And how did you come to this conclusion?

 

I'm friends with him, I've talked to him several times on AIM. It's a 2002 EX.

 

yes, like stated above, i dont want every penny of my income going to the car. Here is some new facts that i found out.

OKay here is the situation. i paid 7000 down payment. Ever since that, i have paid 15 payments at 389.33 so i have 45 more left to go. After calculating, i have paid $12839, not 16000. I guess i accidently added some insurance stuff before. So anyways, i have paid 12839 and have 17519 left to pay (389.33 X 45) and thats where my problem is. I am not confident enough to pay 389.33 plus insurance roughly equals about 640 every month for 45 more months. I am not a rich ass or anything and i really dont think i can pay that much for 45 months. Now any suggestions??

 

you're paying $250.64 a month for insurance? that's like $3k a year, did you get a lot of speeding tickets or somethin? car accidents? mauled pedestrians?

 

I dont know if you realize the full gravity of what a repo will do to your credit. It may be easier, and less of a hastle now, but it will screw you over BIG time later on.

If you cant afford the car, I would try and sell it, or refinance. You can work out a deal to sell the car even if its not yours yet. My uncle just bought a car that way used. He bought the car, and the money he paid the seller was used to pay off the bank note they owed, now she is free and clear.

Drop your insurance, and take the car off the road if you cant afford insurance and the payment. Your credit is that valuable. Sell the car for $17.5k, you'll be in the same boat without a car, but your credit will be intact. So in the future when you need to buy a car, house whatever, you'll actually get a loan, at a decent rate. If you think 10% was a bad rate, wait till you need a loan a few years from now after a repo.

 

All you guys saying how easy it is to get a job, what freakin hole have you been living under? Unemployment rate is high, plus now that its summer, all the summer jobs are probably full already. It took my bro like 4 months to get a new job after he quit his old one and he has a 4 year college degree.....yeah maybe a fast food place but you can't afford shit on minimum wage these days.

 

No offense, but in that case, you shouldnt be buying a brand new car thats out of your price range.

BigB2k3 wrote that he bought a new car that he wont able to afford after a few months because his last car died. That makes no sense to me. A used car in good shape in your driveway is more beneficial than a new one thats sitting in a repo lot.

 

Just out of curiosity. How long does the record stay in the credit report for? i mean...i am only 19 and i dont think i'll be buying a house or anything that requires financing for about 7 years or so.

 

UM :gives:

 

If I remember its either 7 or 10 years...


I can pay almost a year worth my car payment. I picked the car because I am not going to play around and buy somthing I dont want that way a few years latter down the road I get to see how much money I wasted. Why by somthing cheap or used that you have NO IDEA how long it will last, ontop of which that you dont want, if you KNOW you are going to get a new car anyway? Why wast the money. Get somthing good that you want to start with and in the end you will have saved a lot of money.

I got the car because its what I wanted. I dont fool around and buy something and work my way up to get to what I want. I just get what I want in the first place.

As far as me affording it I would have figured I would have a job by now. I got the car in March, and I only had 24 hours to get a car after my last one broke, and I couldnt get a loaner because you have to be 21 for that at any places around here so I HAD to get a car, I picked the accord because its only car I knew I didnt have to do research on and that I would like.

If I can find a job I can afford my car. I dont have to pay for my insurance, but I do my car and thats only 395.43 a month... So once I find a job I am safe... Plus I can refinance after 6 months and get lower % anyway. But I made the decesion to get the car based on the fact that I had 8k in the bank, and I put a few grand down and know I could pay for my car for almost a year without a job. One would think someone wold be able to find a damn* job after a few weeks, but its turning out to be months.

Anyway I dont have to worry, I am sure I can find a job within a year its just I rather find one sooner then latter....

Think of it like this, you want to buy a house, but the one you want is JUST out of your price range, and the only other house you can buy you dont like. Are you going to buy the house you dont like or the house you like and do what you got to do to buy the house you like? I would buy the one I want in the first place and just do what I have to do to make the payments, why buy the other house, and then have to think about that you are going to move sometime soon again because you dont like the house. Save the money and get the one you want in the first place...

My problem with getting a used car was EVERYONE I know who ever got a used car had problems. be it be from someone on the side of the road or a certified dealer. The fact is you dont know what last persons did with the car so you dont know whats going to go wrong, you are better off getting what you want in the first place to save the time, money and hassle...

DAM* this was long, sorry if I repeated myself in spots, just I got a little offended by what you said, but I got nothing agains anyone or their decisions... Everyone is diffrent, this is just how I am...