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Author Topic: omg im screwed-  (Read 11818 times)

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #20 on: May 25, 2007, 12:06:19 PM »
which is why I said his best bet is to get someone to take the payments.  that way he gets rid of the note, and doesnt have to worry about being upside down.  i also said he should place an ad in the paper, because people will buy for bluebook - carmax will find reasons to short you. 

the walking away with cash was directed to the person who was talking about cash on the spot.  there will be no cash on the spot.  that money will go to the finance company, and whatever difference will come out OP's pocket.

fyi: most people are upside down on their cars.  getting royally screwed or zero down is not a pre-requisite.
The Tragicomic: Its embodied in the blues, jazz, (HIP HOP, CORNELL <<one slight deserves another!!!!<< REALLY MISSED THE BOAT ON THAT ONE!!!) and the African experience in the New World -- the ability to withstand terrorism, embrace ones worst enemies lovingly and bear the unbearable in song.

Zam

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #21 on: May 25, 2007, 12:10:46 PM »
which is why I said his best bet is to get someone to take the payments.  that way he gets rid of the note, and doesnt have to worry about being upside down.  i also said he should place an ad in the paper, because people will buy for bluebook - carmax will find reasons to short you. 

the walking away with cash was directed to the person who was talking about cash on the spot.  there will be no cash on the spot.  that money will go to the finance company, and whatever difference will come out OP's pocket.

I think the "walking away with cash" was a reference to the simplicity of selling a car through Carmax.

I would recommend the OP get the car appraised by Carmax, I think they do this, and also look into advertising the car themselves. The hassle of selling a car is a big one and I noticed when I was buying my car that individual sellers have to market their cars 10-20% below blue book to get a taker.

Texas2L

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #22 on: May 25, 2007, 12:14:39 PM »
fyi: most people are upside down on their cars.  getting royally screwed or zero down is not a pre-requisite.

shrug, I haven't had a car payment in years.  If people are continually upside down they're doing something wrong.

LBJFan

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #23 on: May 25, 2007, 12:17:05 PM »
I still owed about 15K on my car when I started law school and its almost paid off now.

But, my car loan was interest free and the payments were fairly manageable. Its the 17K in CC debt that seems like the killer. Unfortunately, as many stated, you cannot increase your budget for those types of expenses. I got a budget increase three times... for a computer, for dental work and for car repairs. Your school will usually lay out for you exactly what they will increase your budget for and what they wont.

So, forget about going through the school. There's the private loan route as someone stated but without the "perks" of it being a student loan, the interest rates and repayment schedules are brutal.

I also would not file for bankruptcy..for the obvious reasons.

Dude, every road is looking dim right now because your debt situation is getting much worse with the decision to go to law school. I would sell your car if I were you but I would also look into getting whatever parental help I could with the CCs.  :-\ You may not even make money on your sale but at least it would relieve you of that payment.

Trust me, I feel your pain. I worked for some years before law school and I had a debt load that reflected a much higher standard of living than a student budget reflects. You have to make some tough choices but you dont want to be stressing about bills during 1L.

ptown

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #24 on: May 25, 2007, 12:22:18 PM »
fyi: most people are upside down on their cars.  getting royally screwed or zero down is not a pre-requisite.

shrug, I haven't had a car payment in years.  If people are continually upside down they're doing something wrong.

pretty easy to not be upside down when you don't owe.

new vehicle depreciation is such that unless you are putting 20% or more down and paying more than your payments with a low rate, you are likely to be in negative equity for at least a year or 2.  Thats just the game with new vehicles, the initial depreciation is a female dog.

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blackpowerman

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #25 on: May 25, 2007, 12:23:41 PM »
wow...ok thanks for the insight again

if you are wondering about the car, i did get royally screwed.  i bought it from MAZDA - dont ever buy a mazda- from a high school "friend" who i trusted not to take me for all i was worth.  i bought it brand new and turns out this jackass had some tricks up his sleeve.  granted they didnt put a gun to my head but i really thought i was gettinga good deal.  THEY got a good deal.  

im upside down 5 K blue book value is 15K and im still taking a 5 grand loss IF i even sell it.  thats a big if in this market.  but then ill be out of a car with no credit or money to buy a new one.

anyways, im currently job searching for a REAL job so i can hurry up and pay this off and defer to next year.  i have cut back on every single thing and the mcdonalds was a joke regarding their dollar menu- i do eat it ONCE in a blue moon.

i live at home and i work at a restaurant so my food bill is uber low.  how did i go from 5K to 2 K?  company closed and i was SOL.  market in charleston, SC sucks really really bad.

anyways, if anyone else is in this predicament, godspeed

if you aren't- don't get in it!!    

if you can't afford it, don't buy it.  period

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #26 on: May 25, 2007, 12:43:04 PM »
What does CC stand for?

i'm guessing credit card

Yeah, reading this thread that makes sense... I was being distracted by real estate listings, where it says maint/CC per month, which I assume is not credit cards:p

Sam P. Huntington

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #27 on: May 25, 2007, 12:46:06 PM »
What does CC stand for?

i'm guessing credit card

Yeah, reading this thread that makes sense... I was being distracted by real estate listings, where it says maint/CC per month, which I assume is not credit cards:p


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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #28 on: May 25, 2007, 12:53:33 PM »
Got some medical issues to sort out, and figured it'd be better to do it before starting than having to take a break midway through.

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #29 on: May 25, 2007, 01:36:47 PM »
which is why I said his best bet is to get someone to take the payments.  that way he gets rid of the note, and doesnt have to worry about being upside down.  i also said he should place an ad in the paper, because people will buy for bluebook - carmax will find reasons to short you. 

the walking away with cash was directed to the person who was talking about cash on the spot.  there will be no cash on the spot.  that money will go to the finance company, and whatever difference will come out OP's pocket.

.I think the "walking away with cash" was a reference to the simplicity of selling a car through Carmax

I would recommend the OP get the car appraised by Carmax, I think they do this, and also look into advertising the car themselves. The hassle of selling a car is a big one and I noticed when I was buying my car that individual sellers have to market their cars 10-20% below blue book to get a taker.

and that last sentence depends on the car and the market area.  mazdas shouldn't be too hard to get blue book on if it is low mileage and in shape.  however, my experience with carJacks is that they will short you because they have to "remarket" the vehicle, and also make a profit.

and my laughter was at the "ease" with which this is purportedly done; taken in context with OP's hypo.  owing 20k on a car and getting cash on the spot is ridiculous, unless you own a late model bmw or something, and you happen to be ahead on the payments. 

maybe his friends that got cash brought in cars that were already paid for...   
The Tragicomic: Its embodied in the blues, jazz, (HIP HOP, CORNELL <<one slight deserves another!!!!<< REALLY MISSED THE BOAT ON THAT ONE!!!) and the African experience in the New World -- the ability to withstand terrorism, embrace ones worst enemies lovingly and bear the unbearable in song.