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Discussion Starter #1
Ok, I know Dave Ramsey says to sell your vehicles even if you're upside down and owe more than they are worth.  He says to get a loan for the difference.  Have any of you all done this?? 

We have 2 trucks.  One payment is $565 per month, the other is $232 per month.  I know, it makes me feel terrible!!  Plus he is spending about $150 per week just to make it back and forth to work.  He has an 3 hour commute.  With the gas prices so high, its getting really hard to make ends meet.  He is a bricklayer and a foreman so he "needs" a truck for work to haul things, but it comes out of his pocket, his employer just "expects" it.  I just don't know where to start, things are feeling out of control.  And now his company is having major layoffs, and my husband is worried about his job.  We have made a lot of financial mistakes, but I just don't know what to do.  We also have thought about moving but we have a first and second mortgage and I don't think we have any equity.  The house appraised really good, but I don't think it would actually sell for that much.  So we feel trapped!  We have "no" emergency fund.  I did have my $1000 emergency fund but had to use it to pay the bills. 

I just need some practical "Dave Ramsey" advice.  Please help!       
 

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We've never sold a vehicle outright and taken out a loan to pay off the balance but in our younger, stupider years we have traded a car off that we were upside down in. That meant that we added the difference to the newer car payment. That was soooo stupid....I'm really amazed that we did that. Anyway, I think it depends on just how upside down you are. Do you think it would be at all possible to run an ad for someone to assume payments on said vehicle? You'd have to be really careful and make sure that it's transferred out of your name ofcourse but if you could do that, it might be the relief that you need. Just a thought.
 

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Here's what we are doing to cut costs... first off we've never owned vehicles that we didn't buy with cash.. they weren't new, but they were good enough. DH prefers Volkswagon bugs 67-72 because he can work on em and they're cheap to run and maintain. I used to have a Geo Metro til it died. Then we broke habit and both bought newer cars (than usual) still using cash. Now we find that because they are newer he can't work on em, and they are expensive to own and run. So he's decided to sell his 99 Blazer and buy a bug. But we needed the capital to buy the bug so he'd have something to drive when he sold the Blazer.
So we took out a small personal loan (3000.00) at our bank. He can sell the Blazer for 6 or 7 thousand, pay back the loan and have money left over. This will save us tons on gas, insurance, and general upkeep.
We tried this strategy once with a motorcycle for DH (he won me over with the frugality of it all), until he was hit by a truck and nearly died.
 

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Yeah, we are dealing we the aftermath of our younger, stupider years right now! We are both 29. The one truck we aren't too bad on, we owe about $9000 and I think we could sell it for close to that. We are going to try. Thanks for the tips and suggestions!
 

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I know what you mean about employers just expecting it! My DH is a grocery store manager and his employer just "expects" him to drive long distances to pick up items if they dont come on the delivery trucks or if one of the stores runs out. no compensation for even the gas involved. One word of advice, keep a milage log and track expenses. You can deduct this from your federal, state and local taxes since the employer does not reimburse you. It helps alittle
 

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Mamaw said:
One word of advice, keep a milage log and track expenses. You can deduct this from your federal, state and local taxes since the employer does not reimburse you. It helps alittle
Does anyone know if this applies to Canadian taxes as well? DH will be needing our car for his practicum this winter and we're worried about gas.

Bright Blessings!
Aphrodite Pretty
 

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When we lived in Alberta I had leased a vehicle for 4 years, well my dh was in the military and we were posted after 2 years to Quebec and I knew that I wouldn't have a job and until we got used to the new province with different pricing etc I knew that there was no way we could afford the car payment. I went to the dealer where I leased the vehicle and told him our situation and he bought the car back from me but I had to make up the difference which was $2100. I figured that was fare enough.
Maybe you could do that too and if you didn't have the money that might be left owing to make up any difference maybe the owner from where you bought your vehicle would buy it back and lower any money left owing to a lower montly payment? Just a thought, it worked for us:)

Hugs,
Heather
 

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Discussion Starter #8
Wow Heather! That worked out pretty good for you. I guess we could always try that. We have our boat listed on ebay. If it sells we are going to take that money and try to get at least the truck with the biggest payment sold. Hubby also get a vacation bonus check in November that should allow us to make some progress also. Thanks for all the advice! I'm soaking it all in and coming up with ideas, so thank you!
 
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