Holy mother of God, I need to become a financial advisor. If it is this easy, I could make a killing.
Unless you bought the GAP insurance dealers offer. for 50cents a month i was all over that.
You might see if you can find a paco or chewie and give hime $50 and tell him the doors are unlocked.
File insurance claim, and bam, car paid off.
What kind of idiot couple goes and loses money on two identical cars, and then buys two more identical cars that they then lose money on?!?
Maybe you and your 'ol lady should put off getting married and grow up first.
^that is said very seriously.
^that is said very seriously.
- Doesn't it creep you out to both drive the same car?
- When you say "we both pay about $2000/yr for insurance" do you mean you pay $2000 each? That seems kinda high, can you shop that around? Are you on separate policies? If so, can you save money by being on the same policy? Dunno if your insurer will do that if you're not married, but they might, particularly if you're living together.
- When you say "we both pay about $2000/yr for insurance" do you mean you pay $2000 each? That seems kinda high, can you shop that around? Are you on separate policies? If so, can you save money by being on the same policy? Dunno if your insurer will do that if you're not married, but they might, particularly if you're living together.
You're kinda screwed.
I really suggest talking to somebody who knows how to manage money. Like parents or friends.
I really suggest talking to somebody who knows how to manage money. Like parents or friends.
I take it you haven't seen all the media coverage about "GiveUps" lately? 
Drive your car into lake michigan.
(Have no idea how it really works, take this advice at your own risk)
Drive your car into lake michigan.
(Have no idea how it really works, take this advice at your own risk)
you could see if you could "Sell" by finding someone to take over the remainder of the payments and take the car.
I dunno, i'm not exactly banking/loan saavy, but that's the thought that came to my mind.
I dunno, i'm not exactly banking/loan saavy, but that's the thought that came to my mind.
RossMAN
Grand Nagus
- Feb 24, 2000
- 78,855
- 355
- 136
That would not work for 2 reasons:
1) You're talking about someone assuming the loan, that rarely happens these days. The buyer would have to apply for their own loan, if approved it would payoff Redhotjrm's loan.
2) Then you run into the next problem. the buyer's bank will only lend up to 80 - 100% of the car's value which is $13,500 however Redhotjrm owes $15,900 so he has to come up with the $2,400 difference which he doesn't have.
He can get rid of the car legally but it's going to require working your ass off, saving up EVERYTHING until you have around $2500-$3000 then sell it, payoff the difference and you're done.
Please expand on your thoughts. We are very mature 20 year olds who made a financial mistake... which I am sure you have never done in your life. I posted to get advised by Anandtechers, but ignorant flamers like the two referenced above always seem to crap on threads. No loss here though!
Originally posted by: Que-TiP
god is punishing you for buying civics
=) Thank you
waggy
No Lifer
- Dec 14, 2000
- 68,143
- 10
- 81
oh my. you are not to bright are you?
didnt you think about what you were doing before you signed? why in the blue hell are you thinking of spending $10k on a wedding when you are so far in debt? do you understand what happens if they repo the cars?
you both are NOT ready for marriage. you need to do some growing up and understand how the real world works. while $10/hour is good in some places it is NOT enough to have so much debt and then throwing a 10k wedding on it. bah
IF i was you i would pay off the cars first. IF she does not like it then explain to her if you mess up your credit now it will take years to fix. bad credit means no house and can even hurt chances of some jobs.
best advice is to get a 2nd job and pay it down till you can sale it. but then that aint going to help you. you still need a car to get to/from work. so you will have to take onother loan and buy onother car. heh have fun
Agreed. Strangely enough, these two deserve each other. #1 cause of divorce is related to finances, and I can predict this couples future. Not good....
Why does every post have to start with "arE YOU two fvcking dumb or something"? How many times have I posted that I made a mistake and I am looking for financial advice. I can afford the cars, and I guarantee I know more about credit than 99/100 people here. I work for Citibank, have completed numerous readings on the calculations of the Big Three (Equifax / TransUnion / Experian), etc. I CAN AFFORD the car... I was simply asking if there was a quicker way than simply paying it down and then selling it to buy a cheaper car. Apparently the answer is NO... and therefore my original assumption is correct. So how can I not be bright? We are not getting married until we are out of college (2 years, we are both juniors) and 10k for a wedding is very mild according to the average cost of a wedding.
Read my other post. I make $10/hr because I am still in college... I'm 20. I'll be graduating in two years and I also do real estate on the side. Don't you think we already know that finances are the major cause of divorce? We don't have to keep up with the Jones'.... we are very mature, responsible, and our relationship has a foundation built on love and Christianity. What experience do you have with predicting future marriages? I am a credit card collector... I have people tell me all day long they are getting divorces b/c their spouse is not paying their bills on time. Once we get out of credit card debt, we aren't using credit cards anymore except for mileage use... (using credit card like checking account... pay all bills, make all purchases, etc with card to get miles, then pay it off with one check at end of month).
I am starting to learn that some Anandtechers really get off on the "holier than thou" theory here, but fortunately I've owned everyone so far in this thread... so please refrain from trying that tactic again. I made a mistake and I sought advice. I received good advice along with a larger reception of BS.
You couldn't sell it for $13,500, buy a car for $5000, then pay the rest($8500) on the loan? You'd still be paying $340/month but it should be paid off quickly, plus you'd save on insurance and you could put that towards payments too.
Or maybe i'm missing something, I always pay cash for cars.
Or maybe i'm missing something, I always pay cash for cars.
Originally posted by: scorp00
You couldn't sell it for $13,500, buy a car for $5000, then pay the rest($8500) on the loan? You'd still be paying $340/month but it should be paid off quickly, plus you'd save on insurance and you could put that towards payments too.
Or maybe i'm missing something, I always pay cash for cars.
Wish it worked that way... banks require the full loan to be paid before they release the title... that is why I would have to come up with ~2500 in cash if I were to sell the car for $13500.
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