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Lobby General Discussion topic #13432445

Subject: "** CONFESSION WEDNESDAY **" Previous topic | Next topic
Geah
Member since Feb 16th 2007
48311 posts
Tue May-11-21 11:30 PM

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"** CONFESSION WEDNESDAY **"


          

@geahuwine

  

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Topic Outline
Subject Author Message Date ID
my yearly income just dropped 5k
May 12th 2021
1
cashing out the equity? I’m confused
May 13th 2021
2
      yeah
May 13th 2021
5
           damn.. that’s crazy.
May 13th 2021
6
Craziest turn yet.
May 13th 2021
3
We have a new leather couch
May 13th 2021
4
User culture is so rampant in the black community
May 13th 2021
7

mista k5
Member since Feb 01st 2006
14437 posts
Wed May-12-21 10:56 AM

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1. "my yearly income just dropped 5k"
In response to Reply # 0


  

          

not really but i had a number in my head that was wrong for like the past year lol. i get paid twice a month. so at some point last year i took my check amount and multiplied by 26 and was happily surprised at how much i was making lol

since ive been looking into refinancing my car ive had to provide income information and when i did the math right i was like wait a minute. that's when i realized how i had messed up my previous calculation. still sucks but at least its not actual money lost lol

if i refinance to get a better rate and dont extend my term how long do i need to wait to do another refinance and cash out the equity (if i decide to do that). i got an offer both ways but im thinking i want to hold off on cashing out the equity. im still also considering trading the car in instead. i figure it would be smart to refinance to drop my rate from 6.5 to 3.5 in the meanwhile but dont know if that would mess up my options for trading in/cashing out in the next few months.

  

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legsdiamond
Member since May 05th 2011
71944 posts
Thu May-13-21 08:04 AM

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2. "cashing out the equity? I’m confused"
In response to Reply # 1


          

you want to take out a new loan and pocket some of the cash?

I got a personal loan and paid off my car and a credit card and had a little left over but technically I’m still paying for the car. Just a better rate. It definitely helps your credit to pay off those balances (it dips first but then it jumps)


I dont think “cashing out the equity” of a car loan is something you can do.

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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mista k5
Member since Feb 01st 2006
14437 posts
Thu May-13-21 12:51 PM

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5. "yeah"
In response to Reply # 2


  

          

https://www.creditkarma.com/auto/i/what-is-cash-out-refinancing

i looked into options to refinance and i could save around $400 if i pay more per month and get a better rate. if i borrow the cash it will end up costing me up to $600 more than leaving things as is. i think that was with gap insurance too.

  

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legsdiamond
Member since May 05th 2011
71944 posts
Thu May-13-21 01:01 PM

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6. "damn.. that’s crazy. "
In response to Reply # 5


          

CK is what I used to apply for a personal loan. I don’t think they had that option available.

my personal loan’s apr was lower than my car loan because my credit was trash when I got my car.

so paying down credit cards and having more flexibility was a plus. I paid less over the life of the loan but I def needed that stress removed.

You just reminded me I need to get more aggressive repaying this loan.

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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Castro
Charter member
49977 posts
Thu May-13-21 12:04 PM

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3. "Craziest turn yet."
In response to Reply # 0


  

          

Thinking I'm living like Gordon Parks, only to realize its more like Bobby Womack.

------------------
One Hundred.

  

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legsdiamond
Member since May 05th 2011
71944 posts
Thu May-13-21 12:22 PM

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4. "We have a new leather couch"
In response to Reply # 0


          

and it has duel recliners.

My inlaws have a theatre type room with recliners. So we did the same thing.

and just like my FIL, I fall asleep in that shit often.

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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Binlahab
Charter member
182854 posts
Thu May-13-21 03:28 PM

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7. "User culture is so rampant in the black community"
In response to Reply # 0


  

          

Shits pathetic

I'm not paying for you to eat and enjoy yourself on my dime. You ain't that fine.

People get legitimately mad at you for not allowing them to use you on some how dare you not spend your money on me shit

It's absurd

  

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