The Sad Truth About Buying Cars as J1 Visa Holders

CREDIT!

Scenario: You are a J1 visa holder, and you bought a CAR on credit. Sadly, it is now your 5th year in the program, and now you have to go back to the Philippines.

The nice thing about being in the US is that you can visit a car dealer and drive home with a brand new car - even J1 teachers can do that! - all on CREDIT! 

You paid for years (it takes 5-7 years to pay a car in total depending on your monthly payments), but now you have to go home - your J1 visa program ended... 

What happens next? What are your options? 

1. Sell it or have another person continue your monthly payments. 

2. Do voluntary repossession or surrender. https://www.nerdwallet.com/article/finance/voluntary-vehicle-surrender. This will hurt your credit score. 

3. Involuntary repossession- abandonment. Leave it and the bank will repossess it in time. This will hurt your credit score big time! 

Buying a brand new car on credit is a waste of money esp if on J1 visa. 

It is a headache to buy anything on credit, especially if you can't pay it in full before the end of your J1 visa program (yes, including credit card payments)! 

BEST OPTION for J1 visa teachers: - buy second hand, pay in full! 

Teachers think before spending your money! Be wise with your money and always remember the J1 program is temporary! Saving money for five years, being prudent, and using your money wisely may seem crazy and seem impossible to do. Still, I commend those who can stop themselves from spending unnecessary things - now they reap the fruits of their efforts! 

The J1 program is life-changing. You will learn a lot about yourself in the process. And you will be surprised by how America will mold you for five years! 

Will you end up a failure or a successful one? 

From my data, the most successful ones have hundreds of thousands or million pesos saved or houses, cars, debts paid off in the Philippines, thriving businesses, or earned additional educational achievement, and families are intact! (Truth be told!) 

These teachers can overcome and go back home proud and happy of their genuine accomplishments (their "biggest why" accomplished!) 

Think: Is the program worthy? How has the program shaped you? Are you a better person now? When will you stop playing a victim, pointing fingers, blaming people, and start being responsible for your choices? 

Time to GROW up, teachers! Teachers!