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April 07, 2006
Tommorrow - The Truck Lease is Gone!
Here I go - Is it a foolish move - Sure is going to be a relief - These are just some of the thoughts rolling through my head right now.
The wheels are in motion, a final call to my banker about breaking my lease via a voluntary repossession - I am told this will put an R8 on my credit file which means it is a voluntary repo, I spoke with Trans Union about this. The rep that I spoke with has seen this a few times in his job.
Again, I must mention that if you are going to consider an action such as this that you make sure your banker is keeping detailed notes of all transactions and moves that you are making. Be sure everything is captured on file at your bank as a repo will leave a blackmark on your credit rating.
Here are my next steps:
1. Purchase a fuel effecient car
2. Finance the car - Mainly to keep my credit in some kind of good standing
3. Drop off truck
I may contact my banker one last time for to secure a mortgage for an investment property prior to dropping off the truck. The goal is to keep spending the money that I was spending on the Avalanche only spend it wisely on an investment property - Something that will generate positive cash flow and increase in value.
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