Need some finacial advice

[FDF12389]

Originally posted by: Playmaker

Originally posted by: FDF12389

Originally posted by: Playmaker
Unless I'm reading your OP wrong, you owe $8k on a (used?) car you paid $12k for 10 months ago? How far upside down could you be?

About two grand :/ Keep in mind 1300 of that is cosmetic repairs needed.

That's tough if the LoC on your CC is the only way you can cover the difference. I'd live like a pauper and save for a couple months to make sure you have the cash to pay it off without taking on more debt, assuming you can't get some short-term money from family and you really want to cut down that insurance premium.

I also think you and many of the posters here are exaggerating your situation. If you're netting $600/week, your debt situation as a 20 year old STUDENT isn't that bad. And with a meager $50/month budget for going out (how sustainable is that, though?) and impending free rent, you're fine with the ridiculous insurance payments for the short-term.

I know I'm not in a bad spot now, but I was before. Mainly because I did not get dental insurance and wound up with a mouth that cost me 2300, that went on the credit card, that was after I had bought furniture with the credit card, then it all just seemed too large to crawl out of. I think im doing pretty good right now though, but I still want to get rid of the car.

 

[arkcom]

I'm pretty sure no matter how insured your garage is, you will still need full coverage.

 

[boomhower]

Originally posted by: arkcom
I'm pretty sure no matter how insured your garage is, you will still need full coverage.

This is correct. Get out your loan contract and take a look, you have to keep full coverage for the duration of the loan regardless if its parked or not.

 

[FDF12389]

Originally posted by: boomhower

Originally posted by: arkcom
I'm pretty sure no matter how insured your garage is, you will still need full coverage.

This is correct. Get out your loan contract and take a look, you have to keep full coverage for the duration of the loan regardless if its parked or not.

I bank with navy federal, I have already called and asked, they allow you to keep it in a insured garage without keeping insurance. I'm sure its because they have a lot of customers that get deployed. Regardless I think I am just going to sell the car and use my credit card for the difference.

 

[richardycc]

unless I am reading it wrong, but $600 a week take home(thats after taxes, etc) thats like $900/week, so almost $47000/year and you are only 20y.o, wow you are doing a lot better than a lot of us when we were 20. So what's the problem???

 

[nerp]

Originally posted by: alkemyst

Originally posted by: nerp
278 for car insurance a month! OMG. I drive a brand new car (financed with 0 percent interest) and I pay a fraction of that. Pays to not be 20, I guess.

I don't get you guys...did your parents cover everything growing up and you never looked at it.

My insurance was paid for by my parents. On a 1966 Mustang GT and a 1988 Mustang GT from about 18-23ish my insurance for non-full coverage was $225-250 with State Farm and then Progressive back in 1990-1995...

some areas/vehicles are simply more expensive.

I drove a piece of shit $500 beater and paid my own insurance starting at 18 years old. My parents paid for driver's ed, that's about it! I worked at Newport Creamery starting at 15 years old and the money I didn't spend on eighths of schwag, I put into a car fund! 🙂

Insurance wasn't too high for me except for a brief period during which I got a few speeding tickets. I managed to move to boston when I was 20 and lived there for three years and my record was spotless when I returned to RI. I drove another couple beaters before buying new cars so by the time I was financing new vehicles with total coverage, I was about 25ish. Worked out pretty well and I suggest nobody finance a new vehicle until the insurance is no longer assrapage.

 

[FDF12389]

Originally posted by: richardycc
unless I am reading it wrong, but $600 a week take home(thats after taxes, etc) thats like $900/week, so almost $47000/year and you are only 20y.o, wow you are doing a lot better than a lot of us when we were 20. So what's the problem???

Problem is I have been making that much money for about 22 months and have nothing but debt to show for it.

 

[richardycc]

Originally posted by: FDF12389

Originally posted by: richardycc
unless I am reading it wrong, but $600 a week take home(thats after taxes, etc) thats like $900/week, so almost $47000/year and you are only 20y.o, wow you are doing a lot better than a lot of us when we were 20. So what's the problem???

Problem is I have been making that much money for about 22 months and have nothing but debt to show for it.

you are not telling us the whole story then, with your rent, insurance, car, thats only like 1000-1200/month, you should have about $1200 every month for foods, monthly essential items, etc...do you spend that much on hookers and blows every month?

 

[dullard]

Well, your mistake is obvious to you now. Sure, you got that car you wanted when you were young, but people ususaly suffer when they do so. But your current problem just isn't obvious to me. Unless your college has massive tuition, it appears that you have enough income to cover your debts:

Your take home is $600/week * 4.35 weeks per month = $2600/month.
Your bills are roughly: $550 (rent) + $100 (electricty/gas utilities) + $300 (insurances) + $400 (car payment) + $300 food. That adds up to $1650/month. You should be having an extra $1k/month even while renting and almost $1600/month extra while living at home. That will pay for many colleges, no student loan needed. Are you attending a really expensive college?

Or, are you wasting a lot of money on wants. Are you paying $100/month cable TV, $50/month internet, $75/month cell phone, $300/month entertainment etc? If so, cut those out for a couple of months. Yes, it'll be painful for a week or two. But they are always just wants, not needs. Financial problem solved.

 

[CRXican]

Originally posted by: FDF12389

Originally posted by: richardycc
unless I am reading it wrong, but $600 a week take home(thats after taxes, etc) thats like $900/week, so almost $47000/year and you are only 20y.o, wow you are doing a lot better than a lot of us when we were 20. So what's the problem???

Problem is I have been making that much money for about 22 months and have nothing but debt to show for it.

I hate you