Upside down on van-need gap loan to cover selling it off
| Listing Information | |||
|---|---|---|---|
| Amount: | $4,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 50% |
| Lender Rate: | 17% | Borrower: | morg770 |
| Finished | State: | OR | |
| Funded: | 100% | Group: | Small Business & Self Employed |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-05-15 | EricsCC ROI: | 16% |
| Status History | |
|---|---|
| May 13, 2007 | Current |
| Mar 15, 2010 | Payoff in progress |
| Mar 20, 2010 | Paid |
|
Purpose of loan:
I intend to use this loan to cover the difference between what I owe on my 2 year old van and what I can sell it for, and have enough to buy a $1000 car. My financial situation: I am currently working to eliminate all my debt, but my biggest hurdle is the van that I bought new 2 years ago. I have not borrowed anything since that purchase, and have closed my credit cards and am snowballing the debts. I even have a roommate who is adding $450 to my income, because I want this debt gone. This will also significantly reduce my income to debt ratio ($4000 is better than $16,000 that the van's note is for, on a vehicle that's only worth $12,000, yuck!) My monthly budget: Mortgage/rent: $902.51 (minus the $450 from the roommate) Insurance: $65 Car expenses: $440 (340 of which is car payment) Utilities: $120 (half paid by roommate) Phone, cable, internet: $30 phone, 50 for cable and internet combined, sell on Ebay so I need the internet and can't get just the internet alone Food, entertainment: $50 Clothing, household expenses $50 Credit cards and other loan payments: $450 (remaining balance on the credit cards and student loan) Other expenses: $ --------------------------------------- Total monthly expenses: $2157.51 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 128214 | Upside down on van-need gap loan to cover | C | $5,000 @ 18% | Apr 24, 2007 | Withdrawn |
| 264422 | Paying off the credit cards | C | $12,500 @ 34% | Jan 13, 2008 | Expired |
| 270578 | Paying off HSBC, as settlement in full | C | $6,000 @ 24% | Apr 09, 2008 | Withdrawn |
| 310038 | I'd rather pay Prosper lenders than HSBC | C | $6,500 @ 35% | Apr 14, 2008 | Expired |
| 353315 | Need to get the car repaired | C | $3,500 @ 30% | Jun 19, 2008 | Withdrawn |
| 354338 | Need to get the car repaired | C | $1,750 @ 18% | Jun 20, 2008 | Loan created |
| 451124 | Rather pay Prosper people not banks | C | $6,000 @ 35% | Mar 19, 2010 | Withdrawn |
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