Confessions of a Laid-off Lawyer

Just Your Average Joe Blogging Away His Debt—In One Year or Less

Fifteen Days

with 2 comments

Total Black: $890.88
Total Red: $243,714.55

Today I attended a young professional’s networking event for the St. Croix chamber of commerce.  It was enjoyable and gave occasion to meet a number of local professionals and to hobnob a bit.  Naturally the requisite prefatory questions ensued: what do you do?  where are you from? when did you get here?  “Fifteen days ago,” I said. 

That wasn’t exactly correct.  I arrived on the 31st of May.  I started work immediately thereafter.  So, technically it’s been eighteen days.  But fifteen just came out as I spoke; close enough.  But the point to be made is this: its only been a bit over two weeks that I’ve been here.  It feels so much longer already.

I’ve witnessed a full criminal trial from start to finish.  I’ve pretty much traversed much of the main roads of the island.  I’ve started reviewing my case load and getting a handle on the materials.  My apartment is fairly established; I need a few more items—a bucket to mop the floors, more food, spices, a colander, and so on—but mostly I’m set.  As I mentioned back in A Few Remaining Wrinkles, all that remained was a car, switching my driver’s license, and getting registered to vote.  Today I put $2,500 down on a car.  A 2009 Jeep Wrangler.

I was approved for an auto loan.  I don’t have all details just yet but I’ll need to put $9,500 down, $1,500 of which will come from some rebate.  With the $2,500 down already, that leaves $5,500 left.  The auto loan monthly payment will be about $475 a month.  Total cost before the rebate is about $25,000.  It was no easy sell to saddle myself with an approximately $25,000 loan, on top of all that I have above.  But, after talking it over with my mother, we decided it was better to buy a brand-new car, because it should be easier to sell next year, should I need to sell it—rather than take a risk with a used car.  Last thing I needed was to have bought some lemon and have my brakes fail while I’m winding my way down the mountain I live on.

But this isn’t completely a net loss as finances go.  An auto loan should provide an opportunity to help repair my credit.  Steady, monthly payments to any credit lender looks good.  And where possible I’ll pay more each month so as to pay this debt down as quickly as possible. When I can pick up this car is a bit up in the air as the financing my mother has applied for is still pending.  Hopefully soon because I had to re-rent the rental car a few days ago and that cost me $650 since I was stuck having to use my debit card—not that bad all in all as Budget requires debit card renters to take full insurance out on the rental.  I’d rather be over-insured than under-insured.

Fifteen . . . er . . . eighteen days in.  Nearly everything in place.  Not bad all things considered.  Now for that part-time job.

Written by Laid-off Lawyer

June 17, 2010 at 23:25

2 Responses

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  1. Hey, what’s done is done, so I won’t harp on the decision to pony up for the car, and I also understand the feeling that you were in a position without a lot of time to figure out a better option.

    Also, in the big scheme of things, I suppose another $15,000 or so borrowed now doesn’t amount to much. Keep in mind, the salt air down there f’s up vehicles pretty bad. Find out if living there doesn’t affect the manufacturer’s warranty somehow!



    June 24, 2010 at 15:13

  2. Debt fail *facepalm*


    June 24, 2010 at 18:36

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