@js625 so, I've got about 1,600 loans, mostly of D/E grade. Over about 18 months in, i've had a grand total of 5 default to the tune of $122. I go almost exclusively for credit-card refi loans because those consumers are actually reducing their monthly debt service. I feel comfortable in this for the next 5 years or so.
@Cathy - that's genius. Are there any strings to watch out for? A blog article that's more in-depth? It sounds like something I'll be doing that in the future - my current loan has a no-prepayment penalty, so it's not too late (I bought the car ~2 weeks ago). In this case, I bought the car to move cross-country. I've been carless almost my entire life (except my sophomore year of college, when I commuted - I'm 34 now), but i figured it would have cost $2500 for a moving van/uhaul, and i'd still need a vehicle for house-hunting, buying furniture, etc. I plan on selling the car once i'm settled in. If I can sell it more about 75% of the initial value (it already had 107k miles on, at 112k it should hold value pretty well) then I won't be behind compared to using a UHaul.
@themoneybadger yes - even without any investments, I could have fit the car and insurance payment in my existing budget, which is based solely around the paycheck. And my LC money does give me a cashflow of about $1500/mo, although at present i reinvest most of it.