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Continuing to fix car or replace

Old 06-15-2017, 04:36 AM
  #31  
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Originally Posted by swaayze View Post
Why should he be concerned with bankruptcy? Given his wise decisions so far and intent to never borrow again (and assuming he has appropriate LTD and life insurances), he is well set. The only reason to file bankruptcy is to avoid paying creditors (and/or employees, even though you have billions in the bank - but I digress) - he's unlikely to ever have any creditors again if he stays disciplined.
Medical. 62% of bankruptcies in the United States are due to medical expenses, and 72% of them had health insurance.
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Old 06-16-2017, 07:07 AM
  #32  
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Fair enough. I'm all for planning for the worst, but at some point you've got to just set yourself up reasonably for success and if the catastrophic happens then all bets are off anyway (unless you're able to amass millions perhaps).
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Old 06-17-2017, 06:13 AM
  #33  
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How f'd up is this?

I work my balls off to pay off my mortgage in just over 5 years (paid it off back in March). My credit score drops 27 points.

Not that I'm planning on borrowing money ever again and it is still over 800 even with the drop but WTF??

I'm beginning to think my airport bum friends are right when they told me not to pay it off and take a loan on a bird dog. They tell me I'm "unamerican" for being debt free.
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Old 06-17-2017, 11:41 AM
  #34  
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Originally Posted by Sam York View Post
How f'd up is this?

I work my balls off to pay off my mortgage in just over 5 years (paid it off back in March). My credit score drops 27 points.

Not that I'm planning on borrowing money ever again and it is still over 800 even with the drop but WTF??

I'm beginning to think my airport bum friends are right when they told me not to pay it off and take a loan on a bird dog. They tell me I'm "unamerican" for being debt free.
If it is still over 800 you will not have any trouble getting a loan.

Relax. Seriously, relax. You are fine. They system is weird, but then it is not really designed in a way that the difference between 800 and 827 means anything.

If you want to feel American go have a Value Meal at your fast food restaurant of your choice. Get the large fries. Or find a gym on the second floor and take the escalator.
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Old 06-17-2017, 03:44 PM
  #35  
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Been where you are myself.
Also, with a house full of boys, car repair was part of growing up in our home.

We've had 5 Subarus. Prolly too late to tell you to avoid the 4 cam 2.5 motors, but you can swap a 2.2 into that outback. Only issue will likely be exhaust. The 2.2 is very reliable.

Last valve job my son and I did on a Suby cost us about 700 for parts/machine work on heads. Yours should be less if you don't have bent valves to replace.

After you fix it, drive it till the other car is paid off, then sell it before you have to work on it some more.

Subarus built to be easy to work on....because they have to..... be worked on.
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Old 06-21-2017, 01:36 PM
  #36  
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Originally Posted by CrimsonEclipse View Post
End of thread.

Hondas and Toyotas are indestructible.
Make sure it is one of their international export models. You will have better access to parts and good used Japanese engines and transmissions than any domestic. I doubt many airline pilots will buy a used Camry because it's the cheapest thing to keep running for the next 20 years.
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Old 06-22-2017, 07:50 AM
  #37  
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Originally Posted by Sam York View Post
I work my balls off to pay off my mortgage in just over 5 years (paid it off back in March). My credit score drops 27 points.

......

I'm beginning to think my airport bum friends are right when they told me not to pay it off and take a loan on a bird dog.
Ha, yeah. You lost a lot of seasoned "available credit" with low usage near the end of your loan, so down it goes. You could look into a no or low cost HELOC - that would boost your score if unused (not that you should give a rip, as you mentioned).

You could also use it to fund the Bird dog (fun airplane, towed gliders and banners in one for a few hundred hours many moons ago) in a tax deductible manner. (And, imo not the worst thing in the world to have that ability if you come across the right one with little time to act). While I am generally anti-debt, a cash out refi or heloc, at today's low rates, are kinda hard tax-deductible options to dismiss easily.
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