Getting straight raped by this auto loan I recently signed...

[Klyk21]

im sorry son, ida paid daily cab fare before doing that deal. owing 9500 on a car worth 5000 max is not smart at all.

i dont make a shyt load of money either...im going to go away now because what i have to say will go over people's heads..

to give an example, I owe $7,141.15 on my car as of this second. It is worth $11,500 (low end) all the way up to $13,600 (high end). my car is 4 years old. i have 23 payments left.

why? because I did my research and understood what i signed my name to and had the power to walk away.

What would you do if you lost your job?! What would happen if you had an emergency of some sort where you had the spend the last of your savings for?! I mean, I understand your doing OK breh and I applaud dudes that got their shyt together and all but you don't know me. I'm very wise with money otherwise bruh. Had a situation where I was forced to resign from my job to find another. Paid for school and then the car went out (1 week later exactly). Didn't have anymore money, the ONLY job that I had available was 27 miles away. Best thing I coulda done was either get another note, wait a week or so for new engine (cost about 2000 after labor and I no longer had 2000 of disposable) or buy a whip at 1300...I took the note. If the job was closer, I could've gotten rides to work.

 

[Klyk21]

Klyk, I just hope you learn to make better decisions in times of crisis because if not you'll keep fukking yourself. Maybe not on another car, but something else. I saw you talk about using Financial Aid, its not from loans is it?

I wasn't aproved for FA. I was thinking of dropping school alltogether when I heard that but I decided to go ahead and give it a shot. Paid around 400 for books and 500 for tuition 1 week prior. Best decision I'm making now is moving out at beginning of year and moving back in with my sister.

 

[HiphopRelated]

shyt reminds me of when Pac signed to Death Row

 

[BillBanneker]

dog, i still cant comprehend:

why you would agree to 28% interest

why you would finance an 11 year old car.


the general rule of thumb is:

never agree to more than 9% interest.

never finance a car that is more than 3 years old.

the easiest way to establish credit is to get a credit card and keep it current for about 3 years as your first credit item.

too many people get phones and utility bills and fukk em up and shoot themselves in the foot before 21. too many people are SCARED of credit and you gotta just educate yourself about it.

i started at 18, and if i had more income and didnt owe as much in student loans, i could easily be approved to buy a home at 26.

i copped my car new at 22 and only had 6% interest...goddamn at 28...

Where are you able to get financing under 10% with a limited credit history. Credit Unions/Banks just look at credit cards and go , 15%.

 

[Two Stacks]

What would you do if you lost your job?! What would happen if you had an emergency of some sort where you had the spend the last of your savings for?! I mean, I understand your doing OK breh and I applaud dudes that got their shyt together and all but you don't know me. I'm very wise with money otherwise bruh. Had a situation where I was forced to resign from my job to find another. Paid for school and then the car went out (1 week later exactly). Didn't have anymore money, the ONLY job that I had available was 27 miles away. Best thing I coulda done was either get another note, wait a week or so for new engine (cost about 2000 after labor and I no longer had 2000 of disposable) or buy a whip at 1300...I took the note. If the job was closer, I could've gotten rides to work.

if i lost my job, i have other income. military, i couldnt even do, im disabled my nikka (but i can still function pretty damn good).

 

[winb83]

im sorry son, ida paid daily cab fare before doing that deal. owing 9500 on a car worth 5000 max is not smart at all.

i dont make a shyt load of money either...im going to go away now because what i have to say will go over people's heads..

to give an example, I owe $7,141.15 on my car as of this second. It is worth $11,500 (low end) all the way up to $13,600 (high end). my car is 4 years old. i have 23 payments left.

why? because I did my research and understood what i signed my name to and had the power to walk away.

catch the bus maybe but paying cab fare two times a day 5 times a week would rapidly get out of hand. he'd probably pay out more in cab fare than his biweekly payments are.

 

[winb83]

What would you do if you lost your job?! What would happen if you had an emergency of some sort where you had the spend the last of your savings for?! I mean, I understand your doing OK breh and I applaud dudes that got their shyt together and all but you don't know me. I'm very wise with money otherwise bruh. Had a situation where I was forced to resign from my job to find another. Paid for school and then the car went out (1 week later exactly). Didn't have anymore money, the ONLY job that I had available was 27 miles away. Best thing I coulda done was either get another note, wait a week or so for new engine (cost about 2000 after labor and I no longer had 2000 of disposable) or buy a whip at 1300...I took the note. If the job was closer, I could've gotten rides to work.

personally i would have taken that $1300 and got a beater. obviously it would be a very low end car but if you know a mechanic for $1300 you could have got a car that lasted at least a year. i bought a beater for $1800 and it lasted exactly 1 year and i didn't put any work into it. i didn't use a mechanic though i just bought it on the spot. you could have done better. hell you could have probably gotten a small loan from a credit union and got your motor fixed or replaced if you had $1300. maybe a cash advance on a credit card if you had access.

i think you still had better options you just made a quick decision. only time will tell if it was the wrong one.

 

[Klyk21]

personally i would have taken that $1300 and got a beater. obviously it would be a very low end car but if you know a mechanic for $1300 you could have got a car that lasted at least a year. i bought a beater for $1800 and it lasted exactly 1 year and i didn't put any work into it. i didn't use a mechanic though i just bought it on the spot. you could have done better. hell you could have probably gotten a small loan from a credit union and got your motor fixed or replaced if you had $1300. maybe a cash advance on a credit card if you had access.

i think you still had better options you just made a quick decision. only time will tell if it was the wrong one.

the 1300 was trade in + 600 cash. Lowest I saw out there was this lincoln towncar for like 2200. But yea if I could go back, I wouldn't have put down that deposit and probably contacted my fam to help with a $ ride. But it's all good. I'll up this thread once it's payed off or I give it back. I could take credit hit and hopefully that shyt would fall off my record after some years. If not, I could just pay it once I got the money for it or just wait for settlement offer but in meantime, I'm just going to try to pay it off ASAP...it's really not THAT much money but the deal is backwards i know. Paying 5k over just for having bad credit is pretty significant but it's not the end of the world.

 

[FAH1223]

damn, i saw a Mitsubishi Galant 2001 model at 109k miles for only $1800 on craig list last week, the car looked like it was in good condition with new tires and description said it had new breaks, fluids were good, no leaks...

i think you rushed breh, i understand where you coming from but moving back in with moms or pops aint the worst thing to do if you lost this temp job and had to rebuild

 

[Klyk21]

damn, i saw a Mitsubishi Galant 2001 model at 109k miles for only $1800 on craig list last week, the car looked like it was in good condition with new tires and description said it had new breaks, fluids were good, no leaks...

i think you rushed breh, i understand where you coming from but moving back in with moms or pops aint the worst thing to do if you lost this temp job and had to rebuild

Yeah my folks stay in alabama. I'm sure I could live with this one girl but I PERSONALLY could not do it. Living with single females ain't the business...esp if you not trying to date er'

 

[FAH1223]

http://washingtondc.craigslist.org/mld/cto/3261867329.html

It was that whip

 

[BeeCityRoller]

My sister is in the same situation as you, her old car broke and she's gotta spend her entire FA refund on a downpayment from a Buy Here Pay Here I might tell her just spend the two-grand to get the transmission fixed.

If nothing else at least this reminded other young brothers to take care of our cars. $10k for a '01 Honda Passport? I paid $3400 cash for my 2000 Buick with the same mileage last year. Crazy how these agencies can screw a person over. Same reason why I don't want to get a credit card but I don't really have a choice anymore.

 

[winb83]

the 1300 was trade in + 600 cash. Lowest I saw out there was this lincoln towncar for like 2200. But yea if I could go back, I wouldn't have put down that deposit and probably contacted my fam to help with a $ ride. But it's all good. I'll up this thread once it's payed off or I give it back. I could take credit hit and hopefully that shyt would fall off my record after some years. If not, I could just pay it once I got the money for it or just wait for settlement offer but in meantime, I'm just going to try to pay it off ASAP...it's really not THAT much money but the deal is backwards i know. Paying 5k over just for having bad credit is pretty significant but it's not the end of the world.

if you can pay it down far enough you can sell the car and walk. that's better than taking a repo. once you paid the car down to the point where you owe what its worth its sellable. never give a car back cause that's just taking a repo and destroying your credit. doesn't make a difference if you give it back or they take it back a repo is a repo.

 

[Lavish]

Im gonna keep it 100. it may sound harsh, but it will help you from letting this happen again.













LIVE WITHIN YOUR MEANS. Yes you needed a car, but no you didnt need a $6000 car. stop trying to shine when your broke. You could of found a 95 honda with less miles for $1500-2000 in good condition. meaning you not gonna need much repairs, and if you do, its a honda them parts and labour is like scooby snacks to your pocket

You got in a tight spot and panicked. but for you to be paying $6000 for a 120 miles, I dont know what car you bought, but it souns like even though your broke, you were trying to ball a little. and now your paying for it. maybe you didnt want to be seen in a bucket? well how would it look if people see you homeless or gettin them welfare checks?

you didnt need that whip. and 28%? that was a sign that you shouldnt of bought it, yet you still did

just charge it to the game and chalk it up as a learning experience. next time live within your means.

 

[PrnzHakeem]

28% financing on a whip that costs $6000? (With a KBB value of $4500?!?)

This shyt only happens to nikkas who ditched during algebra class. STAY IN SCHOOL.