Date: Tue, 25 Nov 2003 13:28:09 CST
From: BreadWithSpam@fractious.net
Newsgroups: misc.invest.financial-plan
Subject: Re: Does buying a car help build credit?
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"Brent D. Gardner, ChFC"  writes:
>   "Things Planet Earth"  wrote in message
> news:GPuwb.488578$9l5.403589@pd7tw2no...

>   > Both my wife and I bought (and leased) (1 each) vehicles last year to
>   > rebuild our credit which was bankrupt in the past with a repossesion as

>   1. Pay off the cars as fast as possible. This means accelerate payments.
> Pay extra.

ThingsPlanetEarth - did you _buy_ (with a loan) or _lease_?

A leased car is a losing game (for most folks, in most circumstance,
though, as with many things, not for all folks or for all 
circumstances).  There's probably nothing you can do about a
leased car other than either try to sell it (ie. convince someone
to assume the lease, which, nobody in their right mind is likely
to do).  If you bought a car with a loan, though, _that_ you can
pay off and be done with.  And the sooner the better.

>   3. Drive cars until they wear out. Trading every few years is a losers
> game, unless you're using them for business, or wear them out that fast.

Or, at least, only drive cars you can afford to buy with
cash and drive them as long as you like.

If the only way you can afford the car is a lease, you can't
afford the car.

If the only way you can afford a car is a loan, first - do
you have no other car at the moment that you can get by with?
and second - you still can't afford the car, but if you have
no other means of transportation to use while you save enough
to buy an inexpensive used car, do what you have to do, but
go as inexpensively as you can and start saving money.



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