Okay hotshot, pop quiz. If you had to pony up $9,600, would you want something to show for it or be empty handed?
That’s exactly what I thought. But that’s the situation we found ourselves in today after getting an appraisal from Carmax for the leased Kia Optima, the car that I said we would probably get rid of since we can no longer afford it with my unemployment benefits being exhausted.
By the way…fuck you, Congress!
Ahem. Anyway, the Carmax appraisal for x-thousand dollars left us with a deficiency of $9,600 which means that if we sold them the car for what they offered, we would be responsible for the $9,600 remaining. It would be the same situation if we sold it to a private party. The salesman told us that the best way to pay it off would be to get a loan through our financial institution.
Here’s the problem with a loan.