Somewhat buyers remorse?

^^^No offence, but the credit card companies love this type of thinking. Pretty sure this is how 99% of people end up bankrupt. Live within your means OP.

Story time: Some of the most extreme wheelin' I do is for my work, which sometimes involves driving to remote mountaintop radio repeater sites on crap, rutted, muddy, rocky, unimproved roads in all weather. My work truck is a 2WD F350 and it handles it all just fine. Bit of wheel spin, but still gets there. The "I need a 4WD" idea is more fiction than fact in most cases.

Best advice you've been given here on TW is to ditch your new truck, ignore the perfectionist tendencies, or sense or the entitlement that has put you in debt (for a depreciating asset), and buy a cheap and cheerful used truck to see if you really like or need a 4WD. Maybe in several years you will be in a place where you can actually afford a new truck, without all the stress and risk of over-extending yourself.

 

Great response, I just hope Op takes the advice. Nothing harder than changing someones mind when they are set on a certain thing.

 

OP, my advice is to keep your current truck for a few years and pay down some of the negative equity on it. Also, since you're considering selling it anyway, you can cancel the warranties and further reduce your loan amount. Vehicles depreciate the most in the first few years of ownership and by trading it immediately for a 4wd, you're simply locking in that loss. These trucks hold their value really well after the first depreciation hit and will likely be a good trade in a few years.

On the other hand, if you trade it, you can expects something close to another $5k in negative equity added to your bill.

Having the truck you want is fun, but there's something to be said for having your finances in order as well.

 

Your warranties are a cancel able product which comes off the top if your trading it in prorated on the amount of time you had it

 

I never once mentioned my interest rate... and its way below 5 percent

 

thanks for the advice but I already said I didnt go for it. And no I dont buy parts on credit cards, sorry but your suspicion is wrong

 

depending on what it is, it still may be worth exploring other options, you may be able to score 1.9% even.

 

Who's taking out a mortgage and not using an escrow account for taxes or insurance, realistically?

I had a 200k house as a starter home with a 4.5% interest and my mortgage was 1500 so I'm gonna call BS here. You're looking at ~100k to get a mortgage near that.

 

God damn....you can't get a crack house in the Seattle area for 200k. It is insane here

 

I would tell you to come to GA but WERE FULL AF

 

Your airport is yhuge

 

Realistically how many people have an escrow account. I would even say many people have a PMI tied into their monthly mortgage payment.
Lets say you have a mortgage of $165k with 3.92% apr for a 30yr loan. Your monthly payment would be $780. Now your total cost of your mortgage would be $280,852 @ the end of loan.
The best thing home buyers can do is avoid PMI and put down the required amount for a down payment.

 

Busiest in the

 

World

 

90%+ of every loan that goes through my buddy's credit union. But, considering every single home will have property taxes and insurance does it matter if you have it paid in escrow in your mortgage payment or if you pay separately? You're still not paying 780 a month to own the home at that loan amount regardless. The taxes and insurance are still there. These claims are deceptively inaccurate.

 

Strange, I could have sworn you have to pay for insurance and taxes when purchasing a vehicle as well. Accuracy restored.

 

You can elect to pay them anyway you chose as long as you are aware of the tradeoffs, (I.e.possible higher rate) If you choose to pay them separately or combined in your monthly payment. I never said you didn't have to pay them, they still have to be paid regardless of the preferred method.

Its not deceptively inaccurate, its financial understanding.

 

I've got an escrow account. Had one for both houses actually. The banks wouldn't even consider lending the money without it to be even more honest. Eastern NC, 3/2 house, new, 1acre land (I know it's not much but more than all the big cities) and it totaled out to $115k for a 20 year mortgage. The escrow included home insurance and property taxes. Fuck the 30 year like the first house was. Smart move keeping the truck you have. I've made my fair share of piss poor decisions but the time has come to acknowledge it and move on.

 

Do you have PMI as well?

 

wasn't required. Went through a credit union. It's principle, interest, home owners insurance and property taxes. On my current house at least. The first one we had (which was in the city and a townhome which shouldn't matter but just to make things a little more clear) was required to have it, but this one isn't