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  1. Thanks nq! You are definitely right about both points. I am actually reconsidering the idea of selling. I like my car. I really do. It gets great gas mileage and when I do need a car it is very convenient. The issue is, I don't always need a car and this car cost me at least $450 a month between the car payment, insurance, and gas (I spend about $30/month on gas). This isn't a terrible amount but my budget is thin and I want to make more aggressive student loan payments. However, after spending the last twenty four hours reading blogs online, it seems like my best course of financial action is to keep the car for the long haul (drive it until it dies) and to look into other ways to significantly increase my income.
  2. Also, and this might be a stupid question...but if I took option two and decided to purchase the car, should I do it now or wait until the end of the lease? And if I did either, could I finance through my local credit union or do I have to continue financing through FMC?
  3. I figured after you said I needed to go through the dealership. I will definitely be taking your advice and calling the Ford Dealership on Monday.
  4. Thanks! I was this article and it suggested that I go through the that I go thought the finance company and not the dealership. However, I will take your advice and call the dealership Monday. However, some quick math suggest it may not be worth it to sell the car to Carmax anyway. According to my lease paperwork, the cost of the vehicle at the end of the lease is $11,005.00. This assumes 31,500 miles and a couple of years of wear. As I have 27 months left until that point this would be an additional $8,092.44 before my car is worth $11,005.00. Which means, that at this point the pay off amount is probably $19,097.44 which is those two numbers combined not including an early termination fee. Which means this is definitely out as an option as I am not willing to eat that much.
  5. Indeed. Although on the lease paperwork it says the "holder" is East Cab LLC (I assume a finance company).
  6. So...I made the same mistake...twice. While the mistake in either situation could have been how I went about purchasing the car, the mistake I made in both instances is that I don't need a car. Summary: August 2013 - I purchase a used 2008 Toyota Prius for $13,000.00. This car is financed though a credit union at 2.75%. (I moved from rural upstate NY, where it is arguable that I needed a car, to a major city on the East coast.) January 2015 - I made the mistake of taking my best friend to the dealership to lease a car and somehow end up trading in my 2008 Toyota Prius for a lease on a 2014 Ford Focus. They purchased my car for $8500.00 through the trade. The lease is for 36 months and the monthly payment, including taxes and negative equity on my trade, is $299.72. During this time I moved from a major city on the East coast to a state in the Midwest. I am now a graduate student (full ride: including tuition, books, fees, and a fellowship), paying ridiculously cheap rent/utilities ($360.00 all in for a really nice part of town, only a ten minute walk to campus and on a bus route). It is at this time that it becomes painfully clear to me: I don't need a car. I didn't need it when I lived in the East coast city and should have sold it upon my arrival. I certainly don't need it now and find myself driving it roughly every two weeks to get groceries. But the Whole Foods is within walking distance (as are other grocery stores) so it really isn't necessary. Even my part time job is on campus. Minimum Fixed Car Cost: Ford Lease Payment: $299.72 GEICO Insurance: $95.00 Parking Permits: $80 (yearly) So, part of me was just prepared to deal with these poor choices and wait it out until the end of the lease until I started reading more about lease end fees and I realized I didn't want to make a bad auto decision again. I went to Carmax are willing to offer $11,000.00 for my car. It's a 2014 with 8,500 miles. I will need to call the finance company on Monday and see what the actual cost of purchase would be at this point in my lease...I assume a whole lot more than $11,000.00, however, if it is less than $4000.00 difference, it seems like it might be worth it as that is the cost to hold onto the car for one more year...IDK. So, what should I do? 1) Wait out the lease and return to the dealership at the end of the lease? 2) Wait out the lease and buy the car at the end of the lease? And keep the car until I die...lol...but really. 3) Try to sell the car to a third party like Carmax? I don't know how relevant the rest of this is but I have pretty good credit, above 750, and other than student loans, I have no other debt. One of the primary reasons for thinking about getting rid of the car is to clear up cash for more aggressive student loan payments. Any constructive advice is certainly appreciated. Please let me know if you need additional information.
  7. My only advice is to be careful and stay cognizant of your surroundings...especially when you are taking out money. A lot of Americans have gotten hurt or killed in Mexico recently.
  8. I think it was originally targeted at getting the younger demographic...the millenians...to use charge cards which is why the requirements to get the card were generally more flexible. Which makes sense, younger consumers generally have thinner and shorter credit files. However, I think many credit savvy people not in the targeted demographic have used it as a way to begin building, or repair, a realtionship with American Express. It came out when I was twenty three and originally I thought it was a product I would be interested in, but the longer I am a member of CB and the better my finances become, the less tolerant I am of fees. Beyond that, the marketing didn't really make sense to me because it seems like the yuppie demographic (I say this as a member) that they were trying to target are more likely to use one of their other products.
  9. This thread is very timely... Another member commented about this in another thread and I just sent him a message asking him about it...do we have a link to more information? ETA: I just opened a Chase Freedom Visa and I need any old reason to get rid of my BOA feebased checking account.
  10. I just got the Chase Freedom. Are you opted in...have you received any offers in the mail? If not, look online to see if you can find a $150 or $200 offer floating around if you decide to go with Chase.
  11. How did it come back verified in ONE day? It sounds like you submitted online. I would suggest you send a dispute letter detailing exactly what you just said including that BOA has NO RECORD of the account. I would include information like who you talked with at BOA if you have it. Also, make sure to let them know that there is no way that it could have been verified if BOA has no record of the account or ask them to furnish you with the information of who verified the account for them at BOA. Doing all of that is pretty generous and designed to get a removal...I know that if you could get something in writing from BOA saying that don't have knowledge of the account, I (and some other folks) would be looking at EX for violation$.
  12. Who issued you the $3500.00 in credit? What does the rest of your file look like? I am surprised at your score given two unpaid tax liens. I don't know any prime lenders that would look favorably on that (although, what do I know?)...if you are in repayment and they are going to be withdrawn shortly, why not wait until after they are removed to apply for new credit? Especially if the other tradelines on your file are with less desired lenders? My suggestion would be to wait until the liens are removed...if your score is already that high, with the liens removed you would probably get approved and better lenders with a much higher CL than if you applied now. Even if you did apply now and got approved your credit limit probably wouldn't be as high as if you had waited. jmho
  13. Didn't experience it with Citi but I did experience it with Chase. I applied and got the 7-10 business days. I called back after seven days and all they could say is that I would receive a response by mail. Then when I received the response by mail they then asked that I call them to verify my identity. They did approve me on that call and let me know my credit limit. If you placed fraud alert on your file then I am sure that some of the delay is due to that. I also think that credit applications are just not being pushed through as fast as they used to. And even though it is a pain in the flowers...I think that's a good thing.
  14. I agree with the poster above. ALWAYS pay the student loan with the highest interest rate first UNLESS there is a marginal difference between the student loan debts AND one of the student loans has a variable interest rate. In your case the difference between $38K and $41K is negligible. Do either one of these loans have a fixed interest rate? Interest rates are steadily increasing and if one of them has an interest rate that is variable and could get considerably higher in the future, you are better off paying that one off first. All things created equal, pay the one with the highest interest rate first just like you planned.

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