Streamlining lifestyle to move on!
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 12% |
| Lender Rate: | 16% | Borrower: | ChicagoRob |
| Finished | State: | IL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-08-23 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Aug 28, 2007 | Current |
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Purpose of loan: The purpose of this loan is to help me get rid of my car. I am upside down in my car loan; this loan would cover the difference so that I can be finished with a car payment. The offers I've received from dealers and private party create a difference of $6500-7000 in my payoff amount, which is where this loan comes in. In the past year I've gone through a divorce. I was living in the suburbs before and needed a car when my wife and I separated so that I could transport my daughter around and because we lived in the suburbs. My ex-wife moved out of state. I just moved back downtown. I don't drive my car at all. I didn't even drive it in the suburbs that often (bought it in Dec 2006, it has 3500 miles on it). I am looking to streamline my lifestyle and expenses. I moved downtown, right up the street from my office, and am looking to be done with a car payment. Through the divorce, child support, and move, I don't have the extra funds to complete the sale of my car at this time. I would rather pay a smaller loan and be finished with parking costs, insurance, and the payment for a car I don't drive. This is the last step for me to start the rest of my life, and be financially set to pay off credit cards, and to visit my daughter (who I need to fly to see). Thanks for your time, and your consideration! My financial situation: I've been with the same company for over 7 years. With that company I've progressed from having my foot in the door as an assistant, to an Account Executive, and now to a Team Manager. I manage a team of 10 people for the Chicago office of my company. It's very stable, and I am secure in my position due to the seniority of I have in the company, and with the success I've had. My annual salary is $113,000. I will get another raise at the beginning of next year and am looking to be in the $122K-125K range. I have some debt, but with being done with the auto payment (and everything that goes with it), I'll be able to start paying that down rather quickly. The past year has been difficult with the divorce, getting used to child support, but I'm looking towards moving forward. Since I won't have the $450 payment for the car a month, the parking charges, the insurance or the gas, I should have no problem making the payment to repay this loan. I've never been late on the auto loan or my student loan from college for 5 years +. Monthly net income: $ 3300 (after child support and daycare costs) Monthly expenses: $ 2665 (approx 2000 after car is sold, extra $$ to pay loan, and pay down credit cards) Housing: $ 1100 ($1000 after I sell) Insurance: $ 50 (will just have renters, $5-10 a month, after I sell) Car expenses: $ 500+ (won't have this when I sell) Utilities: $ 30 Phone, cable, internet: $ 85 Food, entertainment: $ 200 Clothing, household expenses $100 Credit cards and other loans: $ 600 Other expenses: $ child support, this is taken out automatically and reflected in net income amount |
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