Ya, don't get the loan before the cars are sold. We're on the same page, I think. Say he sells car 1 for $24,000 and car 2 for 15,000. He'd get a personal loan from his bank for $4,500.00 to cover the difference so he could release the titles. At that point, he'd apply his car payment sized payment (at least $1,200.00) to the smallest debt and knock it out real quick, while making minimum payments on the other two. Once one is knocked out, go to the next. This route, he's debt free in less than a year.
This is common sense here to tell you you make zero sense, again.
Card#1 $9,000
Card#2 $5,000
Loan to cover the assumed negative equity = $4,500(which is WAY optimistic but I'll bite)
That is $18,500 of debt in small loans and no car payments any more. Dedicating $1,200 per month to this debt will get him out of it at 15 to 18 months depending on the interest amortization is on the loans.
Not to mention he now has to come up with funds for other transportation etc etc etc.....
According to your flawed math he will be now 18,500$ in debt, at 1,200$, he will be debt free in 15 months(AT MOST OPTIMISTIC BEST WAY) which happens to be well over a year. Your blind optimism is nice but wrong. He will not be out of debt in "months"......:rollseyes
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