It was just after the New Year that I got an updated statement from the title loan company and I was happy to see that the balance was finally under $500. On my next paycheck I sent them a final payment and thought good riddance. They will forward my title as soon as they have removed themselves as lien holder and I will go back to owning my vehicle outright. This debt is finally dead and this experience (life lesson?) will never be repeated. The final numbers are as follows:
Amount Financed $3090.00
Amount Paid $9983.35
Yes those numbers are daunting, but as I mentioned in a prior post part of the reason the amount paid ended up being so high was because I wound up paying late or making partial payments on so many occasions. When that happens generally they apply payments to late fees, finance charges, and interest before going anywhere near the principle just like most other debts. That is also how they make their outrageous profits, much like payday lenders.
Thinking back to the dire circumstances that led me to get this loan in the first place leaves me with mixed feelings. I did have to deal with that situation and at the time there were no better financial options available so I cannot say I regret doing it. However, I do regret not having educated myself earlier on about how to put myself in a better financial position so that the odds of me going this route were significantly reduced. Oh how grateful I am to be doing things differently going forward.
While I am happy to be done with this debt I think I expected to feel differently when it was over. This frees up so much income to throw at other debts and savings and I guess I expected to feel more inspired to pursue those goals. Instead I just feel kind of flat and like doing nothing. That is not realistic and I will not actually do that, but I am surprised to feel that way.
Toodle-oo Title Loan Torture
January 23rd, 2015 at 03:41 am
January 23rd, 2015 at 05:17 am 1421990251
It's wonderful progress, congrats Little Miss Splendid!
January 23rd, 2015 at 06:31 am 1421994665
January 23rd, 2015 at 02:10 pm 1422022244
January 23rd, 2015 at 06:22 pm 1422037340
What's next on the debt chopping block? Hmmm. I have a few debts that are under $500 that I think would make sense just to pay in full. I'm leaning toward negotiating a payment plan on the larger ones while I do that.
January 23rd, 2015 at 08:16 pm 1422044182
January 24th, 2015 at 01:35 pm 1422106511
January 24th, 2015 at 04:35 pm 1422117309
January 24th, 2015 at 08:42 pm 1422132172