Naw, I’d ditch the cobalt now. Save and build my credit from now till 2011, then finance a BMW or something and die in that.
DING DING DONG DING!
Are you getting a tax refund?
I’d sell the Cobalt and use my refund + stimulus check to try to cover the difference in the selling price and the loan.
Then finance something like this for 4 years at 6-6.25% for a payment of $160-170/month. @12k/year the car will have 89k on it when you pay it off and should still be pretty reliable.
Would a Honda be more reliable? Sure. But for 7k you’re looking at 120k mile + Honda’s and I’d rather have a 41k Focus to drive for 4 years than a 120k Honda.
There’s always the option of working a 2nd part time job to make up the difference when you have to sell the Cobalt for less than the loan. There is no easy way out option that doesn’t involve further financial trouble. You’re going to have to pay to make the Cobalt mistake go away but paying now and fixing the mistake will be much less costly in the long run.
thanks for all the input guys i really appreciate it.
Fry- the civic is gone, i sold everything within a month after getting the cobalt. also the credit card debt is taken care of at this point
JayS- my tax return went to paying off the majority of my credit card debt. i now only owe less then 300 which will be paid off within 3 weeks. i have to talk to my dad and see what he thinks we should do with the car since he is the primary buyer and has a say in what i do with it.
i don’t want to screw him over with his credit because he’s trying to recover with the divorce and the payments with the cobalt are helping it. i can meet the payments fine right now.
i was also thinking. if i move within the next couple months i can work 2 jobs to make ends meet and get $$ saved. i’m not starting school until september so i think that would give me plenty of time to get a nice chunk of change put away.
Its gonna be hard to put away all the money you “Really” need with that car payment though.
You need to consider your moving plans.
Do you NEED to be out of the house by a certain date? If not, I sincerely suggest you stay @ home & work two jobs until july or august.
Considering what you’re trying to accomplish, there is no reason to pay the extra $200 - $800 a month to have your own place ASAP, when those funds can go towards getting rid of the financial concerns.
Beyond that… how much would it cost you to commute 45 minutes, once school starts? I would assume that it would be less then renting an apt in Rochester…
$0.02
if i work 2 jobs, one job will pay for the bills i have including the car payment, and the 2nd job will be money put away. i’ve went over the budget like 234089765 times and i can afford it with my current job, especially because jill is putting in more hours at her job. i just dont want to be looking for change between the couch cushion.
But If you have to work a second job to pay a car payment I would say that you own a car thats too expensive, the motivation yo work a second job is great but, the fact that it will all go to your car isnt really cool
i dont have to be out of the house any time, it’s just i want to. The GF and I are looking for a place in batavia because renting is pretty cheap there. i’m going to talk to my boss today and see if i can work like 60 hour weeks for a while, just to get this straightend out. if waiting to move is the best option, i just might do that.
I have made a budget right now for the apartment, and it is including my car payment, but it would make life so much easier if i had $$ put away.
ian. you’re not understanding. i CAN afford my car with ONE job. I want a second job OR more hours put it at work so i can save money and be better off when i do move out.
Yes you “can” afford it, but all that money that is going to the car now, could be going into savings, I just dont see the need for such an expensive DD, Overtime it is I guess then.
There is a big difference between being able to make the payment, and actually affording it. If you have to work a PT job to stash cash, then you can’t afford the car.
But FWIW I’m glad to see that you’re at least making an attempt to sort it out.
oh noes, judging by your FS thread, you spent your hard earned money on:
HID’s
Avid Solid Mounts
B&M Short Shifter
for your heavily financed cobalt… really?
I would love to look at the numbers in your budget, but if it hinges on finding cheap rent in Batavia and refinancing a $400/month car payment I’m pretty sure it would give me an aeurism.
Here’s my advice before I leave this thread and never come back: Sell everything and go get a 4 year degree while you’re still young enough for it to be easy.
Adios. Good luck!
want to help me out with it? lol
i can PM you my budget later tonight after work haha
On another note, moving in with a girl at 19 is a horrible idea.
:word:
Insurance up to date on that Cobalt? Be a pity if it mysteriously burst into flames and the insurance company had to pay off the loan.
Insurance fraud FTW. :lol:
Seems like everyone wants to jump on this kid’s case when he it clearly looks like he’s realized he’s made a few bad decisions and now wants to correct them.
JDM, don’t move until you have your finances in order. Pay the remaining CC debt off and figure out what to do with your car. There are a few options, the best would be to find a private buyer. I’m sure there are others out there that maybe some people here can suggest. You are in a stable place now living at home. You don’t have to worry about the costs associated with living alone. Use this time to get things straightened out and get yourself a good savings (6 months income would be optimal). Once you’ve done that then worry about moving out.
Also if you plan on attending school in the fall you should be filling out your FAFSA and shit now (PM me if you need help with that stuff), a lot of people take out additional student loans to help cover expenses while in school. This is not something you WANT to do but if you have to it’s much better than using a credit card.