Monday, February 2, 2009

If you have a car loan, you might want to read this

It turns out that car dealers have been going out of business. Didn't know that but it makes sense. This little bit ticks me off though (from the linked article):
When a car buyer still owes money on a vehicle he is trading in, the dealer promises to pay off the outstanding loan, then resells the vehicle. But as more dealers go out of business, some are sticking consumers with the bill. Lenders can then go after the previous owner who thought the debt was paid, or repossess the car from the new owner who assumed it came with clear title.
Our new goal after reading this is to get our car paid off as soon as possible. We've been wanting to do that anyway, but this really cinches it. It also emphasizes to me the need to stay out of debt in the first place, if you can.

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