Written and Sung by: Damien Daniels
Mixed by: Tomiko

Cant Afford Love - Damien Daniels

In this episode of Making Cents of Money, we discuss the costs of car ownership and the impact it could have on your budget. Are you ready to see if you’re prepared to purchase a vehicle? Tune in to learn more.

Show Notes: 
 MCOM Episode 74: Credit Reports Update: https://soundcloud.com/idfpr/episode-74-credit-reports-update?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing
MCOM Episode 70: The Impact of Compound Interest: https://soundcloud.com/idfpr/episode-70-the-impact-of-compound-interest?utm_source=clipboard&utm_medium=text&utm_campaign=social_sharing
Comparing Commute Costs Calculator: https://bicycleuniverse.com/car-free-millionaire/ 
Calculating Cost of Ownership 
•	Edmund’s True Cost to Own ® Calculator: https://www.edmunds.com/tco.html 
•	What Is the Total Cost of Owning a Car? via NerdWallet: https://www.nerdwallet.com/blog/loans/total-cost-owning-car/ 
•	Illinois Tollway Trip Calculator: https://ua.getipass.com/trip-calculator  
Can Your Budget Handle It? 
•	Budgeting & Financial Planning episode list for Making Cents of Money: https://on.soundcloud.com/CJbxcrPsLRzCXVW78  
•	Budgeting Web Page from University of Illinois Student Money Management Center: https://www.studentmoney.uillinois.edu/learn/budgeting  
•	You can also use something like this budget worksheet from the CFPB: https://files.consumerfinance.gov/f/documents/cfpb_well-being_monthly-budget.pdf 
Manufacturer vs Extended Warranties 
•	CFPB Article, “What is the difference between a manufacturer’s warranty and an extended vehicle warranty or service contract?”: https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-a-manufacturers-warranty-and-an-extended-vehicle-warranty-or-service-contract-en-825/ 
Title and Registration 
•	ILLINOIS Registration Renewal and ID Cards: https://www.ilsos.gov/departments/vehicles/title_and_registration/regid.html  
•	FAQ on Title & Registration in Illinois: https://www.ilsos.gov/departments/vehicles/faq.html 
•	Buying or Selling a Used Vehicle Pamphlet from IL Sec of State: https://www.ilsos.gov/publications/pdf_publications/sos_dop141.pdf  
•	Seller’s Report of Sale Form: https://www.ilsos.gov/publications/pdf_publications/vsd703.pdf  
Don’t Forget Monthly Costs 
•	Edmund’s True Cost to Own ® Calculator: https://www.edmunds.com/tco.html 
Two Types of Financing 
•	CFPB’s Take Control of Your Auto Loan Guide: https://files.consumerfinance.gov/f/documents/201606_cfpb_take-control-of-your-auto-loan-guide.pdf 
Know Your Resources  
•	Kelly Blue Book: https://www.kbb.com 
•	NADA Guides: https://www.nadaguides.com/Cars 
•	Edmunds True Market Value: https://www.edmunds.com/tmv.html 
•	CarFax History-Based Value: https://www.carfax.com/value/ 
Research & Compare  
•	CFPB Auto Loan Worksheet: https://files.consumerfinance.gov/f/documents/201606_cfpb_auto-loan-worksheet.pdf  
•	CFPB Site on Auto Loans: https://www.consumerfinance.gov/consumer-tools/auto-loans/  
•	FTC Used Cars Site: https://consumer.ftc.gov/features/used-cars  
•	Prioritize debt repayment: https://powerpay.org/  
Auto Loan Calculator Examples: 
•	NerdWallet Car Loan Calculator: https://www.nerdwallet.com/blog/loans/car-loan-calculator/  
•	Bankrate Auto Loan Calculator: https://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx  
Know Your Credit  
•	Get Free Weekly Credit Reports from Equifax, Experian, & TransUnion: https://www.annualcreditreport.com/ 
•	Ep. 74 – Credit Reports Update: https://blogs.uofi.uillinois.edu/view/7550/1222872163  
Insurance 
•	State of Illinois Mandatory Insurance: https://www.ilsos.gov/departments/vehicles/mandatory_insurance.html  
Tips to Protect Yourself 
•	FTC article: “Put the brakes on phony online car sales”: https://www.consumer.ftc.gov/blog/2019/06/put-brakes-phony-online-car-sales 
•	Buying a Used Car from FTC: https://www.consumer.ftc.gov/features/feature-0040-used-cars 


Episode 98: Costs of Car Ownership

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Singer, Songwriter, trying to get myself noticed. mainly R&B and soul, but i do all sorts of music! Can link up for collabs and other business inquires @bobhemothtv@gmail.com

New tracks tagged #afford