Wow, from what you've told us, it sounds like you've gotten waaaay over your head.

I think we are all guilty of looking at the top forum modders here and wanting to do just a little bit more to our vettes. But you have to live within your means and if you can't afford it, you shouldn't be going crazy on a car that you could easily lose in an unexpected accident, act of God, theft, etc.
My only advice is to immediately stop modding the car, get a financial advisor and start looking for a good paying job in order to get your house in order. To go into bankruptcy, lose your home and possibly your GF over a car is insane. Good luck!!

 

Good for you. I consider it maturity. Priorities change, and usually for the good. Life doesn't begin and end with a car. Take care of business. You're on a great track.

 

Wow Ive watch you build one of the most beautiful vets on the forum over the past year,... but..... sometimes you gotta just pull the pin! The sun also rises! there is always another tomorow! the next one will be even better given the lessons we learned

 

I got out of control on mods for awhile, so I know where your coming from. Its easy to drop a couple of grand here and there on our rides, with CC bills our only taste of reality. Perhaps you can consolidate your CC using a home equity LOC.

 

 

If 2K1 Vette is right, I have to agree. $50K job (that hasn't existed for 5 months) and $130K in mods? I'd like a C6 Z06,Saleen, Diablo, ect. but everyone's well wishes won't pay for them. This car is only going to be worth less with every day. The old income couldn't pay for it. There is no new, higher paying job in the sights. This is one huge hole and you owe it to yourself and your GF to start digging out of it. Serious debt in adulthood with no job is not a time for ANY toys. I sold all mine off when I had to raise a family. The right priorities at the right time will put you in a better place in time.

 

Your car rocks, I met you down at Tower's when you still had the big green X on your car. The borlas you revved that night gave me mod fever.

I say take out cash advances and personal loans, drive that badazz vette to mexico, makin a detour to vegas to elope. Then Lay low in Mexico drinking margaritas. Then when the CC bills catch up to you, do it all again....in the wifes name .

On a serious note, good luck with the debt. Keep the car, the girl and the house, the problems will be worked out. See how your job interview goes before you do anything rash. Good luck at the interview by the way.

 

What you need my friend is straight talk and no bull. You need to grow up and discover the difference between a want and and need. You are the last person that should own a Corvette and possibly that special house. Just because you want it does not mean you should have it. The way you get things straight is start today by focusing your life on getting out of debt. You do that by selling everything and possibly working 2 jobs if necessary. How in God's name could you be unemployed for 5 months and be modifying your car. You may think you are cool with a high mod car but youre really a fool to have your life so screwed up because of it. Tough love my friend but I for one will not blow smoke up your butt and tell you that it is cool. You evidently must know there is a BIG problem or you would not have asked. Only question now is how willing are you to solve it. At this rate you will never know true happines and the damn car sure won't bring it to you.

 

LOL, thanks for your advice. I have God in my life and I have a loving family. I am very happy. So, the car is a hobby that got out of control. I will make the decision soon and deciding if I keep the car or not. The house is taking care of, so I dont have to worry about that. As far as me being a fool. Dont think so but thanks anyhow.

 

Perhaps not a fool but you definitely made some foolish choices. We all have at one point or another though. Your car is a money pit and it'll keep attracting you. Let's not BS eachother. Since your car is heavily modded the urge to continue will be quite strong.

Any chance to get rid of your debt is a blessing! I would take it. Get rid of your debt, build up some assests, get some stability in your life and then get a car you want. If you keep the car, it'll just be bad news. You're basically addicted and you're trying to justify every possible way of doing the right thing yet maintaining your addiction.

 

IMO, youd be stupid not to keep the car at this point. You'll get pennies on the dollar for it. nearly enough to put a dent in the amount you own. YOu need to get creative financially and find ways to generate income. , "The poor work for money, Tthe rich make money work for them."

Food for thought.

dave

 

I'm sorry, but the car- like most toys- is a money pit. Anyone who thinks that it will suddenly stop being so is being blinded by the beauty of his car. IT WILL keep sucking up dollars and IT WILL be worth less 6 months from now. The man has no job!
If I may, can I ask what "The house is taken care of." means? To me it infers that the mortgage and taxes are paid out of a trust fund. I have a mortgage, taxes, upkeep, and all the other bills that most adults have. I am self employed with a long working background. Personally, I would not describe my bills as "Taken care of." I have to work to pay them. I'm not asking to be nosey, I ask because you asked for advice about your situation and owning a dream house with it's expenses matter quite a bit in the picture.

 

The house is not the topic of discussion. I just gave up my job to have this house. So, thats only reason I am having trouble paying my bills. Once I get it all in order again I can start to pay off my debt. I only drive the car 1-2 times a week. 30 miles a week thus far.
I am opening my personal stuff up just to see what others think. This is a big disision. I will see what I can do.
Jon

 

Actually the ownership of a house can help you with your finances. if you got the house for a great deal and you have a large amount of equity, it can help solve some of your problem (as long as you don't fall into the same trap again). I look at my house as a "reserve" account in case I run into trouble. It is always nice to know I have over $150k in equity just in case. So yes, the house can play a factor in your decision.

 

Thanks Space Coast. You made my point much better than I did.

 

I dont disagree with that. I am working on some of those things as we speak.
Jon

 

Jon.. personally I'd keep it.. dont spend another dollar on it right now until the money rolls in. If it means it needs to sit in the garage, then let it sit for awhile. Don't give it up to break even, you'll be pissed in a couple months. Cut back on extras and find creative ways to make some extra $$$.

Take care
Steve

 

Jon,
I have watched your car evolve with great interest ,and she is a beauty!
But, I feel it has lost it's "appeal" knowing what I know now( not that you borrowed money for it,,,but more that it has seemed to have kinda crippled you in the process)
In a way, I almost feel guilty for all the I have given you on your mods...............

Listen, if you have an addictive type personality..I suggest ditching the car..
If you feel you can keep it in check now... then baby the beast so your not out a lot MORE expenses,and work on paying down your problem....then keep it!(I say this only because it is likely only worth a small percentage of what you have invested)

BUT DO WHAT IS RESPONSIBLE!!! Only you know for sure what that entails.........Non of us know all your details!

As far as your girl...........There is no vehicle, or anything else for that matter,that even comes close to a thriving relationship...In my book!
The day my car becomes an issue with my wife,,,,,,,,,it's DONE!!!

As much as I love it, and enjoy it,and as long as I have wanted it...It's DONE!! .....period!

Good luck to you my friend, and I hope you can get some insight to yourself,your motivations, and what it is you really want out of your life,through some of these reactions to your post....

Try not to be defensive to some of these remarks and take some time and reflect on them..........THEN MAKE SOME GOOD CHOICES!!



Good Luck Jon!...we're here for ya!!

 

I had a friend since grade 9 that has had money issues since we met.I have bailed him out millions of times with small and large amounts of money.We have always made the same money since we worked all of our jobs together(one of us would always get the other one hired)but I always had a nice car,home,girlfriend,toys etc.The last time I talked to him was when he told me I never made him enough money at his stag.Money problems cannot be solved with money,they have to be solved with attitude.We all have some debt,I am 30 also and I have a car payment,mortgage,girlfriend,etc but my car is only modded a bit.Put in a stock Ls1,sell the motor,rims exhaust,bling etc.drive around with a flashy paint job(at least you will look good) and work your way out of debt.I think this is a good comprimise(you keep your car and pay a big chunk off)And everything will take its path with your career.Good luck, this is normal and you will get out.JER

 

I thought there were moderators on this forum ???????? This thread is an extreme waste of bandwidth .............