Member-only story
I’m Underwater on My Car Loan
In October 2018, I bought my Kia Forte for $19,500. Three years later, I owe $18,853.04.
Depressing, isn’t it?
But I’m thankful for my vehicle. I live in a city without public transportation and desperately needed a car. I couldn’t afford $50 to $100 for an Uber each time my kids had an appointment, which was multiple times a week.
My daughter’s dad is a car salesman, so I bought my vehicle from him. Honestly, I’m not sure how he got me approved.
I was going through an expensive custody battle and had maxed out all my credit. My FICO score was in the low 400s. Because of this, my interest rate is nearly 25%.
My monthly car payment is around $525, but I’ve been paying $600 to $1000 a month to get rid of this loan. My goal is to pay off my car by the end of 2022.
Can you tell a story in 150 words or less? I decided to try after learning about Oren Cohen’s 30 Day Medium Writing Challenge — today is day #2 for me. My prompt was to write about a future goal I want to achieve.
