such a high LTV was even legal. I can see being a little upside down in a car loan especially if there is a trade in involved but am learning as I shop for another vehicle this is unheard of. One dealer after another has told me that I have been taken in a major way. As you can see without having about $15000-19000 cash there is no way I can trade this car in, sell it outright, or refinance it.

In December I did a deferred payment with the bank. I have since been told I have no options left for help with this payment. I have tried at least 10 times to talk with them about this matter and it is always the same answer. Can you please tell me if there are any banking laws or regulations that state how high the LTV can be on a loan? If so, can you please also tell me if I have any recourse at this stage?

Thanks you so much for your help.

]]> Comment on Teaching Your Children How to Save by Vince Powell http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/comment-page-1/#comment-89398 Vince Powell Sun, 15 Mar 2009 18:10:30 +0000 http://www.mynewchoice.com/2006/09/19/teaching-your-children-how-to-save/#comment-89398 Have you ever consider a mandatory program of matching a certain amount of money that your children put into savings? I think we are going to institute a program of matching all gift money, after tithing and requiring them to save it until they are independent of us. Thoughts? Have you ever consider a mandatory program of matching a certain amount of money that your children put into savings? I think we are going to institute a program of matching all gift money, after tithing and requiring them to save it until they are independent of us.

Thoughts?

]]> Comment on 12 Simple Ways To Save Money On Groceries by Cassie http://www.mynewchoice.com/2008/04/30/12-simple-ways-to-save-money-on-groceries/comment-page-1/#comment-87728 Cassie Tue, 03 Mar 2009 19:33:57 +0000 http://www.mynewchoice.com/2008/04/30/12-simple-ways-to-save-money-on-groceries/#comment-87728 We live below our means, but people should never skimp when it comes to food(ex:ramen noodles). We eat an all organic diet and are vegetarians. Organic foods can almost never be purchased with coupons. A great way to save money on food,that wasn't mentioned,is to grow it yourself!We live in the city,but we are members of a community garden,and on a small patch of land,we grow our veggies. Primarily,we grow tomatoes. We make sauce and jar it which saves us a ton,since we eat a lot of pasta,and the taste is so much better! Anyone can grow tomatoes, they are so hardy. Another tip:Make it yourself!We make our own veggie burgers instead of buying the frozen variety,and then freeze them to last us a long time,saving us a lot of money. Make your own bread,it's so easy and much cheaper than buying from the store,and it's healthy,unlike wonder bread(don't you wonder what the heck you're eating?). Skimping on food is skimping on your health. Healthcare is too expensive in this country to not be careful about one's diet. We live below our means, but people should never skimp when it comes to food(ex:ramen noodles). We eat an all organic diet and are vegetarians. Organic foods can almost never be purchased with coupons. A great way to save money on food,that wasn’t mentioned,is to grow it yourself!We live in the city,but we are members of a community garden,and on a small patch of land,we grow our veggies. Primarily,we grow tomatoes. We make sauce and jar it which saves us a ton,since we eat a lot of pasta,and the taste is so much better! Anyone can grow tomatoes, they are so hardy.
Another tip:Make it yourself!We make our own veggie burgers instead of buying the frozen variety,and then freeze them to last us a long time,saving us a lot of money. Make your own bread,it’s so easy and much cheaper than buying from the store,and it’s healthy,unlike wonder bread(don’t you wonder what the heck you’re eating?).
Skimping on food is skimping on your health. Healthcare is too expensive in this country to not be careful about one’s diet.

]]> Comment on How to Escape a High Interest Car Loan with Negative Equity by Liz http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-85956 Liz Sun, 15 Feb 2009 21:09:53 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-85956 I had to write because that is EXACTLY what happened to me. I went back after making a years worth of payments on time and they told me they couldnt do anything. THEY will say anything to get you stuck into these loan sharks. Now I am stuck with a car I don't really like! That wasn't Major World in NYC was it??? Liz I had to write because that is EXACTLY what happened to me. I went back after making a years worth of payments on time and they told me they couldnt do anything. THEY will say anything to get you stuck into these loan sharks. Now I am stuck with a car I don’t really like! That wasn’t Major World in NYC was it??? Liz

]]> Comment on How to Escape a High Interest Car Loan with Negative Equity by Gerry http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-83215 Gerry Sun, 25 Jan 2009 00:52:27 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-83215 Hello, I have a auto loan which the payoff if 16k @ 20%. The vehicle is worth around 10k-12k in the NADA book (2006 Pontiac Grand Prix, 40k excellent condition). I'd like to get something in the 5k-8k range and put my negative equity into a new loan with a much lower APR. I have a 685 credit score. What is my best course of action would you say? Thanks. Hello, I have a auto loan which the payoff if 16k @ 20%.
The vehicle is worth around 10k-12k in the NADA book
(2006 Pontiac Grand Prix, 40k excellent condition).
I’d like to get something in the 5k-8k range and put my negative equity into a new loan with a much lower APR. I have a 685 credit score. What is my best course of action would you say? Thanks.

]]> Comment on 5 Ways To Get Financial Advice With Social Media by sandy http://www.mynewchoice.com/2007/06/25/5-ways-to-get-financial-advice-with-social-media/comment-page-1/#comment-82356 sandy Mon, 19 Jan 2009 06:16:18 +0000 http://www.mynewchoice.com/2007/06/25/5-ways-to-get-financial-advice-with-social-media/#comment-82356 What about manageME? I have also bookmarked its latest version manageME7 also its blogs are intersting and informative.You may check it at www.manageme7.com/blog What about manageME?
I have also bookmarked its latest version manageME7
also its blogs are intersting and informative.You may check it at http://www.manageme7.com/blog

]]> Comment on I’m In Debt - MTV True Life by LinZ http://www.mynewchoice.com/2007/02/26/im-in-debt-mtv-true-life/comment-page-1/#comment-80112 LinZ Tue, 30 Dec 2008 14:52:54 +0000 http://www.mynewchoice.com/2007/02/26/im-in-debt-mtv-true-life/#comment-80112 I recently watched this epsiode and I have to say, I agree with you one hundred percent! The young woman who bought the house and works almost every night as a bartender to make her house payment is the only one I felt sorry for and at the same time respected. She actually made an investment and is doing what she has to keep it. The only problems I saw with her was that she also had 10-11 credit cards to purchase furniture and whatnot. She also spends money on dance classes; however she wants to be a professional, so I guess it's the same as someone going to night school to get a degree to further their career. *shrug* The other two are lazy young girls who are looking for the easy way out; such as filing bankrupcy. I hated to hear that girl say she didn't want to pay a debt consoltated for 41 months because she wouldn't be able to do anything else for 41 months or live at home. That really made me think "wow, you are incredibly selfish and irresponsible." So anyways, great article of the episode! I recently watched this epsiode and I have to say, I agree with you one hundred percent!

The young woman who bought the house and works almost every night as a bartender to make her house payment is the only one I felt sorry for and at the same time respected. She actually made an investment and is doing what she has to keep it. The only problems I saw with her was that she also had 10-11 credit cards to purchase furniture and whatnot. She also spends money on dance classes; however she wants to be a professional, so I guess it’s the same as someone going to night school to get a degree to further their career. *shrug*

The other two are lazy young girls who are looking for the easy way out; such as filing bankrupcy. I hated to hear that girl say she didn’t want to pay a debt consoltated for 41 months because she wouldn’t be able to do anything else for 41 months or live at home. That really made me think “wow, you are incredibly selfish and irresponsible.”

So anyways, great article of the episode!

]]> Comment on 77th Carnival of Debt Reduction by AnnelveTaunny http://www.mynewchoice.com/2007/03/05/carnival-of-debt-reduction-77/comment-page-1/#comment-78552 AnnelveTaunny Fri, 19 Dec 2008 23:08:43 +0000 http://www.mynewchoice.com/2007/03/05/carnival-of-debt-reduction-77/#comment-78552 Hi As a fresh www.mynewchoice.com user i just wanted to say hi to everyone else who uses this bbs :-D Hi

As a fresh http://www.mynewchoice.com user i just wanted to say hi to everyone else who uses this bbs :-D

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