With the line of work that I do with loans and finance, I like to point out the bad deals that people get into so it can be a learning experience. So people can know not to just sign on the dotted light and to fully understand what they are getting themselves into financially. But I myself may be one of the very people I’ve posted about on here.

Flashback about 3 years or so ago now. I was still in college and a young dad working pretty much full time at Panera Bread. California’s minimum wage hadn’t gone up yet, and I had been working there already over 2 years. I was making just under $10 bucks an hour. But I was working crazy long hours at a place that wasn’t supposed to be a full time job. I was both a trainer and over inventory. So I had the opportunity to save for a car down payment.

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I lived a little over 5 miles from work. I even walked there once. But I took the bus since there was a bus stop 3 minutes walking time from my house. It was a long bus ride. I had no problem taking the bus. Im in favor of public transit and I don’t look down on those who do. But I NEEDED a car. It wasnt a matter of want.

I ended up buying the S Type R that Im sure most of you are aware was a shit show. After that I realized I needed something more practical and reliable. Thats how I wound up at Hertz Car sales signing the papers on a 2013 Chevy Sonic hatch with 51 thousand miles for the on sale price of $9800 (down from almost 12 grand at the time).

I thought, and still think I got an ok deal monthly wise. I pay $200. But I’m probably in bed with the other deals I’ve posted here. My credit was nothing special at the time. So I put $2500 down and got financed for 72 months at the above mentioned $200 a month. But my APR is about 16 or 18%.

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Fast forward to today, and with my car payment coming due, I’ve paid it down right under 6 grand. I estimate I’m underwater anywhere from $3-$4 grand. Not too bad I think but could be way way worse. But I just thought I’d share that with you guys and see what you’re opinions are on my auto loan. Ask anything or comment anything you’d like.