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octotron3000 OP t1_j6it68r wrote

Reply to comment by looncraz in I have a financed car and less than 30 days before navy basic training. by octotron3000

I've only had it since September, is it too early, could anything in my contract prevent this.

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HitsquadFiveSix t1_j6jatbl wrote

Wherever your payments go to you can view a copy of the promissory note and that would tell you it's a loan. If it's a lease then you will have access to the contract from wherever your payments go to and the contract would tell you 'lease' or not

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looncraz t1_j6iy7lp wrote

It's not a lease, right? Only you know the terms of your loan, but I would be surprised if it prevented you from selling the car and paying off the loan early.

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octotron3000 OP t1_j6izj47 wrote

What is the difference between a lease and loan? And where on my paperwork would thus be specified?

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iluvcats17 t1_j6mklgj wrote

Why would you buy a new car in September with plans to enlist? This is not logical. Adjust your thinking going forward so that you can get ahead in life.

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octotron3000 OP t1_j6n0kq5 wrote

Figuring out a new car was a scam was my final straw to make me want to join, I want financial dependence and the guidance to make the right decisions. I'm tired of being a stupid civilian.

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iluvcats17 t1_j6n7gl1 wrote

That is good to hear that you are changing your money mindset. I would just continue making the minimum payments for now. Once you receive your enlistment bonus, pay down your loan to what you can sell the car for. Then sell your car.

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octotron3000 OP t1_j6nw72a wrote

I think this is going to be my best option and also the last time getting a loan for anything, I'm ready to simplify my life, I can't wait for the options I get from the military, thank you for your suggestions. I hope I never need to make a post like this again.

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