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I did it. I actually went ahead and did it. - Paint It Black
Living the American dream one heartbreaking piece at a time
feren
feren
I did it. I actually went ahead and did it.
I sold the Camaro today. I cleared $2,800 in cash for it, which was $500 under what I was asking -- but by going down that amount it helped coax the deal go to through and I still made a bit of money on the side. I was really only hoping to get back $1,800 so that I could offset the cost buying out the title early. With this amount I'm doing better than I expected, and then some.

So I now have almost $3,000 in cash stuffed in the fireproof safe in my bedroom. Tomorrow I will visit my credit union on the drive to the office and deposit it all into my account. Once it's cleared the bank's system I will then divide the funds out so that I can do some debt repayment and store away the rest of the money like the financially responsible little boy I'm trying to teach myself to be. My plan for the moment is to send $1,800 of my deposit to Novus with the goal of paying back the Camaro's portion of the consolidation loan I took out. The remaining $1,000 will go into my savings account, which will put me over the $12,000 mark. I think about that number -- twelve THOUSAND dollars -- and I grin a little, because it says that I'm doing all right for myself even though I am behind the goal I had set over a year ago. Back in January of 2002 I had laid a plan for myself that called for setting aside $1,000 every month in the hopes of getting a down payment for a mortgage. I'd wanted a sufficient amount of cash saved up so that I could get a home loan before these excellent interest rates passed us by -- but that just wasn't to be, and fortunately for me the interest rates haven't fled quite yet.

That's the thing about plans: despite our best intentions and efforts they're always changing. With my life the way it's been over the past 16 months I've been left with little choice but to rework those plans a few times, and I'll probably have to do it again before the entire thing is said and done. To borrow a phrase from my father, sometimes you just have to roll with the punches. That's sound advice in my book, although it would probably have a bit more relevance if I was a heavyweight boxer.

For those of you playing along at home, that Novus loan represents all of my remaining debt because I used it to pay off everything with an outstanding balance, no matter how small. This single payment of $1,800 accounts for approximately 1/3 of that loan. I can keep throwing large sums of money at it until it's entirely gone without too significantly impacting my life. With luck I will have it completely obliterated within the next 3 months -- which means at that point I'll be perfectly in the black, with zero revolving debt load and no outstanding loans period.

I'm looking forward to having the ink go black once more.

No regrets

Current Mood: drained drained
Current Music: Phil Collins - That's Just the Way It Is

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Comments
frostyw From: frostyw Date: April 27th, 2003 06:07 pm (UTC) (Link)

Heh.

Not surprised you'd be fond of black ink, in more ways than one. ;-)
feren From: feren Date: April 27th, 2003 06:41 pm (UTC) (Link)

Re: Heh.

That's a truly excellent observation, Frostbite. ;)
frostyw From: frostyw Date: April 27th, 2003 07:02 pm (UTC) (Link)

Re: Heh.

And your catlike reflexes catapulted you right into #bohemia to reply to me less than 60 seconds after I posted the comment. :)
tuftears From: tuftears Date: April 27th, 2003 06:38 pm (UTC) (Link)
Glad to hear that the transfer went well! So question, if you have significantly more savings than the loan, why not pay the loan off, meaning you won't be paying interest? Though it's not far off to close the loan out within the next three months.
feren From: feren Date: April 27th, 2003 06:49 pm (UTC) (Link)
The main reasons are that the Novus loan is only charging interest of 1.9%, and I don't want to deplete my resources. Yes, I have sufficient cash to pay off the loan entirely as it stands right now, but it would preclude me from making a significant downpayment if something were to fall into my lap housewise in the next month or so. There's also Murphy's law to consider, which says a disaster may occur and require a significant draw upon my cash resources. I feel it's better to play "CYA" here and make sure that I have cash on hand instead of paying it all off -- only to get hit by something that makes me go back to being in debt on my credit cards again. And at this rate, it's not a huge outlay to carry the balance for a few months.
aureth From: aureth Date: April 27th, 2003 07:14 pm (UTC) (Link)
I was beginning to think you never would. :) I know you liked that car, despite all the hassle it caused.
feren From: feren Date: April 27th, 2003 08:12 pm (UTC) (Link)
Driving it out to Michigan today awoke all my old desires to mod that car up and run it on the quarter-mile strip again. I should chronicle my mishaps today because of those urges...

This just reaffirms that I have to get a 2002 Super Sport Camaro when the prices come down a little more.
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