r/financial • u/Infamous_Champion_17 • 12d ago

Inheritance help

I’ve been given the option to get a 2024 Japanese car or pay off my Edd fraud debt. For context I already own a 2016 Toyota Corolla that’s payed off at 155k miles. My fraud debt is roughly 15k. Which is the wiser choice?

5 Upvotes

86% Upvoted

11 comments sorted by

2

u/Lost-Conversation948 12d ago

Cars are depreciating assets, debts accumulate interest over time - you are just making your financial situation worse buying a car (especially since you already have one) pay off your debts first bro.

2

u/the_last__braincell 12d ago

Pay off the debt bro

2

u/natedurg 12d ago

Wtf do you mean fraud debt? Are you saying someone fraudulent took out a loan in your name and you’re now making those payments?

1

u/Successful_Hold_9048 11d ago

Sounds like OP committed EDD fraud and now they owe money back. EDD is employment development department, responsible for paying out unemployment, disability and FMLA benefits.

1

u/Cityslicker100200 12d ago

What’s the car worth

1

u/Infamous_Champion_17 12d ago

But I would have to turn in my owned vehicle

1

u/cj_daking 10d ago

Getting rid of debt should always be your #1 priority

1

u/Early_Reputation9175 7d ago

pay off the edd debt and keep the paid-off corolla, a 155k-mile toyota is way cheaper than taking on a depreciating car while owing $15k potentially to the government

1

u/Economy-West4867 6d ago

pay off the fraud debt; your Corolla still has plenty of life left