I need some financial help/advice

AztecCamaro · 11-17-2013, 08:57 PM

Hey guys, I really need your help deciding what to do. I have decided that I should not have bought my 2013 Dusk. I over extended myself and now Im in a bind. I owe $34,000 on my 2LT Dusk. It has just over 3000 miles and my payments are $550 a month. Insurance is about $100 a month and another $300 a month in gas. I figure Im spending maybe an extra $100 a month because I only average 18mgp. So all together it costs me around $950 a month to operate my camaro.

If i were to trade in for a cheaper car, I would lose a bit of money on depreciation but I figure my car payment could be around $150 a month, $60 on insurance and $200 on fuel. Meaning it would only cost me around $410 a month to operate. Id be saving $500 a month which I could use to pay off my credit card debt and student loans. Not to mention, I would get to keep my 67 camaro that I've been considering selling. I really dont want to sell it and it I can make it reliable enough, I would use it as a DD.

Overall, I owe $76,000 in debt. I can reduce it to around $50,000 if i sell my Dusk and replace it with a much cheaper car. I owe 12k in Student Loans and 20k on my fiances car which she has to have for work. The rest is Credit Card Debt.

The only two choices are Replace the Dusk with a beater or Sell the 67 and pay off the CC and Student Loans. Please give me your honest opinions.

batman53201 · 11-17-2013, 08:59 PM

too bad you didnt ask this before you bought the car.

Burn Notice24 · 11-17-2013, 08:59 PM

How much is your 67 worth? Can you post some pictures of it? I wouldn't trust a 67 as a daily driver.

AztecCamaro · 11-17-2013, 09:02 PM

http://www.camaro5.com/forums/showth...ht=1967+Camaro

I would have the Engine Rebuilt before I made it my DD. The Rest of the Drivetrain has been rebuilt and runs smoothly.

batman53201 · 11-17-2013, 09:06 PM

keep the 67

Burn Notice24 · 11-17-2013, 09:08 PM

Quote:

Originally Posted by AztecCamaro

http://www.camaro5.com/forums/showth...ht=1967+Camaro

I would have the Engine Rebuilt before I made it my DD. The Rest of the Drivetrain has been rebuilt and runs smoothly.

Beautiful car. It sounds like it means a lot to you so I'm sure it's a tough decision. What would your budget be on a car if you sold your dusk? I think you might be better off selling the dusk, buying a reliable, fuel efficient car and keeping the 67.

DocMartens · 11-17-2013, 09:08 PM

I agree, keep the 67

PalmerGA · 11-17-2013, 09:09 PM

You are obviously way in over your head, as you are aware. What were you thinking? You need get rid of the things you want and keep the things you need. I'm guessing you are pretty young and have a long life ahead of you - don't spend it up to your neck in debt.

Sell the Camaro (and maybe your fiancé's car as well) and get the transportation the two of you need to replace them. And... I would strongly recommend NOT getting married until your debt is well under control. You will be much happier without debt holding you down. It will only hurt for a little while, but uncontrolled debt can plague you your entire life and ruin your marriage.

Sorry to be so blunt, but I know of what I speak. Best of luck to you.

[Edit] PS: Oh yeah... if at all possible, keep the 67.

Angrybird 12 · 11-17-2013, 09:12 PM

Don't make the 67 your daily driver, it's too nice a car for that you risk theft and vandalism every day. Maybe consider selling the 2LT and get a used Cruze for a DD. You can still enjoy your 67 on weekends.

AndrewMinhas · 11-17-2013, 09:15 PM

I work for JPMorgan Chase and we see this really often where people have huge amounts of debt but go out and buy something they honestly can't afford. But what I would advise you to do is take the loss on your new Camaro and trade it down to something cheaper and try to pay down your debt. Your debt isn't something that is going to disappear tomorrow either. With the amount of debt you're talking about, you're probably looking at a 10 year process. Look into trying to transfer your existing credit card debts to balance transfer credit cards. It'll create less interest giving you a chance to actually pay down the principal.
As for the student loan debt there's nothing special to it but to make the payments until you pay it off. I'm not saying don't buy anything, live off Ramen noodle and pay every extra dime towards your debt but definitely scale back on your expenses and try to pay a lot towards your debt. Getting rid of your 67 Camaro would help but it's not something that has to happen to become debt free. Hope this helps.

midnighter · 11-17-2013, 09:15 PM

Let Operation Repo take care of your 2LT and you drive away in your 67. At the end of the day it will be the best decision you can make as I have mentioned before. Besides, you can't get dad's gift back. You can always get a new car anytime.

Realist · 11-17-2013, 09:17 PM

Tough choice. Your $150 a month isn't going to go towards much since your going to take a beating on your trade at the dealer. With that much debt I wouldn't plan on keeping the 67 unless you can keep it somewhere free while you get your finances in order, get married, buy home if you don't own and make babies. That maybe a while and the 67 may just get in the way and can always be bought down the road. I daily drove a 69 Camaro, even in winter here in IL when I was about 18-21 years old. Fun but no comparing to the new cars but your in warm climate so that makes it far easier.

DocMartens · 11-17-2013, 09:17 PM

I have my DD in my signature pic. It is a 2013 Mitsubishi Lancer which I paid 16,500 for new and it is cheap on gas and insurance. I only drive my Camaro on sunny days.

not · 11-17-2013, 09:24 PM

I agree with some of the postings: Sell the new Camaro and get something 2-3yrs old like a Sonic or Cruze and pay down your debt. The advice the guy from JP Chase bank had good ideas.

However the guy stating to let the repo man come get it is WRONG. Don't ruin your credit now. Pay off your debts and look at your Dad's gift car to inspire you that one day you will be out of debt and still have that car!

Good luck man.

11-17-2013, 08:57 PM	#1
AztecCamaro Drives: 2013 Camaro Dusk SS Auto Vert Join Date: Aug 2013 Location: Kansas City Kansas Posts: 144	I need some financial help/advice Hey guys, I really need your help deciding what to do. I have decided that I should not have bought my 2013 Dusk. I over extended myself and now Im in a bind. I owe $34,000 on my 2LT Dusk. It has just over 3000 miles and my payments are $550 a month. Insurance is about $100 a month and another $300 a month in gas. I figure Im spending maybe an extra $100 a month because I only average 18mgp. So all together it costs me around $950 a month to operate my camaro. If i were to trade in for a cheaper car, I would lose a bit of money on depreciation but I figure my car payment could be around $150 a month, $60 on insurance and $200 on fuel. Meaning it would only cost me around $410 a month to operate. Id be saving $500 a month which I could use to pay off my credit card debt and student loans. Not to mention, I would get to keep my 67 camaro that I've been considering selling. I really dont want to sell it and it I can make it reliable enough, I would use it as a DD. Overall, I owe $76,000 in debt. I can reduce it to around $50,000 if i sell my Dusk and replace it with a much cheaper car. I owe 12k in Student Loans and 20k on my fiances car which she has to have for work. The rest is Credit Card Debt. The only two choices are Replace the Dusk with a beater or Sell the 67 and pay off the CC and Student Loans. Please give me your honest opinions.

11-17-2013, 09:08 PM	#7
DocMartens Drives: '14 1SS/RS LS3 Join Date: Nov 2013 Location: Elizabethtown, KY Posts: 201 View My Garage	I agree, keep the 67 __________________

11-17-2013, 09:09 PM	#8
PalmerGA Drives: 2013 SIM 1SS/RS L99 Join Date: May 2012 Location: Southwest GA Posts: 8,754 View My Garage	You are obviously way in over your head, as you are aware. What were you thinking? You need get rid of the things you want and keep the things you need. I'm guessing you are pretty young and have a long life ahead of you - don't spend it up to your neck in debt. Sell the Camaro (and maybe your fiancé's car as well) and get the transportation the two of you need to replace them. And... I would strongly recommend NOT getting married until your debt is well under control. You will be much happier without debt holding you down. It will only hurt for a little while, but uncontrolled debt can plague you your entire life and ruin your marriage. Sorry to be so blunt, but I know of what I speak. Best of luck to you. [Edit] PS: Oh yeah... if at all possible, keep the 67. __________________ 2013 1SS/RS Coupe L99, Stainless Power Works LT Headers, SCT X4 Custom Tune from RDP, CAI Inc. Air Intake w/ Apex Scoop, VMAX CNC Ported Throttle Body, Solo Axle-Back Exhaust w/ J-pipes, Apex Catch Can, Husky Splash Guards, Heritage Grille, 3D Carbon Rear Spoiler, Oracle Chrome Turn Signal Bulbs, GM Reverse Light Trim Billets, Gorilla Black Locking Lugs, Emblem Pros Retro SS Badges/Custom Retro SS Kickplates/Under-hood Bowtie, 35% window Tint, Nitto Motivo Tires (6-8-18)

11-17-2013, 09:12 PM	#9
Angrybird 12 7 year Cancer Survivor! Drives: 17 Cruze RS, 07 G6 GT, 99 Astro Join Date: Dec 2007 Location: East Tennessee Posts: 21,546	Don't make the 67 your daily driver, it's too nice a car for that you risk theft and vandalism every day. Maybe consider selling the 2LT and get a used Cruze for a DD. You can still enjoy your 67 on weekends. __________________ Cancer's a bitch! Enjoy life while you can! LIVE, LOVE, DRIVE... The Bird is the word!

11-17-2013, 09:15 PM	#10
AndrewMinhas Drives: 2014 1LE Join Date: Jul 2013 Location: Fort Lauderdale Posts: 113 View My Garage	I work for JPMorgan Chase and we see this really often where people have huge amounts of debt but go out and buy something they honestly can't afford. But what I would advise you to do is take the loss on your new Camaro and trade it down to something cheaper and try to pay down your debt. Your debt isn't something that is going to disappear tomorrow either. With the amount of debt you're talking about, you're probably looking at a 10 year process. Look into trying to transfer your existing credit card debts to balance transfer credit cards. It'll create less interest giving you a chance to actually pay down the principal. As for the student loan debt there's nothing special to it but to make the payments until you pay it off. I'm not saying don't buy anything, live off Ramen noodle and pay every extra dime towards your debt but definitely scale back on your expenses and try to pay a lot towards your debt. Getting rid of your 67 Camaro would help but it's not something that has to happen to become debt free. Hope this helps. __________________

11-17-2013, 08:59 PM	#2
batman53201 Account not blocked Drives: The Batmobile Join Date: Mar 2013 Location: wisconsin Posts: 2,158 View My Garage	too bad you didnt ask this before you bought the car.

11-17-2013, 08:59 PM	#3
Burn Notice24 Drives: 2012 Camaro Convertible Join Date: Jul 2013 Location: Sugar Land, TX Posts: 387	How much is your 67 worth? Can you post some pictures of it? I wouldn't trust a 67 as a daily driver.

11-17-2013, 09:02 PM	#4
AztecCamaro Drives: 2013 Camaro Dusk SS Auto Vert Join Date: Aug 2013 Location: Kansas City Kansas Posts: 144	http://www.camaro5.com/forums/showth...ht=1967+Camaro I would have the Engine Rebuilt before I made it my DD. The Rest of the Drivetrain has been rebuilt and runs smoothly.

11-17-2013, 09:06 PM	#5
batman53201 Account not blocked Drives: The Batmobile Join Date: Mar 2013 Location: wisconsin Posts: 2,158 View My Garage	keep the 67

11-17-2013, 09:15 PM	#11
midnighter Account Suspended Drives: nothing Join Date: Nov 2010 Location: a hole Posts: 17,904	Let Operation Repo take care of your 2LT and you drive away in your 67. At the end of the day it will be the best decision you can make as I have mentioned before. Besides, you can't get dad's gift back. You can always get a new car anytime.

11-17-2013, 09:17 PM	#12
Realist Drives: No Camaro :( Join Date: Apr 2013 Location: Chitown Burbs Posts: 1,157	Tough choice. Your $150 a month isn't going to go towards much since your going to take a beating on your trade at the dealer. With that much debt I wouldn't plan on keeping the 67 unless you can keep it somewhere free while you get your finances in order, get married, buy home if you don't own and make babies. That maybe a while and the 67 may just get in the way and can always be bought down the road. I daily drove a 69 Camaro, even in winter here in IL when I was about 18-21 years old. Fun but no comparing to the new cars but your in warm climate so that makes it far easier.

11-17-2013, 09:24 PM	#14
not Account Suspended Drives: Camaro 2SS/RS Join Date: Sep 2013 Location: New Hampshire Posts: 341	I agree with some of the postings: Sell the new Camaro and get something 2-3yrs old like a Sonic or Cruze and pay down your debt. The advice the guy from JP Chase bank had good ideas. However the guy stating to let the repo man come get it is WRONG. Don't ruin your credit now. Pay off your debts and look at your Dad's gift car to inspire you that one day you will be out of debt and still have that car! Good luck man.