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Nostradaemus t1_j6itf47 wrote

Keep the vehicle.

If no one will be driving the vehicle (family/friends) then talk to your insurance and tell them the situation. They can give you "storage" insurance (or whatever it's called), which is significantly cheaper.

Not sure if there is much you can do about the car payment. Keep the car lets you leverage your credit and begin building the credit history for future purchases.

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pmgoldenretrievers t1_j6kgrx0 wrote

Keeping a car they don't need and won't drive is a much worse financial decision than selling it for a loss.

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octotron3000 OP t1_j6itui3 wrote

Good thought, but being in the military alone will give me all the credit I need. What is the down side to owning the car outright and just keeping it as long as I can (beside the fact that it depreciates)?

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Nostradaemus t1_j6jtry2 wrote

I am in the military, doesn't give you any credit. For the most part the credit agencies have no idea what your profession is, nor do they care. When you request to get a loan they ask how much you make and that, along with your credit, is how they determine how much additional obligation against your credit they can take and give to you.

There are multiple factors to your credit, and one is a history of paying your on your credits. Starting that early is a good thing, although the car payment is probably not the best way to do so.

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octotron3000 OP t1_j6kl5n5 wrote

Yeah definitely not. Just happened to think I needed a car at the time little did I know I could live without one.

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