Need financial debt advice(paying off)

[Common]

I wonder how much of a burden this would all be if he didn't have the car payments to begin w/. :idea: Hrmm...why are we telling him to never have a car payment again...?

To the OP: DON'T LISTEN to this guy. If you ever want to get out of debt and really get anywhere w/ money. Like a few others have already suggested here, go to DaveRamsey.com and listen to what he has to say. It's not a get rich quick deal, but it's a proven system and it works (regardless of situation). It requires a lot of hard work and sacrifice, but it will completely change your way of dealing w/ money.

Guys like Common think, "If I can afford the payment I can afford it." You're in this situation because of payments; you never saw it coming when you both had jobs and took out the notes on the cars. Now, you're in a bind because something unexpected happened and you've got these damn car payments attached at the ankles. I'm not picking on you; I've been there and know it's not fun at all. If you owned these things in cash, you'd have nothing more than an inconvenience on your hands. If worst came to worst, you could just sell the cars and you've got cash in hand. Best of luck, man! Sell these cars and get out from under all this stuff! It's not the most popular choice here, but like a few others have said, it's the BEST choice for
you if you want to get out of this mess.

wtf are you nipping at my nutsack for. You have no room to talk you too had an incredible amount of debt because you were a financial dumbass, I on the other hand NEVER had the type of debt you did, perhaps because I'm smarter then you?:lol:
So you want him to take a negative hit on the cars and get loans to pay the difference, buy clunkers and ride it out?....what planet do dumbasses like yourself come from?....we need to nuke it....
Did you see me finance any Dodge Dakotas at 13%......:lol:

Exactly.

You're talking to a neanderthal though, man. Common is dead set on living in a world that revolves around payments and debt, in the quest to build up that almighty FICO score. He's a sinking ship, and unfortunately he's trying to drag this guy thru the mud w/ him by offering retarded advice (like going out and getting more payments for at least another 5 years).

I have NO debt, you on the other hand were riddled with lot's of it due to being brought up in a dumb family. You are now dead set to fix your wrong's by offering uselless advice that it unrealistic and idotic.

 

[Common]

Exactly.

You're talking to a neanderthal though, man. Common is dead set on living in a world that revolves around payments and debt, in the quest to build up that almighty FICO score. He's a sinking ship, and unfortunately he's trying to drag this guy thru the mud w/ him by offering retarded advice (like going out and getting more payments for at least another 5 years).

"Mud with him"?:lol:

I have no debt, you do?....and you did have even more before....including financing pos vehicles at 13%


Op cant sell the cars outright, cant trade them outright, only thing he can do is trade down since dealers will pay it to get him into another car, a much cheaper car.


Orrrrrrrrrrrrrr.....OP can sell the cars, GET A LOAN TO PAY THE DIFFERENCE, BUY CLUNKERS AND JUST "EEK" IT OUT EH?:lol::lol:

I would hang myself If I woke up tommorow with your brain.
His downsized vehicles can easily paid off within 3 years, 5 year payment plan is the instant room to breathe. You don't have a clue.

 

[Common]

OP, this is "SMOKE" and his financial prowess at the young age allegedly.

(Bank One, specifically) will loan 11K to someone who can prove they have a consistent income. The interest rate on the thing was like 13%, but they loaned the money. After about a year of consistent payment history I refinanced it for around 6%.

Apparently at 18, he had "consistant" income worthy of a car note WITHOUT ANY credit history or co-signers. Pure bullshiter here trying to offer cheap unrealistic idiotic advice.

IF you listen to him and get a loan to pay off your cars, you really deserve financial hardship, because that "move" he suggests is some shit only a complete clueless moron would advise you to do.

 

[SM0KE]

wtf are you nipping at my nutsack for. You have no room to talk you too had an incredible amount of debt because you were a financial dumbass, I on the other hand NEVER had the type of debt you did, perhaps because I'm smarter then you?:lol:
So you want him to take a negative hit on the cars and get loans to pay the difference, buy clunkers and ride it out?....what planet do dumbasses like yourself come from?....we need to nuke it....
Did you see me finance any Dodge Dakotas at 13%......:lol:


I have NO debt, you on the other hand were riddled with lot's of it due to being brought up in a dumb family. You are now dead set to fix your wrong's by offering uselless advice that it unrealistic and idotic.

I'm just pointing out your idiocy to this guy before he buys into your bullshyt ideas. You're smarter than me, yet you tell him to trade the in to a dealership (who buys at wholesale, btw) and get more money for them than if he sells them outright!? You dumbass, they're going to just roll the negative equity into the new loan. BRILLIANT IDEA! Name one dealership out there that will give you more for a vehicle than if you were to sell it outright. You're a financial idiot, plain and simple.

 

[Common]

I'm just pointing out your idiocy to this guy before he buys into your bullshyt ideas. You're smarter than me, yet you tell him to trade the in to a dealership (who buys at wholesale, btw) and get more money for them than if he sells them outright!? You dumbass, they're going to just roll the negative equity into the new loan. BRILLIANT IDEA! Name one dealership out there that will give you more for a vehicle than if you were to sell it outright. You're a financial idiot, plain and simple.

hahaha, you are the biggest tool I have ever met here, a tool that cant read apparently.

I said some rather sound things, compare to verbal diarrhea you spewed out. Lat's check it then.....

I said, among other things....

Take my advice, go shop them around, it's easiest way to do it and to adjust to. You will still have newer vehicles(minus the brand and huge payment) and you will have FEW hundred dollars extra to work towards that cc debt.

Make sure NOT to roll the negative equity of the BMW's into the next car loan because that it dumb and moving in circles then.

Check the KBB value of them, dont be sucker, you might get bit more than you owe if its a private sale.

Yes, tell them you believe your cars are worth AT LEAST what you owe on them and the ONLY way you will purchase the car from them is if they find a way to get you out of your bmw. BE VERY careful and don't let them roll you into the next car loan.

Is English hard to understand for you?:lol:

Further, his cars trade in value (assumed he averaged AVERAGE mileage) are TRADE IN worth at just about what he owes. Meaning a dealer might consider paying them off free and clear, selling them to make a profit and then making profit of selling him a new cheaper car. I am friends with a general maneger and a top salesman in a local Mazda dealer, I hear stories such as OP's all the time. He gets MB's BMW's and all sorts of vehicles sitting on his Mazda lot, how do you believe this occurs, you door knob, go sit in a corner.

In ANY case, you moron, I would rather roll (IF I ABSOLUTELLY HAD TO) negative equity into the next car loan versus....what you suggested....

Exactly.

Regardless of negative equity, sell both cars and pay cash for beaters to drive around for a while. This is going to require you to get a personal loan from your local bank in the amount you're upside down (assuming you don't have the difference in cash laying around somewhere). !

:lol::lol::lol:

What ****ing sucker do you know that took out a personal loan to cover little negative equity on his car loan?

 

[tistan]

Lets just settle it like this. You will find all kinds of people in debt that say damn I wish I wasn't in debt, but you won't find any debt free people who say damn I wish I had some debt.

 

[Common]

Lets just settle it like this. You will find all kinds of people in debt that say damn I wish I wasn't in debt, but you won't find any debt free people who say damn I wish I had some debt.

Obviously, in utopian society this would work, but we don't live there and OP doesn't have that luxury. He needs a least complex, least time consuming and smartest solution out there without losing his head on the cars.

 

[SM0KE]

OP, this is "SMOKE" and his financial prowess at the young age allegedly.



Apparently at 18, he had "consistant" income worthy of a car note WITHOUT ANY credit history or co-signers. Pure bullshiter here trying to offer cheap unrealistic idiotic advice.

IF you listen to him and get a loan to pay off your cars, you really deserve financial hardship, because that "move" he suggests is some shit only a complete clueless moron would advise you to do.

Yep, learn from me because he's exactly right! I guess I should also add that I get most of my financial advice from a guy who went BANKRUPT at the age of 27. He found out the hard way what it meant to be a slave to payments and debt when something unexpected happens (like the loss of a job or a crash in the real estate market) He managed to look at his situation and figured out it was all a result of HAVING PAYMENTS and chose to never borrow money again. He's now a multi-millionaire and owns a company (in cash) that he started on a card table in his living room. Ya, I think I'll listen to what he has to say. DaveRamsey.com Dumb move? Maybe. However, using these principles I've paid around 34K in (car) debt off in 13 months, by living on a budget and by living within my means. I now have a six month emergency fund in the bank, and zero debt aside from my house.


Here's the story w/ the Dakota R/T I just had to have at the ripe age of 18. I had zero credit history; my parents wouldn't co-sign for me, so I saved up and put a $14K down payment on a $25K brand new Dakota R/T. Even though I didn't have any credit history (and had plenty of equity when I drove it off the lot), the bank loaned the money at an insane interest rate of 13% (which I refinanced a year later at 6%, but that's beside the point). The point is this: I was an idiot 18 year old that just "had to have the truck". I didn't see anything else but a brand new truck and a $316.00 payment, which I could afford. I didn't know any better. Common is hell-bent on letting everyone know I was stupid enough to borrow money at 13% interest. He's right! And, like I said in the beginning, you should also know I now get the majority of my advice from someone who was BANKRUPT!

 

[tistan]

Obviously, in utopian society this would work, but we don't live there and OP doesn't have that luxury. He needs a least complex, least time consuming and smartest solution out there without losing his head on the cars.

What is easier? Pay off $7k in debt, or pay off $15k in debt. If you lose $5k on the cars and buy a $2k beater (you can buy a pretty nice high mileage car for $2k) you only have to pay off $7k. If you down grade to another car, you are going to roll what you are upside down into the new loan. Either way you lose the money. The only difference is how long it takes you to dig out of the hole you are in. It is going to take longer to dig out of a $15k hole than a $7k hole.

By the way, I am enjoying my utopia

 

[Common]

Yep, learn from me because he's exactly right! I guess I should also add that I get most of my financial advice from a guy who went BANKRUPT at the age of 27. He found out the hard way what it meant to be a slave to payments and debt when something unexpected happens (like the loss of a job or a crash in the real estate market) He managed to look at his situation and figured out it was all a result of HAVING PAYMENTS and chose to never borrow money again. He's now a multi-millionaire and owns a company (in cash) that he started on a card table in his living room. Ya, I think I'll listen to what he has to say. DaveRamsey.com Dumb move? Maybe. However, using these principles I've paid around 34K in (car) debt off in 13 months, by living on a budget and by living within my means. I now have a six month emergency fund in the bank, and zero debt aside from my house.


Here's the story w/ the Dakota R/T I just had to have at the ripe age of 18. I had zero credit history; my parents wouldn't co-sign for me, so I saved up and put a $14K down payment on a $25K brand new Dakota R/T. Even though I didn't have any credit history (and had plenty of equity when I drove it off the lot), the bank loaned the money at an insane interest rate of 13% (which I refinanced a year later at 6%, but that's beside the point). The point is this: I was an idiot 18 year old that just "had to have the truck". I didn't see anything else but a brand new truck and a $316.00 payment, which I could afford. I didn't know any better. Common is hell-bent on letting everyone know I was stupid enough to borrow money at 13% interest. He's right! And, like I said in the beginning, you should also know I now get the majority of my advice from someone who was BANKRUPT!

Your case is extreme and little "fishy" to say the least. What were you doing prior to paying of 34k in debt in a year?.....how did it get to 34k in car loans?

No matter how you slice it, telling someone to just "accept" the negative equity, get a loan to pay it off, buy clunkers etc etc, to get away from a car payment is dumb. I guess you are one of those that don't know how work smart, so you choose working hard. Nothing wrong with that, just don't offer your ridiculous advice to people as if it's holy bible of financial wisdom.

Instead of "dealing" his cars in to someone else and downsizing greatly, you are advising a dangerous route by telling him to get additional PERSONAL LOANS(which is almost always higher rates than conventional car loan), buy clunkers and take a hit on his cars.

He doesnt have to take a hit on his cars, he doesnt have to drive clunkers and he can STILL be debt free in the same or similar amount of time with less of abrupt change to his lifestyle. Advising someone to "suck it up" and buy clunkers while he planning to ship and drive them to/in Germany is pure retardation.

 

[SM0KE]

Further, his cars trade in value (assumed he averaged AVERAGE mileage) are TRADE IN worth at just about what he owes. Meaning a dealer might consider paying them off free and clear, selling them to make a profit and then making profit of selling him a new cheaper car. I am friends with a general maneger and a top salesman in a local Mazda dealer, I hear stories such as OP's all the time. He gets MB's BMW's and all sorts of vehicles sitting on his Mazda lot, how do you believe this occurs, you door knob, go sit in a corner.

In ANY case, you moron, I would rather roll (IF I ABSOLUTELLY HAD TO) negative equity into the next car loan versus....what you suggested....



:lol::lol::lol:

What ****ing sucker do you know that took out a personal loan to cover little negative equity on his car loan?

I know you have issues w/ reading and comprehension, but I'm pretty sure he made it clear in his second post he had NEGATIVE EQUITY in both cars. Trade in value will always be less than if he were to sell it outright. I'll walk into a dealership w/ cash; you walk into a dealership w/ a trade in. We'll both try to buy the same car. We'll see who gets the better deal on the car...

Again, it's very simple, but lets re-cap. My way, he'll be out of debt in less than a year (even w/ a personal loan from a bank for the negative equity). Your way he's going to be in debt for a minimum of 4-5 more years. The point here, junior, is to change behavior (in other words, getting him out of debt and KEEPING HIM THERE). You're just trying to get rid of one payment by paying another. You again, prove yourself to be an idiot.

 

[Common]

What is easier? Pay off $7k in debt, or pay off $15k in debt. If you lose $5k on the cars and buy a $2k beater (you can buy a pretty nice high mileage car for $2k) you only have to pay off $7k. If you down grade to another car, you are going to roll what you are upside down into the new loan. Either way you lose the money. The only difference is how long it takes you to dig out of the hole you are in. It is going to take longer to dig out of a $15k hole than a $7k hole.

By the way, I am enjoying my utopia

Problem here is, he doesnt have to LOSE money, you ill-advised internet dorks. He can pull this off without driving POS cars. Your $2k clunker is not something reliable enough to ship to Germany or reliable period. All it takes is a few bigger petty things to break and you are risking moving in circles.

Not to mention the mental impact on his marital status by putting him and his wife in some POS vehicle that isn't guaranteed to start every day. Another thing, he would have to LOAN that money to even buy them.

So lets see here, you advise a loan to pay off the upside and you also advise a loan to purchase clunkers since the OP doesnt have the funds for another car due to big move to Germany....did I read your ignorant assumptions correct?

 

[Common]

I know you have issues w/ reading and comprehension, but I'm pretty sure he made it clear in his second post he had NEGATIVE EQUITY in both cars. Trade in value will always be less than if he were to sell it outright. I'll walk into a dealership w/ cash; you walk into a dealership w/ a trade in. We'll both try to buy the same car. We'll see who gets the better deal on the car...

Again, it's very simple, but lets re-cap. My way, he'll be out of debt in less than a year (even w/ a personal loan from a bank for the negative equity). Your way he's going to be in debt for a minimum of 4-5 more years. The point here, junior, is to change behavior (in other words, getting him out of debt and KEEPING HIM THERE). You're just trying to get rid of one payment by paying another. You again, prove yourself to be an idiot.

You are wrong. OP assumed he has negative equity, I did some numbers and he actually isn't(assuming he drove his cars 12k a year). My way, OP is debt free within about 2 years without a radical change to his lifestyle. Your way has catastrophic potential for **** ups.

He will get another payment yes, what your small brain never counted on is once the cc debt is paid with the difference of extra money, he can direct(snowball) it towards the principle of the new car loan and rid of it WAY sooner.


Keep working hard, obviously working smart isnt an option.:lol:

 

[SM0KE]

Your case is extreme and little "fishy" to say the least. What were you doing prior to paying of 34k in debt in a year?.....how did it get to 34k in car loans?

No matter how you slice it, telling someone to just "accept" the negative equity, get a loan to pay it off, buy clunkers etc etc, to get away from a car payment is dumb. I guess you are one of those that don't know how work smart, so you choose working hard. Nothing wrong with that, just don't offer your ridiculous advice to people as if it's holy bible of financial wisdom.

Instead of "dealing" his cars in to someone else and downsizing greatly, you are advising a dangerous route by telling him to get additional PERSONAL LOANS(which is almost always higher rates than conventional car loan), buy clunkers and take a hit on his cars.

He doesnt have to take a hit on his cars, he doesnt have to drive clunkers and he can STILL be debt free in the same or similar amount of time with less of abrupt change to his lifestyle. Advising someone to "suck it up" and buy clunkers while he planning to ship and drive them to/in Germany is pure retardation.

I had a 16K car payment. My wife had a 18K car payment before we got married. Put em together and there you have it. Neither of us had (or have ever had) any credit card debt. Oh, and we paid both of them off while putting my wife thru her two final years of getting her degree (12K, which we paid for in cash). So including (13 months) her school, we paid $40K within that time on a combined income of around $90K. How easily would it have been to just keep living like we were, and take out a school loan for her school? Pretty friggin' easy. Instead, we buckled down and decided we were never going to borrow money again and paid cash for her school while paying off our cars. We could have sold one of them, but when we figured out we could have em both paid for in about a year we just decided to keep em and pay em off. It wasn't easy and it took some discipline (which you apparently don't have) but it worked.

 

[tistan]

First off, I didn't call you ignorant or any other names so I would appreciate if you wouldn't be an internet dick. Second you are the one who is trying to portray a car as an asset. Assets do not lose money. A $2k car is going to be worth about $2k in a year or two when you get done with it and are out of debt. A $15k car is going to be worth $7-10k in the time it takes to pay it off. Either way you are losing $5-7k the route you take just depends on how fast you want to get out of debt.

When I got out of debt, I sold my 04 lightning that I owed $23k on and bought a $3k 94 lightning with 189k miles. I kept that truck for 1 year after my debt was paid, and it had 230k on it when I sold it. The only thing I did was change the oil in it. 2 years after getting out of debt I found a 04 lightning with 9k miles on it, and I paid cash for it. Driving a beater is only temporary.

 

[kball]

I definitely see the point about getting rid of both cars and buying beaters(cash), but I don't see how that could happen without getting another loan to pay the difference with the cars now. I think Common is saying don't just run to the 1st dealership and trade them in. If I were to do it, be patient and make sure to get what I'm looking for money wise. It seems I could easily drop both payments in half by financing a downgraded car(around $15K for 4 years) Car#1 is about 4 years left anyway, so no real loss there. The only loss really would be car#2 with only 2 1/2 years left. Again, I would like to have peace of mind without putting all my eggs in one basket so to speak with two beaters. The extra $600+ a month would definitely knock out Credit card #1 in 14 months or Credit card #2 in 8 months. So, both paid off a little less than two years, not counting any extra money I would be able to throw down on them...taxes is the main one.

 

[Common]

I had a 16K car payment. My wife had a 18K car payment before we got married. Put em together and there you have it. Neither of us had (or have ever had) any credit card debt. Oh, and we paid both of them off while putting my wife thru her two final years of getting her degree (12K, which we paid for in cash). So including (13 months) her school, we paid $40K within that time on a combined income of around $90K. How easily would it have been to just keep living like we were, and take out a school loan for her school? Pretty friggin' easy. Instead, we buckled down and decided we were never going to borrow money again and paid cash for her school while paying off our cars. We could have sold one of them, but when we figured out we could have em both paid for in about a year we just decided to keep em and pay em off. It wasn't easy and it took some discipline (which you apparently don't have) but it worked.

I dont have discipline with zero debt?.....

I can understand the part of it not being easy. With someone as inept as you, tying shoe laces can't be easy.

You are the lamest guy to offer useless financial advice in a while....

To summarize your stance on OP's case.

- sell cars at a loss

- get a personal loan with higher interest to cover the loss

- buy clunkers and call it a day.

- no warannty, no reliability and no decent car in the house.

Yep, winnAR are you.....:lol:

 

[SM0KE]

You are wrong. OP assumed he has negative equity, I did some numbers and he actually isn't(assuming he drove his cars 12k a year). My way, OP is debt free within about 2 years without a radical change to his lifestyle. Your way has catastrophic potential for **** ups.

He will get another payment yes, what your small brain never counted on is once the cc debt is paid with the difference of extra money, he can direct(snowball) it towards the principle of the new car loan and rid of it WAY sooner.


Keep working hard, obviously working smart isnt an option.:lol:

You never answered my question on who would get the better deal on the car. Me paying w/ cash or you trading a car in?


You keep making payments , junior. I'll keep living debt free. Oh, and don't forget to build that almighty FICO score!

 

[Common]

. Driving a beater is only temporary.

Driving a beater can be costly, you can't seem to grasp that, it's risk. Beaters tend to break and fixing it costs money. If you spend money on fixing a beater while you could have financed a 10-12k car with a warannty, you are spinning in circles, WHILE driving a risky pos. This man NEEDS reliable transportation.

 

[Common]

You never answered my question on who would get the better deal on the car. Me paying w/ cash or you trading a car in?

He would get a better deal on his car with some haggling and have it AT LEAST paid off as an incentive for them to get him into another car. A cheaper car. Since selling them to a dealer outright will be next to impossible, they need something in it for them.

As far as who would get a better deal?.....you are delusional quite a bit and embarassingly naive. IF I financed or you paid cash, there is no difference in the price, the only difference is the financed car will cost more total, OBVIOUSLY. As far as a guy with cash getting a better deal JUST because it's cash, you are retarded. That might prevail in private sale deal but dealerships actually prefer credit shoppers since they make more money on the back end with them.

You keep making payments , junior. I'll keep living debt free. Oh, and don't forget to build that almighty FICO score!

I got no payments, you inept tool that can't read.:lol: