Many of us have fallen prey to the pressures of a conglomerate car retailer, including myself. In 2011, I walked into a Toyota (TM) dealership with the sensible goal of simply checking out the merchandise. My lease was drawing to a close, and I wanted to see what my options were. Instead, I got caught up in the allure of shiny metal and, to my surprise, ended up leaving the lot with a new car.
Two years later — after the excitement of new car keys clinking in my purse faded, along with that new car smell — I realized that perhaps I hadn’t made the best financial decision. I admitted my error and dealt with the mixture of guilt and frustration. Then I got motivated.
The first thing I did was consult a financial expert who specialized in car loans. I soon discovered that not only was I upside-down on my outrageous seven-year loan (yes, seven), I was going to overpay by thousands of dollars if I kept it. Knife to the wallet.