Layout:
Home > Much Accomplished/ Offer from Grandma

Much Accomplished/ Offer from Grandma

July 20th, 2012 at 05:13 am

This morning I got up and got my run in - did 1.5 miles running in 14:39 pace. Smile Then I did another mile walk/run in 15:12 pace. I think I may be getting close to being ready for another 5k. In fact ... I'm looking at a 5k race on August 12 in ABQ ... The weekend before school starts. The race is early in the morning, so I could make a day of it in the big city. It might be kind of fun actually - especially if I can get anyone to come with me. Smile

My first 5k race was Too Hot To Handle and I think it was in mid-July 2008?? My dad was there cheering me on and took before and after pictures, as well as making a short video of it. He loved hearing all about my races when he wasn't able to make them.

Sigh.

--
Today we went to the bank and got all my dads accounts closed out. I had them give my grandma a cashiers check for the amount I think was hers. (For some reason dad had an account in his name with her money ...the only way I figured out this was the account she was talking about is because of my dad's meticulous record keeping.) The rest was made in a cashiers check to me. I was going to deposit it into ING via picture deposit, but after opening the app to do it realized the amount was too large.

So tomorrow I'll deposit it into my Bofa account, and once I have ING and Bofa linked, I'll be able to move the money to ING. THEN I'll be able to pay the credit card bill that I put the funeral expenses onto. Whew. It's not due til mid-August, so I'm not worried.

---
We had to get two documents notarized today. That cost $30. Thankfully no one else was there so we didn't have to wait. (There was no wait at the bank, but it took nearly two-hours to close out the accounts!)

--
Next we stopped at the stock place where my dad had an account and started the process to transfer them to my name.

--
Then we went to Walgreen's and picked up a prescription. (There are few Walgreen's in this area, but lots of Rite Aides.)

---
Finally we went out to dinner at this Asian food place. Today is my Egypt Aunt and Uncle's 42nd wedding anniversary. They are high-school sweethearts. Smile

---
Before all of the above though ... I made a phone call to my internet service provider. I really didn't think it would do any good at all, but decided to try.
I was able to get a reduction of $20/month on my bill!!! Woo hoo!!

Before the phone call, my grandma and I had a nice chat to kind of clear the air about the last couple days worth of drama. She *really* wants me to replace my car. She said if I really want a Versa, that she'd loan me the money to get it this coming October (end of fiscal year) and I could pay it back $150/month. I tried to tell her no outright, but she wasn't taking it. So I finally told her I'd take it under consideration and think about it.

I have about $3k right now that I could put towards a car, and I *might* be able to get $1000 for my car. By October I *might* be able to save $1500 more (if I *really* buckle down.) So ...that's roughly $5500. That would mean a loan of approximately $8000.

I know the timing belt needs to be changed *soon*. I also know that I was told a year ago that one of the things holding the engine in had gone bad, and that it was only a matter of time for one or both of the remaining ones to fail. I also know that there are many other things that could go wrong that I don't know about.

I think I could probably pay this loan off in 14 to 16 months. If I put all of my tax refund to it, and then also the two "extra* paychecks, plus as much as I can afford to throw at it otherwise. I absolutely abhor the idea of the loan, but ... if it is for a car I'm choosing (and that gets good gas mileage) maybe it would be better to get the new car before my current one really starts falling apart and become worth nothing.

**I could also possibly have some money from my dad's estate to put towards it depending on the amount of the medical bills. So, that could cut the payoff date to 8 to 10 months.

I'm not sure if I'm trying to rationalize taking a loan, or if this really may be the thing to do....

My plan (before dad died) was to wait til Oct, 2013 and go to a dealer at the end of the day towards the end of October and ask to see what Versas they have from the last year models stock. Then name the price I'm willing to walk out on. (Depending on the features, I was thinking somewhere between $12 and 13k.) If I take my grandma up on her offer ... I could do the same thing, only in Oct, 2012.

If my car were to break down before Oct 2013 and/or require really expensive repairs, then I might have to take the loan anyway and end up paying more for a car. I had no warning that my car's computer was about to die in the summer of 2009, but yet it did. I definitely cannot afford anything like that again with this car.

I don't have to decide this right now. I can see how much I'm able to put away in savings between now and the beginning of October. I can also check with the local mechanic who's been working on my car and see what he thinks I might really be able to get for it. Then decide one way or the other after running the numbers.

**No, I am not in the market for a used car. I've read all the arguments for and against. I know many people have great success with used cars. IF I had a mechanic I trusted completely AND was in an area where I could have a good number of used vehicles to choose from, I might consider it. Since neither is the case - last year's model is my way to go. **

12 Responses to “Much Accomplished/ Offer from Grandma”

  1. My English Castle Says:
    1342759640

    Glad you did better on the internet than I did, Laura!

  2. Swimgirl Says:
    1342762408

    We've had great luck with online places like carsdirect for both new and used cars. We bought a new car in 2003, and got a price through them that was significantly lower than anything we'd heard at a dealer. And then they took off an additional $1000 if we would come that day. We'd been shopping for months, and for $1000??? Heck, yeah, we'll come today.

    Turns out it was the last day of the month and they were having some kind of sales contest. Who cares! Worked in our favor.

    Might be worth checking online to see what the prices are... when the time comes.

    It sounds like the tricky part might be deciding on WHEN. If you sell the Honda today, you might get $1000. But if you wait six months, something else could go wrong and you might get a lot less.

    Good luck.

  3. mamasita Says:
    1342784462

    Good for you for considering the car situation so carefully. You seem very good with your money and if you do decide to get a short term loan I'm sure that it will be paid off quickly. Sounds like Grandma knows that, too.

    I'm super excited to hear about your runs!!! As a fellow runner I know how good you feel afterwards, and how consistent running really changes your outlook for the better.

  4. patientsaver Says:
    1342786419

    It's wonderful to have someone who loves you cheering you on in 5K races, and it sounds like your dad was cheering you on in life, too. That's the best thing family can do for us, I think. You will always have that cherished memory, and he is with you still.

    I would take the loan from Grandma now. You may abhor debt, as I do, but I think it's more important that you're able to drive safe and not get stuck broken down somewhere, or worse. True wisdom comes from knowing when to relax our usual standards and bending when necessary.

    Good luck!

  5. CB in the City Says:
    1342790470

    The only thing I will say about a used car is that if you buy one that is only a year old, it will be like a new car but you will get a big discount because of the ridiculous depreciation. Often you still get a full warranty, too. I know you said no used car, but an almost-new car may not be what you're thinking of when you say "used."

  6. creditcardfree Says:
    1342792527

    A certified used car from a dealer is just as good as brand new. Low mileage, generally less expensive and a warranty.

  7. rob62521 Says:
    1342797995

    It sounds like you had wonderful memories of your father and that is a good thing to dwell on as you go through and carry on.

  8. MonkeyMama Says:
    1342799322

    "I'm not sure if I'm trying to rationalize taking a loan"

    I think you are - more like your family is. It seems to me to make small repairs here and there makes a lot of sense versus taking on a huge loan. I think it's all kind of relative and your family means well but is a little irrational. You have concernes about not having an honest mechanic but I think I would make it a priority to find one. There has got to be someone around that can help you reasonably maintain your vehicle another couple of years. {For reference, I have driven some pretty old cars but never been stranded anywhere??? I just think this fear is generally way overblown. One is inifinitely more likely to be stranded by a dead car battery or a flat tire - which can happen to ANY car}.

    & not to pressure you too much on the used car thing but I agree with the others on the "1 year old" models. Both our current cars were purchased around 60% the cost of new, from a dealership, only one year old. It's pretty much the only way I'd buy a car any more. {April seems to be the sweet spot for the cars we have bought - dealers eager to clear out used inventory in the spring - I've also seen some pretty awesome new car deals in April - last year's model of course}.

    Just things I would think about... You obviously have to do what works for YOU.

  9. Susan Says:
    1342803034

    There are always exceptions to the rule. Being very debt adverse as you, I can understand your hesitation and reluctance to accept your Grandma's generous offer.

    Two facts to consider: Your dad was anxious for you to have a new car for sometime now. You live in a very rural area...safety is a top priority. If you were my daughter, my advice would be for you to purchase the car.

    My deepest condolences on the loss of your father.

    Prayerfully,
    Susan

  10. snafu Says:
    1342808259

    Since your Civic could stop running at any moment you are increasing the risk of it's losing any remaining value for trade or sale. Worse yet long term, would be to throw big bucks into a fix only to trade in October. With 2013 models rolling out already, buying a 2011 should give you 2 years depreciation with some hard bargaining on your part. Would you be willing to drive a demo? Will the dealership offer 0% financing?

    I'm not sure why you are fixed on a Nissan product and presume you've compared a Toyota Corolla and Hondo Fit to your preferred Versa including warranty & epinion of current owners and perceived long term value.

  11. snafu Says:
    1342808818

    Sorry, I don't mean to seem argumentative or cranky, just puzzled by what I see as contradicting or working against yourself. Your gran is trying so hard to help you. If you bought a car now with assets you have, there is no reason you couldn't pay the remainder with grans loan in October. You usually get 30 days grace on a loan, so there would be a payment in September with accrued interest...possibly October depending on details.

  12. frugaltexan75 Says:
    1342811573

    Thank you everyone for your comments and feedback. I hope I didn't come off as rude with my note about used cars.

    MM - if it was *just* the timing belt needing to be replaced, that would be one thing. But the thing with the engine, that has been in the back of my mind worrying me ever since I was told about it. The mechanic who told me about it knew I would be leaving to another state in a few days, so had NO reason to overblow anything.

    Snafu - My preferred car would be to get another Civic. I love my Civic. But they are way out of my price range. A coworker of mine last year had a Versa and I really liked it. That, plus the gas mileage, is why I'm really wanting to go with a Versa.

    If I could find a certified used vehicle two years or less old, with low mileage, then I would be willing to look at it. As Susan mentioned, I am in a rural area, so I just don't know how likely that would be to find both a car I'd like and that is certified.

    There is a mechanic in our very small town which all the teachers at our school go to. I just don't know if the fact that all the female teachers use him makes him trustworthy - if that makes sense. I have to wonder if it is more of a convenience factor - use him rather than go 30+ miles to the big G town.

    I'm not sure where I got the idea that October is the end of the fiscal year - clearing out inventory time for dealers.

    Susan - you sound just like a number of my family members. Smile
    Having driven and ridden in vehicles with everything working in them, being able to charge my phone while driving, etc., for six or so weeks, definitely is playing into my thought process. As much as I didn't like the size of the Rogue and it's gas usage, I sure do like the creature comforts. (working radio, fully functioning windshield wipers, fully working electric locks, ability to charge phone, no inside lining flaking off in my hair or in my passengers hair ... etc.)

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]