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New Contributor
Posts: 66
Registered: ‎10-30-2011
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Re: Need advice...Please be nice

Since you are no longer upside down on your loan, it would make a lot of sense to just sell the car and use the profit to pay off your AMEX.

 

You would start on a clean slate pretty much and can probably buy a similar car on better terms.


Starting Score: TU 749 02/02/2014
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Valued Contributor
Posts: 1,568
Registered: ‎08-30-2011
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Re: Need advice...Please be nice


swpopham wrote:

hince the advice I gave above. we all agree


SnackTrader wrote:
I guess my question is - if you can't pay more than the minimum on 16k in CC debt, and you drive a 90k car, but you make 80k, where does the rest of your money go? Large mortgage? 6 kids?

Based on current info, and current info only (which isn't much), I think you are living above your means, and you need to change your lifestyle first before getting into other types of credit fixes. You are clearly not in a dire situation, but if you can barely pay your CCs now when they are in 0%, what do you expect when you get to that 20% APR or whatever? This seems like a dangerous place to be in, and I don't know of a better, more effective solution than strict budgeting until this debt (including the car) is paid down and potentially refinanced.

 



+1  Absolutely! 

 

I understand the appeal of certain cars, having owned a wide selection of cars over the years, some of which I had a strong emotional investment.  But an emotional investment has no return on that investment, other than pleasure at the time and that "status symbol" feel.

 

Get a handle on your finances NOW before more damage is done.  And more damage will be done if you continue on this path.  Trust me.  A BUNCH of us have been down that road before...and it ain't a four-lane...

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Registered: ‎02-27-2013
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Re: Need advice...Please be nice

[ Edited ]

i don't understand something/ where is your money going? if you make 90k a year, and owe only 16k in debt, how are u having issues paying that off? it will take you 1 year  to pay it off in the worst case scenario.

 

why dont you get a personal loan? A CC isn't supposed to be an installment credit line to buy a car or a house. the interests rate alone (assuming u drag it past 0% apr period) is crazy even if you dont get any AA taken against u.

 

If you can't afford to pay a car in full, don't get the car. Simple as that. I can understand borrowing money for a house because it's an asset and builds up value, but a car is just there for depreciation. If you definitely need to get a loan for a car no matter what, get a personal or auto loan, don't ever charge it onto a credit card. I am not trying to be rude or anything.

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Valued Contributor
Posts: 1,346
Registered: ‎04-15-2011
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Re: Need advice...Please be nice

From the info, the OP has no idea where all their money is going.

 

The numbers don't mesh.

 

1. Get a small spiral notebook (you probably have a way to do it electronically, that'll work too, if not, DO NOT buy something like that, the cheap paper route works).

 

2. Write down EVERYTHING you spend, even if it's a pack of GUM for 89 cents.  This will track where your money is actually going and why.

 

3. Do not spend if it's not a need; rent, food (not eating out) gas (no wasteful un-needed running around if you can avoid it).  If it's not a need, you can walk away and know that money can go toward the rather deep hole you're trying to fill.

 

4. You don't need a car to validate yourself if it's at risk of putting you in the poor house and ruining your credit.  You might want to look into places online where you can sell a car where you'd get some of your equity out of it while someone else buys it and takes over the payments.  Cars do one thing, take you from point A to point B reliable and comfortably, anything past that is just showing off.

 

90k a year is nearly 7500 a month.  You should not be having the issue your explaining if  you know where your money is going (bleeding away), that's the info you need to look at to change things. 

 

Old saying I'll share "Live Poor Become Rich".   No one needs a 90 thousand dollar car unless they can write a check for it (because the expenses that come with it are extreme, insurance, upkeep and fuel. It's like dating a supermodel with a drug habit but on wheels).  Please give some thought to what I wrote, I'm not trying to be mean, I think you need the info short and sweet which may come across as blunt or rude, it's not meant to be anything but helpful.

Valued Contributor
Posts: 1,568
Registered: ‎08-30-2011
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Re: Need advice...Please be nice


RyVision wrote:

From the info, the OP has no idea where all their money is going.

 

The numbers don't mesh.

 

1. Get a small spiral notebook (you probably have a way to do it electronically, that'll work too, if not, DO NOT buy something like that, the cheap paper route works).

 

2. Write down EVERYTHING you spend, even if it's a pack of GUM for 89 cents.  This will track where your money is actually going and why.

 

3. Do not spend if it's not a need; rent, food (not eating out) gas (no wasteful un-needed running around if you can avoid it).  If it's not a need, you can walk away and know that money can go toward the rather deep hole you're trying to fill.

 

4. You don't need a car to validate yourself if it's at risk of putting you in the poor house and ruining your credit.  You might want to look into places online where you can sell a car where you'd get some of your equity out of it while someone else buys it and takes over the payments.  Cars do one thing, take you from point A to point B reliable and comfortably, anything past that is just showing off.

 

90k a year is nearly 7500 a month.  You should not be having the issue your explaining if  you know where your money is going (bleeding away), that's the info you need to look at to change things. 

 

Old saying I'll share "Live Poor Become Rich".   No one needs a 90 thousand dollar car unless they can write a check for it (because the expenses that come with it are extreme, insurance, upkeep and fuel. It's like dating a supermodel with a drug habit but on wheels).  Please give some thought to what I wrote, I'm not trying to be mean, I think you need the info short and sweet which may come across as blunt or rude, it's not meant to be anything but helpful.


^^^^^^^^^^^^

+1...Tough Love from Above!  You asked for advice....now it's time to heed what's been given to you.  Like RyVision said, no one's trying to be mean or anything like that, but...friend, you're on  the wrong path, it's gonna kill your credit, and those regrets you talked about?  They're here now and will get worse without a change of plans. 

EX = 828 EQ = 846 TU = 833 as of 02/2016
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Mega Contributor
Posts: 15,453
Registered: ‎04-09-2011
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Re: Need advice...Please be nice


RyVision wrote:

From the info, the OP has no idea where all their money is going.

 

The numbers don't mesh.

 

1. Get a small spiral notebook (you probably have a way to do it electronically, that'll work too, if not, DO NOT buy something like that, the cheap paper route works).

 

2. Write down EVERYTHING you spend, even if it's a pack of GUM for 89 cents.  This will track where your money is actually going and why.

 

3. Do not spend if it's not a need; rent, food (not eating out) gas (no wasteful un-needed running around if you can avoid it).  If it's not a need, you can walk away and know that money can go toward the rather deep hole you're trying to fill.

 

4. You don't need a car to validate yourself if it's at risk of putting you in the poor house and ruining your credit.  You might want to look into places online where you can sell a car where you'd get some of your equity out of it while someone else buys it and takes over the payments.  Cars do one thing, take you from point A to point B reliable and comfortably, anything past that is just showing off.

 

90k a year is nearly 7500 a month.  You should not be having the issue your explaining if  you know where your money is going (bleeding away), that's the info you need to look at to change things. 

 

Old saying I'll share "Live Poor Become Rich".   No one needs a 90 thousand dollar car unless they can write a check for it (because the expenses that come with it are extreme, insurance, upkeep and fuel. It's like dating a supermodel with a drug habit but on wheels).  Please give some thought to what I wrote, I'm not trying to be mean, I think you need the info short and sweet which may come across as blunt or rude, it's not meant to be anything but helpful.


That has Peter Griffin Family Guy line written all over it..................with Quagmire trying to pick her up!

 

 




EQ FICO 548 3/3/16
Frequent Contributor
Posts: 417
Registered: ‎12-10-2012
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Re: Need advice...Please be nice

Unless your happy being car poor you should sell the car immediately. GL in whatever you choose.
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Registered: ‎12-19-2012
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Re: Need advice...Please be nice

Oh my goodness! This is so sad as your BK is about to be removed from your credit report after 7-10 years and you are heading towards a second BK. I'm not trying to upset you but you have got to realize you made a very bad financial decision by getting that car you truly cannot afford. I would really try hard to sell it.
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Posts: 7,225
Registered: ‎09-16-2011
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Re: Need advice...Please be nice

I think a personal loan from a CU is a good option... Also, get rid of the car and get a cheaper one will get you in much better shape.


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Posts: 15,453
Registered: ‎04-09-2011
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Re: Need advice...Please be nice


webhopper wrote:

I think a personal loan from a CU is a good option... Also, get rid of the car and get a cheaper one will get you in much better shape.


This is something you gotta do unfortunately. It sucks, but its needed.

 




EQ FICO 548 3/3/16

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