When is enough to say when.
Burning Brakes
Joined: Dec 2002
Posts: 1,116
Likes: 8
From: spring Grove illinois
You are in more serious trouble than you realize!!! Dump thecar and pay down some of the debt., get counciling, If your new job falls through you stand a good chance of loosing the house too!! See if you can renegotiate your credit payments. Good luck 
Melting Slicks
Joined: May 2005
Posts: 2,549
Likes: 0
From: MDT
there's been a ton of solid & not so solid advice given here. it's pretty easy for any of us out here on the bleachers to say keep or don't keep the car. frankly, it's not our business either way. it appears to some extent that it's the car that got you deeply into this financial quagmire; admittedly you'll likely never get out of the car what you put into the car. the car is the least of your issues-----your reckless & imprudent financial behavior ranks much larger. you might consider doing whatever you have to do to alleviate debt-----debt which by your admission will take your lifetime to pay off if you ever actually do pay it off. you need to get life on track quickly. best of luck. bub
Melting Slicks
Joined: Aug 2004
Posts: 2,879
Likes: 0
From: Plainfield Ill.
Hate to say it, but it's all about control. No credit counselor or specialist can help you if you can't control yourself. All the credit counselor/specialist will do is to help you figure out on which debt to pay first and which debt to put off or pay minimum. But all these will be fruitless without self control. It's like smoking or gambling. I couldn't say that I know how your thoughts are, because to tell you honestly, I was never in your shoes. Also, I have a higher paying job than you but at the same time I am also paying for a house, another car and kids to put through school. ( My sone goes to a private school) so some of you know how much the costs are. Like others have said, it's all about priorities. You have a very beautiflu car and I admit to say I'm jealous, just think about this. All the material things that you see now won't put food in your stomach and won't give you shelter. I'm 34 now going 35 in a few months have learned this at an early age and trust me, learning it at young age is very difficult while seeing your friends have all the things you want and you wanting them. But I said to myself then. My time will come. This might be a preaching that will come from your parents, but hey- I am a parent and will teach this to my kids. Hope this helps. 
Team Owner
Joined: May 2001
Posts: 87,375
Likes: 1,593
From: Western NY
Originally Posted by ebubman
there's been a ton of solid & not so solid advice given here. It's pretty easy for any of us out here on the bleachers to say keep or don't keep the car. Frankly, it's not our business either way. It appears to some extent that it's the car that got you deeply into this financial quagmire...you need to get life on track quickly. best of luck. bub
My $0.02 worth is this, selling the car for pennies on the dollar will only worsen your debt. Why? You'll have no car but still have plenty of debt from it. If, you at least have a reliable drivetrain in it, you can drive it to WORK, unlike the oval track car I dumped money into for a couple of years. At WORK, you can earn money to pay down debt.As the sarcastic guy who did the "debtors help program" on the radio used to say, "You're only working 8 hours a day? Well, whaddya doin' the other 16??!!"
Safety Car
Joined: Jan 2004
Posts: 3,515
Likes: 17
From: Keller, TX
St. Jude Donor '07
Best of luck deciding what to do... If you can sell the car for enough to pay the CC debt, I'd do that in a heartbeat. There are many cars and other toys to buy when you get things under control. You mentioned leaving a $50k job, and like someone else said... I was amazed that you had a car like that on 50k.
Seriously, best of luck. Debt is the enemy.
Seriously, best of luck. Debt is the enemy.
Team Owner
Joined: Jun 2001
Posts: 55,394
Likes: 1
Honestly Jon, I think mods can be just as addictive as anything else. You gotta stop yourself. I had certain TRACK requirements after my LPE Stage II but after I fulfilled those erquirements, I had a chnace to get an LPE 427 TT but I said no friggin way. Instead, at the time I decided that I have enough HP and I'm paying off this **** house and a Flagship Lexus for a Daily Driver (which I just did).
If I do anyhting else to the Vette, it may be swaybars and light cosmetic mods but she's pretty much done
With the LPE Stage II package, the HRE and CCW Wheels, The Vette Essential Sport Customized seats, rollbar and C5R Lights, I have approx $40K into the car. Its an $85K C5 LPE Twin Turbo Convertible that will hold its own on Track courses, has fancy street wheels and a great looking interior. And thats the way its gonna stay. She's pretty much done.
0And BTW, No more new Luxury or Sports cars for me either and that esepiclly includes Vettes. GM has disappointed me. Dont get me worng, the C5 is great "performing" car but with its crappy quality and the C6 having so many similar porblems, GM can kiss my ***. Its just not worth it, not to me.
If I do anyhting else to the Vette, it may be swaybars and light cosmetic mods but she's pretty much done
With the LPE Stage II package, the HRE and CCW Wheels, The Vette Essential Sport Customized seats, rollbar and C5R Lights, I have approx $40K into the car. Its an $85K C5 LPE Twin Turbo Convertible that will hold its own on Track courses, has fancy street wheels and a great looking interior. And thats the way its gonna stay. She's pretty much done.
0And BTW, No more new Luxury or Sports cars for me either and that esepiclly includes Vettes. GM has disappointed me. Dont get me worng, the C5 is great "performing" car but with its crappy quality and the C6 having so many similar porblems, GM can kiss my ***. Its just not worth it, not to me.
Last edited by GR8-LIFE; Aug 3, 2005 at 12:32 PM.
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Drifting
Joined: Mar 2005
Posts: 1,336
Likes: 0
From: North Canton OH
Originally Posted by iceburgh
One thing I have seen as of late and with many peoplpe on this forum is that many are trying to keep up with the Jones...
I learned along time ago that no matter how much you try, someone, somewhere will out-do you.
There seems to be a lot of good advice on the boards.
Do you have any left-over stuff that you could liquidate from all the vette mods? YOu have to have a ton of parts lying around. Try selling up some of that stuff, or try "reducing" the vette mods by selling off big-ticket items that you can eventually replace. Pay it all toward that big debt number and re-organize what is left.
I agree selling the vette is fuitless, unless you slowly sell the mods down to a level that you can sell the car for a reasonable amount.
Le Mans Master
Joined: Apr 2005
Posts: 6,600
Likes: 1
From: The problem with socialism is eventually the government runs out of other people's money
You need to sit down and decide what your priorities are. If selling the car will get you out of debt and that's what will give you piece of mind do it. Even though your g/f and parents are supporting your desire to keep the car, do you want to eventually pay 600K for the cc bills with interest. Your basically buying a luxery home that has two seats and a killer engine and paint job. If that's what you want, keep the car.
If you'd like to use that money for some other priorities, like making the house payment, getting married and supporting a family, it's time to get out from under the cc debt by selling the ride and making a clean start.
Good luck with whatever you decide, and hope you get the job.
If you'd like to use that money for some other priorities, like making the house payment, getting married and supporting a family, it's time to get out from under the cc debt by selling the ride and making a clean start.
Good luck with whatever you decide, and hope you get the job.
Drifting
Joined: Jul 2004
Posts: 1,570
Likes: 0
From: Celina ohio
If you have a sincere goal of getting out of debt ASAP, then sell the car and the house. It is obvious you can't afford either of them.
If your goal is to have a kick @ss car and a kick @ss house and spend your evenings eating pork and beans and juggling CC payments, then keep the car and keep the house.
It's one thing to say you want out of debt, it's another thing to do what it takes to due so.
If your goal is to have a kick @ss car and a kick @ss house and spend your evenings eating pork and beans and juggling CC payments, then keep the car and keep the house.
It's one thing to say you want out of debt, it's another thing to do what it takes to due so.
Team Owner
Joined: Jun 2001
Posts: 55,394
Likes: 1
Originally Posted by XCELER8
Believe it or not, I have well over 130,000 into mods. thus far
If I sold the car, believe it or not, I would sell the car for about what I owe on my CC just to wash myself out. Its one hell of a deal if I decide to sell it.
thus farIf I sold the car, believe it or not, I would sell the car for about what I owe on my CC just to wash myself out. Its one hell of a deal if I decide to sell it.
, it's so hard to stop
Le Mans Master
Joined: Feb 2001
Posts: 5,378
Likes: 85
From: Houston TX
On another note Bro... I highly commend you for posting your issues on the forum. If I had issues like this... I wouldn't have posted them on the forum.
The responses you have collected here are really trying to help you.
Get a plan... stick to it... and keep track of your spending.
The responses you have collected here are really trying to help you.
Get a plan... stick to it... and keep track of your spending.
Melting Slicks
Joined: Sep 2004
Posts: 3,024
Likes: 18
From: DFW Texas
Very interesting comments. One thing it seems all failed to see, and read, was the very first post on this thread.
"Due to bad choices when I had blown motors in the past, 2 of them, as well as a tranny."
Yep, you are in one hell of a mess. The first thing that comes to mind to me is your very first admission that you don't make good choices. I think everyone would agree with that, not only from the perspective of your financial situation, but perhaps your driving style or high-risk personality type.
There are no easy answers for your financial woes. There are easy answers to keep from getting FURTHER IN DEBT - Get the hell rid of that car before you tear it up (which you know you will) and start sinking MORE money to keep it running and even 'saleable' at any price. Your past behavior is the only predictor of your future behavior and given the fact that there is so much on the plate now - as is, trying to modify a behavior pattern in the way you handle your cars is already a known problem.
Insofar as your financial problems, I would find it very difficult to 'accept' $10,000 from my parents at THIRTY YEARS OLD to help bail you out of another set of some really lousy decision making.
I would suggest a good honest look into a mirror and come back and tell us what you saw.
"Due to bad choices when I had blown motors in the past, 2 of them, as well as a tranny."
Yep, you are in one hell of a mess. The first thing that comes to mind to me is your very first admission that you don't make good choices. I think everyone would agree with that, not only from the perspective of your financial situation, but perhaps your driving style or high-risk personality type.
There are no easy answers for your financial woes. There are easy answers to keep from getting FURTHER IN DEBT - Get the hell rid of that car before you tear it up (which you know you will) and start sinking MORE money to keep it running and even 'saleable' at any price. Your past behavior is the only predictor of your future behavior and given the fact that there is so much on the plate now - as is, trying to modify a behavior pattern in the way you handle your cars is already a known problem.
Insofar as your financial problems, I would find it very difficult to 'accept' $10,000 from my parents at THIRTY YEARS OLD to help bail you out of another set of some really lousy decision making.
I would suggest a good honest look into a mirror and come back and tell us what you saw.
Burning Brakes
Joined: Dec 2004
Posts: 1,067
Likes: 3
From: Lost in the Pine Barrens with only ketchup and relish packs, New Jersey
My two cents:
1. Keep the car, you will never get back even 1/4 of what you put into it, not to mention all of your own time and effort you didn't pay for. You will always regret it if you sell it- especially if it were just to pay off bills.
2. Stop spending NOW! That means everything, not just the vette but any other forms of entertainment that you enjoy. Pay as much as possible each month and don't spend on anything you don't absolutely need to live...
3. Start spending more time with the Girlfriend to decide if you want to spend the rest of your life with her.
Good luck man, your car is awesome and I hope to hear you turn this thing around soon!
1. Keep the car, you will never get back even 1/4 of what you put into it, not to mention all of your own time and effort you didn't pay for. You will always regret it if you sell it- especially if it were just to pay off bills.
2. Stop spending NOW! That means everything, not just the vette but any other forms of entertainment that you enjoy. Pay as much as possible each month and don't spend on anything you don't absolutely need to live...
3. Start spending more time with the Girlfriend to decide if you want to spend the rest of your life with her.
Good luck man, your car is awesome and I hope to hear you turn this thing around soon!
Melting Slicks
Joined: Nov 2001
Posts: 3,088
Likes: 1
From: NC
Jon:
Sorry for your predicatment...I may be mistaking you for someone else,
but weren't you the one that had sponsorships from vendors and
manufacturers and your Torch red had all these logos on it?
If so, whatever happened to that gig?
The questioned you asked should have been before you started on your
latest mod binge unfortunately. Water under the bridge I guess.
Another thing is your GF...Is she financially responsible or does she
possess some of the same spending habits? If the latter, this could
spell a lifetime of woes for you two.
If she watches the budget, that's a good thing unless she cannot
get you to make the needed changes. Your relationship and
marriage won't stand a chance then.
As has been said before, you need to get a plan and devote yourself
to making it work.
This situation brings to mind what some people say. "Live for today,
because you never know what tomorrow may bring." Or "Go ahead
and get it...You may not live long enough to enjoy it."
Those are nice sentiments, but way too many people outlive their
savings and spend their last years in poverty. You have to plan to save
early on in life...starting from the first day of adulthood.
I hope it all works for you...It won't be easy though.
Good Luck
Sorry for your predicatment...I may be mistaking you for someone else,
but weren't you the one that had sponsorships from vendors and
manufacturers and your Torch red had all these logos on it?
If so, whatever happened to that gig?
The questioned you asked should have been before you started on your
latest mod binge unfortunately. Water under the bridge I guess.
Another thing is your GF...Is she financially responsible or does she
possess some of the same spending habits? If the latter, this could
spell a lifetime of woes for you two.
If she watches the budget, that's a good thing unless she cannot
get you to make the needed changes. Your relationship and
marriage won't stand a chance then.
As has been said before, you need to get a plan and devote yourself
to making it work.
This situation brings to mind what some people say. "Live for today,
because you never know what tomorrow may bring." Or "Go ahead
and get it...You may not live long enough to enjoy it."
Those are nice sentiments, but way too many people outlive their
savings and spend their last years in poverty. You have to plan to save
early on in life...starting from the first day of adulthood.
I hope it all works for you...It won't be easy though.
Good Luck
Safety Car
Joined: Jun 2003
Posts: 4,332
Likes: 7
From: Dayton, Ohio
Senior Member
CI 5-6-7-8 Veteran
Originally Posted by XCELER8
I dont have to worry about housing, that part is taking care of.
I dont think he owns his own house, I think he lives with family. Is that right Jon?
Everyone keeps throwing out comments about selling the house or getting a home equity line and so forth. I dont think he own his house so thats not an option.
Correct me if I'm wrong Jon, thats just the way I have interpreted everything. It would be especially hard to pay for a "one of a kind" house if you have been unemployed for 5 months.
If I were you Jon and I were in the situation you seem to be, I would go ahead and get rid of the car. I know you love it and I know it has taken forever to get it the way that you want it but that might be your best option. The car is NEVER going to be worth any more than it is right now since you JUST got it back. Get rid of it before anything happens to it that will cost you even more money.
Racer
Joined: Nov 2004
Posts: 351
Likes: 1
Originally Posted by 99magredcoupe
My two cents:
1. Keep the car, you will never get back even 1/4 of what you put into it, not to mention all of your own time and effort you didn't pay for. You will always regret it if you sell it- especially if it were just to pay off bills.
2. Stop spending NOW! That means everything, not just the vette but any other forms of entertainment that you enjoy. Pay as much as possible each month and don't spend on anything you don't absolutely need to live...
3. Start spending more time with the Girlfriend to decide if you want to spend the rest of your life with her.
Good luck man, your car is awesome and I hope to hear you turn this thing around soon!
1. Keep the car, you will never get back even 1/4 of what you put into it, not to mention all of your own time and effort you didn't pay for. You will always regret it if you sell it- especially if it were just to pay off bills.
2. Stop spending NOW! That means everything, not just the vette but any other forms of entertainment that you enjoy. Pay as much as possible each month and don't spend on anything you don't absolutely need to live...
3. Start spending more time with the Girlfriend to decide if you want to spend the rest of your life with her.
Good luck man, your car is awesome and I hope to hear you turn this thing around soon!
Think long and hard about selling your car. Yes, it's going to take some time to get out of the hole, but if you put the vette on the shelf for a while or just take it to car shows, concentrate on getting things under control, when you do, you'll still have your baby. It's a one of a kind Corvette, just what you set out to accomplish. Good luck. Mark