re: I need some advice from the financial gurus

quote:

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I just purchased a used vehicle from a relative but had to borrow the $10K from my parents and will pay them back when I sell my vehicle. I’m actually downgrading vehicles to try to help with the finances. I still owe $5,200 on the Tahoe that I’m selling, but i’m hoping to sell it for about $14,000. I will pay my parents back the $10,000 I borrowed from them for the new vehicle (and come out of pocket for the remaining balance).

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I'm trying to understand what your thinking is/was here. You only owed $5,200 on your Tahoe but you decided to borrow $10,000 from your parents to buy a car from a relative and "come out of pocket for the remaining balance"...how much is the remaining balance? What was the total price of that car you bought from the relative?

I'm not understanding why you wouldn't have just paid the $5,200 left on the Tahoe? Yeah, you might can sell it for 14K but what if you don't get 14K? What were trying to accomplish doing all this? You said you were downgrading, but you just went into more debt. How much was the car you bought from the relative?