Originally posted by: TechBoyJK
Hi Guys.
I was scammed back in 2001 (while attemtping to start a business) and lost about 21K and had to use credit cards to survive. I defaulted on several of them because I would rather pay back friends and family that needed each and every dollar vs. save my credit and pay back the credit card companys.
Regarding this car purchase, I had about $7k in the bank and used some for down payment..
My rent is only $225 per month, including utilities. Its my friend's house that his parents bought him for his wedding, so he is more concerned about a quality roommate than collecting rent. I have about $300 per month in bills, so rent and bills is about $600 or so. I bring home about $2500 per month after taxes, and I usually have about $1000 per month I save. My credit is actually pretty good relative to how it used to be, the only reason I'm below a 700 is because I'm still trying to settle a credit card I defaulted on 6 years ago. I offered them over 10k to settle the card (final charge off was $10.2K) but the collections agency insisted I pay them over $15k to settle it, citing I owed them for their fees and their 25% interest or whatever. I refused and I have hired an attorney to settle the debt. The attorney has found multiple infractions of the FFDCA (fair debt collections act) and the collections agency might end up owing me money. (they called me several times a day even after given a legal cease and decist that told them only to contact my attorney, as well as they called my mom, dad, and granpda looking for me.) Legally, they can only collect what the original contract was for, so when they threatened to have me put in jail for not paying the debt in full (the $15k), they broke a serious law.
I can completely afford this car. I reasonably attempted to settle, in full, the only outstanding bad debt on my record. Yes, it is a certified Used car, 2004. I have no guilt about the purchase and carefully reviewed my financial situation.
I'm inheriting a small fortune soon, so I really don't care anyway.