Monday, December 22, 2008

Debt #6 - My wife's car

2003 Dodge Neon (link goes to picture source)
Original loan length: 60 months
Remaining loan length: 5 months (complete in May)
Monthly payment: $215.22
Estimated amount remaining: $1076.10
Interest rate: Unknown

Description:
This is my a loan for my wife's car. She picked it up in 2003 after an accident involving myself, a car full of football players, and far too many late nights studying for finals. It's a 2003 Dodge Neon, bought new with some hail damage, and currently has around 83k miles on it. We're hoping we can keep this car for at least another 5 years or so. We've been diligent on the basic maintenance front, and so far haven't had very many issues with it (knock on wood).

Plan to payoff:
This is going to be the first debt we pay off. We're pretty much just going to make the remaining payments, perhaps throwing a little extra at it. At this point, we won't save much in interest by paying it off early as the interest damage is done by this point. I don't have the rate here, but it was probably around 6%. Upon completion, we'll be using this payment to accelerate debt #5.

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