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Should have done this a looooooong time ago....
Comments
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freebiequeen84 wrote: »I don't owe any money on the car - I didn't buy it. My dad bought it for me so it cost me nothing. Considering that the only cost to me is the insurance (high....but thats mainly due to my age and the amount of time I have been driving) and petrol, I don't think it is excessive.
I can see why selling the car is not an option, it would be like using your dads money to bail you out, so it is not really yours to sell yet.
One thing that you need to understand for the future when looking at assets/debts it does not matter how the assets were bought or the debts inccured, when you do the net trade offs, any debt you have is the equivilent of borrowing the money to buy any of the assets you have.0
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