Tag: down payment

Car Update

January 04, 2018

Hey Everyone,

So in September, I was in a car accident. Both my boys were in their car seats. Everyone involved was okay. Thank goodness. I couldn’t imagine what would have happened if they had been hurt. It was only the car that was totaled.

What happened was it was during evening rush hour and we were on our way to the gym to do swim lessons and my training. Everything was stop and go, and the vehicle in front of me stopped suddenly and well. . . the car didn’t exactly stop at the same time. The other person’s vehicle barely had a scratch on it, the bumper came off. And they were super nice and understanding.

We couldn’t drive the car safely anymore. Since Husband had been with his brother at the time (BIL1), BIL1 drove both of them to the accident and so that Husband could drive the car straight to our house until we could find an alternate solution for the vehicle.

Over the next day or so Husband and I were very upset with what had happened because we couldn’t afford to replace the vehicle, make a down payment or make monthly payments, or so we thought.

I called my friend, Mediocre Supermom, and her husband,  Mr. Smith to see what the best options would be for a car replacement. Husband and I know almost nothing about cars and we’re not going to go to Husbands parents for help. I’ve known Mr. Smith since I was like 6 years old, he’s like an older, bigger protective brother so I trust him to help us find a vehicle.

In the end, we got the same exact color, make, model, year and mileage as our old one. I know, super original, but like I said, we know almost nothing about cars and knew we couldn’t afford to have a large monthly car payment so we went back to what we knew, Ford Taurus.

Mediocre Supermom and Mr. Smith loaned us the down payment, which we are paying back to them in monthly installments. The vehicle loan amount came out to be reasonable monthly installments with low % interest, $117 for 36 months at 3.5% interest. And since I constructed my spreadsheet in Excel for my bi-weekly paychecks I was able to calculate what we could do to pay everything down as fast as possible in 2018. It is expected that we are finished paying off Mediocre Supermom and Mr. Smith in February and finish paying off the vehicle in May.

Next time we need to get a new vehicle, we are going to get a large down payment and research what safety features we want to be included. Because while this is a great vehicle. 2005 is getting a little older and so maybe we can upgrade to 2015 model, that fits in with our budget, and not have it be out of desperation to get a replacement.

I am so grateful for having amazing friends. We wouldn’t be able to make it without their friendship and support. Especially on this crazy journey.

See you on the other Side.

Advertisements