Daily Dupaco

Monday, June 08, 2009

Dupaco Makeover Frees Member in a Short-Term Jam

Dear Dupaco:

I'm 29-years-old and am struggling making ends meet. I was divorced a few years back and think that has hurt my ability to get good, low interest rates. I simply need a short-term loan for $2,500 so I can get caught up on my payments. Can you help?

Sincerely,

Jennifer-in-a-Short-Term-Jam


Dupaco Makeover Artist Georgia Slade (pictured left) at Dupaco's JFK location sat down with "Jennifer in a Short-Term Jam" to review her options. This Dupaco Money Makeover Story is true. Only the member's name has changed to uphold member confidentiality. This is the outcome:

After reviewing Jennifer's credit, I noticed she had two open vehicle loans at an auto finance company.

One loan was for $15,000 at 6.90% interest and the other was for $14,000 at 12.90%. She had a few bumps on her credit from a divorce a few years back, but absolutely no current delinquency and paid her auto loan payments on time.

I moved both of Jennifer's loans to Dupaco and saved her about $3,200 in interest over the life of those auto loans.

In the meantime, I also saved her $50 a month on one of her auto payments, so I suggested we take a little of that and put it in a Roth IRA. At just $10 a pay period, Jennifer will have approximately $50,000 when she turns 65.

We also opened up a checking account with direct deposit to make saving easy.

And the $50 grand happens if the 29-year-old Jennifer simply adds $10 a pay period. If she adds just an extra $5 per pay period next year, she will have about $79,000.00 at retirement.

So from a $2,500 online loan application and one email to start the conversation about her auto loans, Jennifer-in-a-Short-Term-Jam now has two lower interest auto loans, a checking account, direct deposit and a Roth IRA. Not to mention an extremely happy member who said she is going to spread the word about Dupaco.
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