Need everyones honest advice

itsnotmydaddys

itsnotmydaddys

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So as some of you know last October I was ran over by an ex girlfriend. Caused me to lose my job (construction, couldnt do manual labor due to head injury), and fall into debt. I currently owe roughly 3k in credit cards and 5k on my LS (60 month, 6.2%). Well lately ive been wanting to sell the LS (91k, 00 LS8). I just need something that is better on gas and has lower miles. Ive put a lot of money into this car (7k in repairs). My question and where I need the help is that im wondering what to do. Should I sell the LS (how much, im thinking 8500) and pay off the remainder of the loan and put the extra 3k down on a new car. Or would you just trade it in.
I am having the hardest time getting approved due to my credit being screwed up after my accident. I just got a new job 1.5 months ago and am making salary plus commission, so paying my payments wont be a problem. I just dont know what to do. If I sell my car and find one I like, what if I cant get approved for a loan (roughly 19k or so). Could someone please give me their advice. I appreciate everyone input.
 
Getting 8k will be tough but ill take what I can right now. I need out of this car. Its not reliable by any means and my new job requires me to travel and I cant do it in this.
 
Wow your comments have been so helpful. Im saying that it hasn't been reliable. I have fixed every issue that this car has had. I want to get something with lower miles and better gas mileage. The car runs and drives great now. Its jsut time for me to move on to something else.
 
Wasn't trying to help just be a smart a$$. Not my fault I had to post this in every other forum to get attention.
 
I would say trade it in and buy something cheap and reliable -- even if it's not the kind of car you want--until you get your finances and credit back on track a bit.
 
That's nuts

So you want to sell your 8k car to pay off your 8k in loans to go into debt for 19k? Does this sound like a wise decision? Everytime you change vehicles you get screwed via taxes and interest. Then the depreciation on the new car, whoa!

Keep your car even with 90k. Take great care of the engine and it will take care of you for years to come. The car is not going to depreciate as fast as a new car. It will slow down to a gradual decline. Work and pay off the highest interest rate loan you have first, then work on the other loan as fast as possible.

You can pay it off pretty fast if you work at it. Every spare nickle goes to paying off the debt. When you get close to paying off the debt then start looking for another car. Do not take a loan to buy a car,,,its still more expensive than fixing your old one. The LS is a fine car,,,a few problems,,,but a fine car. Mine is at 87K and wearing very well. It could go another 100k and still look good.

Don't be a slave to debt, save and pay in cash. :D
 
i only have bad advice on this subject and that is to borrow a monster truck, grave digger or big foot and you know what i am going to say...for good advice that is not to bad of a problem there are people that are millions in the hole get a cheap car sell everthing pay off your cards and car while waiting for a buyer on your car keep paying the loan it will be more money in your hand at the end if you are working again ask for as much overtime as possible keep your self busy and don't ever talk to her again and if you love lincolns] markvii' and viii are cheap as dirt and everone here can help keep that thing running for ever. better luck with your next woman
 
well TIREMAN is right, you are traying to save money not get into more debt, just pay off you car and keep it, you fixed all the issues it had so why not enjoy it its only 5k and with your credit cards is 8k in total, thats alot less then 19k just for a new car and you still need to pay the credit cards that is alot harder to pay than a car, make you monthly car payments, and aggressively pay off your credit card depts by the time your done with the credit cards, you will almost not owe anything on the LS, and then still keep it for a couple of years maybe 2 or 3 more and save money, BUY UR NEXT CAR CASH.
 
tireman said:
Don't be a slave to debt, save and pay in cash. :D
Click to expand...
don't buy a car, buy a car payment. i bought my car cash and wish i didn't. it was definitely a bad idea being i was only 18 years old. i'm in a similar situation, not debt, but whether or not to sell the car because then i will have the money and could put a down payment and still have the cash for future investment.

papa bear said:
if you are working again ask for as much overtime as possible keep your self busy
Click to expand...

Salary = no overtime
 
I couldn't agree more. Until you are cash positive do not bail and take a loss on this one only to go more in debt on another.

Focus on the loans with the highest interest and pay them down first, dont open anymore accounts until you stabilize what you currently have on the books.

It isn't the popular thing to do nor the easiest but it will get you back on track quicker.

good luck.

tireman said:
So you want to sell your 8k car to pay off your 8k in loans to go into debt for 19k? Does this sound like a wise decision? Everytime you change vehicles you get screwed via taxes and interest. Then the depreciation on the new car, whoa!

Keep your car even with 90k. Take great care of the engine and it will take care of you for years to come. The car is not going to depreciate as fast as a new car. It will slow down to a gradual decline. Work and pay off the highest interest rate loan you have first, then work on the other loan as fast as possible.

You can pay it off pretty fast if you work at it. Every spare nickle goes to paying off the debt. When you get close to paying off the debt then start looking for another car. Do not take a loan to buy a car,,,its still more expensive than fixing your old one. The LS is a fine car,,,a few problems,,,but a fine car. Mine is at 87K and wearing very well. It could go another 100k and still look good.

Don't be a slave to debt, save and pay in cash. :D
Click to expand...
 
unless you are invested in something that pays more interest than you would be paying on the loan you should pay in cash because the net gain will remain at zero or less. Buy a car at 6% and put the rest in an investment that returns 3% or 5% you are in a negative gain unless the loan is small and the investment is larger.

sell the car buy a cheaper car with cash and invest the remainder if you have no debt.


eastcoast27959 said:
don't buy a car, buy a car payment. i bought my car cash and wish i didn't. it was definitely a bad idea being i was only 18 years old. i'm in a similar situation, not debt, but whether or not to sell the car because then i will have the money and could put a down payment and still have the cash for future investment.



Salary = no overtime
Click to expand...
 
Don't sell the car by any means, this will just set you back. I'm not familiar with your story, but your girlfriend RAN YOU OVER? No legal action was taken? Have you talked to a lawyer about this? I'm confused. If someone ran me over I wouldn't take it lightly.
 
eastcoast27959 said:
don't buy a car, buy a car payment. i bought my car cash and wish i didn't. it was definitely a bad idea being i was only 18 years old. i'm in a similar situation, not debt, but whether or not to sell the car because then i will have the money and could put a down payment and still have the cash for future investment.
Click to expand...

He has already remarked that his credit is shaky right now, which means interest rates above 10%. So in his situation buying a car cash would be the best option if he decides to sell the LS. I think you should take her to court, I had to do that with my daughters mother who rammed my LS with her mountaineer.
But like the others have said, don't sell the car especially since you have fixed everything. Keep it a couple of years after it is paid off so you can put that money towards paying off your debts and/or towards savings. There is no better feeling than not having to send in a car payment.
 
Look slike some people here have taken the "Transforming Debt Into Wealth" seminar, or something similar. Yes, pay off the credit cards and the LS first, your repairs/maintenance really will add up to less than the cost of buying a new car and paying all the interest off.
 
My recommendation would be to sell the LS for as much as you can get, then buy a cheap, mechanically sound car, and use the rest to pay off the credit card.

You need a car, and if you have to, you can tell the credit card people to beat sand for a long time before they'll actually do anything. Your credit is already tanked, so it's not like they can really do anything to you other than sue you, and it'll probably take them a very long time to come after you.

Look around, and see what you can find for ~$1000 or so. I'll bet you can find an ugly, undesirable car that's mechanically sound. I keep hearing from people who're finding mechanically sound 1st/2nd Gen SHOs in the $250-$500 range; I'd bet you can find an early 3rd gen Taurus for $1000 or even less...
 
I did find a 300 that I like and went and test drove it. I had all the paper work ready to be finalized but then I thought back to what all of you were telling me and got up and walked on the salesman, he was extremely confused and pissed at that. Once I thought about it it wouldnt have been a good move for me right now. The only reason I was going to do it was cause I get sick of cars after a couple years. But then I realized that I needed to suck it up and keep the LS, pay more on it/month, and just take care of my finances for now.

I would like some stock wheels if someone has any.

Thanks for everyones honest replies, it probably ended up saving my ass. Couldn't that you enough.
 
We just pointed you in (what we think is) the right direction--you're the one who made the decision. You should definitely be proud of having made a good decision under pressure; that puts you ahead of most people.
 
Yeah man, definitely. It would have been pretty easy to buy the nice 300 because it is what you wanted, but it wasn't the best decision for ya. Way to put aside those temporary desires and make the harder choice. It ain't easy giving up a nice new car like that, so kudos!
 
I did find a 300 that I like and went and test drove it
Click to expand...

WTF? You are complaining that you need cash and want to buy another expensive luxury car?

Oh come on!

I see you decided not to but why the hell even think about it?
 
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