When is enough to say when.
Thread Starter
Le Mans Master
Joined: Jan 2001
Posts: 8,238
Likes: 0
From: Lakeland, Center of Florida Fl
Originally Posted by Mike73
I thought there were moderators on this forum ???????? This thread is an extreme waste of bandwidth .............
Jon
Drifting
Joined: Apr 2003
Posts: 1,833
Likes: 68
From: Bowling Green KY
Some simple words of wisdom:
"When you dig yourself into a hole, the first thing you need to do is to put down the shovel" !!!
Sell the car immediately and forget that you ever owned it.
Get your life, your job, your relationships taken care of. The toys can come later.
You (and all of us for that matter) have a choice. We can either work hard and be frugal in our early years so that we can enjoy the nice things when we get older, OR we can borrow our way (as you have done) into the "good life", if that is what you call being WAAAYYYY in over your head, and then suffer your whole life.
That's what growing up is all about, acting responsibly. Some people learn that lesson while they are young.... some people never learn!
Dump the car, grow up, and start living again!
Just my .02 - Good luck!
"When you dig yourself into a hole, the first thing you need to do is to put down the shovel" !!!
Sell the car immediately and forget that you ever owned it.
Get your life, your job, your relationships taken care of. The toys can come later.
You (and all of us for that matter) have a choice. We can either work hard and be frugal in our early years so that we can enjoy the nice things when we get older, OR we can borrow our way (as you have done) into the "good life", if that is what you call being WAAAYYYY in over your head, and then suffer your whole life.
That's what growing up is all about, acting responsibly. Some people learn that lesson while they are young.... some people never learn!
Dump the car, grow up, and start living again!
Just my .02 - Good luck!
Last edited by NVR2L8; Aug 5, 2005 at 01:50 AM.
Drifting
Joined: Jul 2002
Posts: 1,649
Likes: 15
From: My Garage. Upstate, SC
I was out of work for 18 months. Savings disappered and I racked up some debt. I kept the Vette and another car, knowing things would get better. Its been a year back at the job, the CC's are back down and I'm finally able to start a few mods now.
CC's are a great way to screw up your life. I still use my AMEX, but the balance is due in full every month. I cut up my Visa's and the accounts are almost paid up.
What I'm trying to say is things will get better. Being out of work really screws with your head. Keep calm and think about your spending.
If you have other assets (especially things you don't use anymore), consider selling them. I'm selling off a chunk of my gun collection to help pay off the remainder of my credit debt. A home equity loan is a great thing, as long as you don't rebuild the debt again with CC's.
Personally, I think selling the car would be a mistake. You've got too much time and money in it. You wouldn't get enough out of it to benefit from selling.
Just hang in there a while longer. As my California friends tell me, Mercury is in retrograde and is the cause for all this angst. Things will get better around the 15th of August. I gave him the same blank look you have right now.
CC's are a great way to screw up your life. I still use my AMEX, but the balance is due in full every month. I cut up my Visa's and the accounts are almost paid up.
What I'm trying to say is things will get better. Being out of work really screws with your head. Keep calm and think about your spending.
If you have other assets (especially things you don't use anymore), consider selling them. I'm selling off a chunk of my gun collection to help pay off the remainder of my credit debt. A home equity loan is a great thing, as long as you don't rebuild the debt again with CC's.
Personally, I think selling the car would be a mistake. You've got too much time and money in it. You wouldn't get enough out of it to benefit from selling.
Just hang in there a while longer. As my California friends tell me, Mercury is in retrograde and is the cause for all this angst. Things will get better around the 15th of August. I gave him the same blank look you have right now.
Last edited by Trigger Creep; Aug 5, 2005 at 02:56 AM.
Drifting
Joined: Oct 2002
Posts: 1,748
Likes: 0
From: Titusville FL
Originally Posted by XCELER8
Really, you think so. How about a few people that are thinking about doing what I did and they can learn from my mistakes. This forum is about learning from each other.
Jon
Jon
So true Jon. I think many people on this forum have felt this way in their life one time or another. Most of us have fallen victim to debt and it is nice to know that you can dig your way out of it with discipline and control.
Just keep your chin up Jon and all will work out
Drifting
Joined: Jan 2005
Posts: 1,600
Likes: 0
From: Spring Hill, Florida Life is all about new beginnings;...TRY ONE!
St. Jude Donor '07-'08
Good Luck Jon; Untill you make your decision, put your cover on the car so you can't see it. It may help you keep your thoughts straight.
Its like wanting to break up with a beautiful woman. When you see her again you cave in!
Its like wanting to break up with a beautiful woman. When you see her again you cave in!
Safety Car
Joined: Jun 2003
Posts: 4,332
Likes: 7
From: Dayton, Ohio
Senior Member
CI 5-6-7-8 Veteran
Originally Posted by Trigger Creep
Personally, I think selling the car would be a mistake. You've got too much time and money in it. You wouldn't get enough out of it to benefit from selling.
Sure, I agree that he is never going to recoup ANY of the mod money that he has put into the car but I think we ALL should realize that. Hell, I just sold my C5 that I had invested $50k in mods and you know what, I lost every penny of it. I'm not pissed about it, I knew that going into it. People that look at mods (or a Corvette in general) as an investment are foolish.
I will still stick with my original post. I think he should sell the car and sell it NOW and put that money towards his debt immediately. If he can come anywhere close to paying off his CC debt he will be in a much better position to get his life back on track.
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Melting Slicks
Joined: Aug 2004
Posts: 2,879
Likes: 0
From: Plainfield Ill.
Originally Posted by Mike73
I thought there were moderators on this forum ???????? This thread is an extreme waste of bandwidth .............
WELCOME TO THE FAMILY Mike 73. Sorry Jon, didn't mean to hijack your thread.
Pro
Joined: Aug 2005
Posts: 503
Likes: 50
From: Bradenton, FL
Sell the car.
Originally Posted by XCELER8
LOL, Yea I understand your point of view. The cooling and will be fixed this weekend as well as cleaning up the whole motor. I have a lot of new stuff getting put in the motor to make it even better. MTI did a fine job with the motor, just took there sweet time doing it.
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.
Believe it or not, I have well over 130,000 into mods.
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.
Live in the house and sell it for a huge gain in two years? One possible solution... Provided you sell it at a huge gain. Even then, you still need a place to live. If you sold for a huge gain, all the other houses will be rediculously out of reach, but a Vette still won't be.
I didn't catch what you do for a living, but uf you don't have the potential to increase your income from your hoped for $50K job to a $100K job you will never get out. I speak from experience. My family and I were buried in CC debt and a big house payment. Fortunately it was in CA. We sold a year or so ago for a huge dollar amount, paid all the CC debt and moved to Tampa. I hated to leave CA, but it just made sense. Without the CC debt we probably could have stayed.
Again, if the car will net out the CC debt, do it. Its a no-brainer. You can always rebuild. Remember, if you file BK because of the CC debt, they will take your car.
If the car won't net out the CC debt, hold onto the car and fight like hell.
Good luck.
Race Director
Joined: Dec 2002
Posts: 13,348
Likes: 233
From: SCMR Rat Pack'r Charter Member..Great Bend KS
Originally Posted by StephenT
You got yourself a very nice ride there but you need to get your self out of debt. I would suggest getting some debt counseling to help you out with a budget and strategy.
Corvettes are just toys and going into debt for a toy is never acceptable.
Now is the time to prove you are a man and not a child.
Larry
code5coupe
Racer
Joined: Jan 2004
Posts: 264
Likes: 0
From: Warren MI
Originally Posted by Stangkiller
enough is enough when you cant afford the payment.
Chris
Chris
WHAT ARE YOU TRYING TO PROVE WITH THE CAR?? SOME SORT OF STATUS SYMBOL?? JUST GOES TO SHOW THAT YOU CAN'T JUDGE A BOOK BY ITS COVER.
Drifting
Joined: Jan 2003
Posts: 1,277
Likes: 0
From: Springfield MO
St. Jude Donor '05
Jon,
It sounds like you're in a tight spot. Here's my take on what you should do.
1. Cut up your credit card(s) immediately. Don't make the situation any worse.
2. Keep busting your tail to get a decent paying job. Make minimum payments until then, and cut back your spending in any area possible.
3. Get some debt counseling. You've gotta get the remaining credit card debt moved to a lower interest loan through debt consolidation, refinancing your home, etc.
At this point, you should be able to make a good decision on whether you need/want to sell the car or not. Maybe you could sell the car to help buy an engagement ring, pay for wedding expenses, and/or have some money set aside for savings.
Best of luck!
It sounds like you're in a tight spot. Here's my take on what you should do.
1. Cut up your credit card(s) immediately. Don't make the situation any worse.
2. Keep busting your tail to get a decent paying job. Make minimum payments until then, and cut back your spending in any area possible.
3. Get some debt counseling. You've gotta get the remaining credit card debt moved to a lower interest loan through debt consolidation, refinancing your home, etc.
At this point, you should be able to make a good decision on whether you need/want to sell the car or not. Maybe you could sell the car to help buy an engagement ring, pay for wedding expenses, and/or have some money set aside for savings.
Best of luck!
Melting Slicks
Joined: Mar 2004
Posts: 3,002
Likes: 0
From: Surrey BC
well first off id like to say congrats....i saw your hennesy viper in another thread...very impressive car ...and now your c5 is just something else.... 
and you've got your own house...just owe some money...i say your doing pretty darn good for your age (im assuming your not too old)...now all you have to do is...don't mod anymore...your car is already off the hook...once you get your new job...you'll be fine... and if it does come down to it...PLEASE WAIT BEFORE YOU SELL YOUR VETTE....because i sure don't have enough money to afford it right now and id LOVE to get that beast off your hands 
and just another pointer...get rid of those credit cards...im a student and my visa bill is maxed out at $1000...don't know how i will be paying it off...credit cards have to be the worst thing for someone like me 
good luck with everything hang in there...im sure everything will work out great for you
...and now your c5 is just something else.... and you've got your own house...just owe some money...i say your doing pretty darn good for your age (im assuming your not too old)...now all you have to do is...don't mod anymore...your car is already off the hook...once you get your new job...you'll be fine... and if it does come down to it...PLEASE WAIT BEFORE YOU SELL YOUR VETTE....because i sure don't have enough money to afford it right now and id LOVE to get that beast off your hands and just another pointer...get rid of those credit cards...im a student and my visa bill is maxed out at $1000...don't know how i will be paying it off...credit cards have to be the worst thing for someone like me good luck with everything hang in there...im sure everything will work out great for you
Pro
Joined: Dec 2003
Posts: 502
Likes: 1
From: Fountain hills AZ
For many years I didn't own an automobile - drove comapny cars. I cannot believe how much I saved. I looked at cars as utility devices and invested my money in other things - important things - like houses, wife, education for kids, along with investments. Then I started my own business and drove relativej "junk" to keep expenses low. They were good cars purchased a year old - things like Ford Taurus and Mercury Sable which did the job and were really cheap to own. Now the rewards are here. I drive very nice cars and give very nice cars to my children who work for the business either full or part time.
My advice - get life in order - minimize unnecessary expense such as cars - invest in cars when you have surplus income. You will enjoy them more and appreciate them for what they are = TOYS. I have other toys - boats, second home, expensive camera gear, and travel habits now that I have the income. Patience paid off.
My advice - get life in order - minimize unnecessary expense such as cars - invest in cars when you have surplus income. You will enjoy them more and appreciate them for what they are = TOYS. I have other toys - boats, second home, expensive camera gear, and travel habits now that I have the income. Patience paid off.
Safety Car
Joined: Jun 2003
Posts: 4,332
Likes: 7
From: Dayton, Ohio
Senior Member
CI 5-6-7-8 Veteran
Originally Posted by BickyDhadwal
and now your c5 is just something else.... and you've got your own house...just owe some money...i say your doing pretty darn good for your age
and you've got your own house...just owe some money...i say your doing pretty darn good for your ageAre you insane? Jon originally stated that his CC debt will end up costing him $600,000 and 30 years to pay off if he keeps making the minimum payments. I am estimating that means that he is carrying probably somewhere around $50-60k in current CC debt. And you say "pretty darn good for your age". If you think that is "pretty good" for a 30 year old you definitely have a lot to learn. Also, it has STILL not been confirmed that he even owns a house. He just keep saying that "its taken care of" so I can guarantee that its not something that he has any stake in the equity of it. I think any kind of home equity line is out of the question.
My advice for you Bicky would be to figure out how you are going to pay off that $1000 credit card and then put it in a drawer somewhere and never touch it again unless it is a major emergency. From what I recall, I think your family supports you but I would not count on that forever. It would definitely be wise to get your own finances on track or in another 10 years you could end up exactly where Jon is.
Le Mans Master
Joined: Jan 2003
Posts: 6,059
Likes: 12
From: AKA Harvey Mushman-I know just enough to be dangerous "Those who sacrifice liberty for safety deserve neither"- B. Franklin
Senior Member
Cruise-In V Veteran
Originally Posted by 2k1 Vette
I'm definitely not trying to be rude but this statement is definitely coming from someone who is very young and could very well someday find himself in the same position that Jon is right now. It is obvious you have yet to gain much of a concept of financial matters.
Are you insane? Jon originally stated that his CC debt will end up costing him $600,000 and 30 years to pay off if he keeps making the minimum payments. I am estimating that means that he is carrying probably somewhere around $50-60k in current CC debt. And you say "pretty darn good for your age". If you think that is "pretty good" for a 30 year old you definitely have a lot to learn. Also, it has STILL not been confirmed that he even owns a house. He just keep saying that "its taken care of" so I can guarantee that its not something that he has any stake in the equity of it. I think any kind of home equity line is out of the question.
My advice for you Bicky would be to figure out how you are going to pay off that $1000 credit card and then put it in a drawer somewhere and never touch it again unless it is a major emergency. From what I recall, I think your family supports you but I would not count on that forever. It would definitely be wise to get your own finances on track or in another 10 years you could end up exactly where Jon is.
Are you insane? Jon originally stated that his CC debt will end up costing him $600,000 and 30 years to pay off if he keeps making the minimum payments. I am estimating that means that he is carrying probably somewhere around $50-60k in current CC debt. And you say "pretty darn good for your age". If you think that is "pretty good" for a 30 year old you definitely have a lot to learn. Also, it has STILL not been confirmed that he even owns a house. He just keep saying that "its taken care of" so I can guarantee that its not something that he has any stake in the equity of it. I think any kind of home equity line is out of the question.
My advice for you Bicky would be to figure out how you are going to pay off that $1000 credit card and then put it in a drawer somewhere and never touch it again unless it is a major emergency. From what I recall, I think your family supports you but I would not count on that forever. It would definitely be wise to get your own finances on track or in another 10 years you could end up exactly where Jon is.
Safety Car
Joined: Jan 2004
Posts: 3,515
Likes: 17
From: Keller, TX
St. Jude Donor '07
Originally Posted by XCELER8
Really, you think so. How about a few people that are thinking about doing what I did and they can learn from my mistakes. This forum is about learning from each other.
Jon
Jon
Instructor
Joined: Jun 2005
Posts: 205
Likes: 0
hey
Originally Posted by XCELER8
I love my vette as I am sure most of you do. But, when do you call it enough. I owe a ton on my CC. Do to bad choices when I had blowen motors in the past, 2 of them, as well as a tranny. All of this when I had a low paying job. I had a great paying job and gave it up to move out to our new house and since we moved I have been jobless for 5 months.
I figured out that if I pay the min. for the next 30 years I will be paying 600,000 for my car. That is just INSANE. I have a lot of money and time into my car but not sure if its worth it.
I have a good job lined up and have my last interview this week. Pay is well over my bills, but still. I like to get married to my GF with the next 3 years.
What do you guys think.
Jon Pine
I figured out that if I pay the min. for the next 30 years I will be paying 600,000 for my car. That is just INSANE. I have a lot of money and time into my car but not sure if its worth it.
I have a good job lined up and have my last interview this week. Pay is well over my bills, but still. I like to get married to my GF with the next 3 years.
What do you guys think.
Jon Pine
hey jon what are you thinking about? so what is this money issue on the vette? are you thinking of selling? if so, just remember if you get another you will mod it out too. well as of getting married that is good idea, so yest save your money, but try to keep the car too.
LATE TJ
PS don't loose your mind man
. okay