lost my car
Thread Starter
Instructor
Joined: Jan 2007
Posts: 191
Likes: 0
From: san diego cali
thanks again everyone, someone asked how much i owe, its 11k plus some....dont think i can get that, bc i got about a 4inch scrape on my drivers side right near the gas cap bc someone parked too close and left w/o a note, the targa top has 2 3inch cuts from someone trying to steal it. it does however have a rebuilt trany with only 5k miles on it.
i agree with school first but when i got the car i had good credit, bad decisions on my part on some credit cards made my credit not so great. not having a job forced me to move back home for a semester until i could get enough money to go back living in san deigo going to school. so now not having a car makes it very difficult to a. have a job where i am staying now, and b. getting back to school. i am praying by some miracle my bank will allow me to pay whats past due when i talk to them next, even though they said that i had to pay in full.
i agree with school first but when i got the car i had good credit, bad decisions on my part on some credit cards made my credit not so great. not having a job forced me to move back home for a semester until i could get enough money to go back living in san deigo going to school. so now not having a car makes it very difficult to a. have a job where i am staying now, and b. getting back to school. i am praying by some miracle my bank will allow me to pay whats past due when i talk to them next, even though they said that i had to pay in full.
Last edited by mattkilla97whitec5; Oct 11, 2008 at 09:54 AM.
Racer
Joined: May 2008
Posts: 273
Likes: 0
From: Pottstown pennsylvania
thanks again everyone, someone asked how much i owe, its 11k plus some....dont think i can get that, bc i got about a 4inch scrape on my drivers side right near the gas cap bc someone parked too close and left w/o a note, the targa top has 2 3inch cuts from someone trying to steal it. it does however have a rebuilt trany with only 5k miles on it.
i agree with school first but when i got the car i had good credit, bad decisions on my part on some credit cards made my credit not so great. not having a job forced me to move back home for a semester until i could get enough money to go back living in san deigo going to school. so now not having a car makes it very difficult to a. have a job where i am staying now, and b. getting back to school. i am praying by some miracle my bank will allow me to pay whats past due when i talk to them next, even though they said that i had to pay in full.
i agree with school first but when i got the car i had good credit, bad decisions on my part on some credit cards made my credit not so great. not having a job forced me to move back home for a semester until i could get enough money to go back living in san deigo going to school. so now not having a car makes it very difficult to a. have a job where i am staying now, and b. getting back to school. i am praying by some miracle my bank will allow me to pay whats past due when i talk to them next, even though they said that i had to pay in full.
Melting Slicks
Joined: Nov 2006
Posts: 2,431
Likes: 3
From: Iowa City Iowa
A lesson?
I'm afraid what's happened here is symtamatic of what's happening to a lot of folks here in the good ole US of A. Extending ourselves to a point where we're living paycheck to paycheck and the first time a problem arises, we loose our car, house, etc. We need to learn to live within our means and stop extending beyond our ability to pay our bills if we miss a paycheck or two. I know this will not set well with a lot of members, but, IMHO, it's a fact we are all seeing with our current credit crisis.
Last edited by RSchleder; Oct 13, 2008 at 06:36 AM.
Racer
Joined: Oct 2007
Posts: 480
Likes: 0
From: DFW TX
I'm afraid what's happened here is symtomatic of what's happening to a lot of folks here in the good ole US of A. Entending ourselves to a point where we're living paycheck to paycheck and the first time a problem arises, we loose our car, house, etc. We need to learn to live within our means and stop extending beyond our ability to pay our bills if we miss a paycheck or two. I know this will not set well with a lot of members, but, IMHO, it's a fact we are all seeing with our current credit crisis.
Sorry for the bad luck and I know it sucks to have your vette repo'd, but that is exactly the reason why banks are going bankrupt, the stock market is in the sh!tter, and people are losing their houses, cars, etc EVERY DAY. No offense to the OP, but I think people deserve what they get for being financially irresponsible. A good rule of thumb if you want to have plenty of cushion is to not buy a vehicle that costs more than 1/3 of your annual income. I would not buy the vette back, get a beater for $3000-4000, and then get another newer vette in a year or two.
Pro
Joined: Jul 2008
Posts: 564
Likes: 1
From: Moyock NC
Sorry about what you are going through but don't let it get you down. You will be able to get another vette maybe one you like better than the one you had. We all go through hard times you just use them as learning experience. GOOD LUCK to you.
Thread Starter
Instructor
Joined: Jan 2007
Posts: 191
Likes: 0
From: san diego cali
well after a letter saying that i could get the car back if i paid the back payments they said no......and sold the car. they said that i or anyone related to me could do anything about it, even at the auction. so the lucky person that got my 97 with 144k miles with a year old tranny and new under 1k tires for $5500. great deal. still owe a little on it but the bank did take away some of what i owed. so its not the end of the world.
Racer
Joined: May 2008
Posts: 361
Likes: 0
From: Sacramento Ca
well after a letter saying that i could get the car back if i paid the back payments they said no......and sold the car. they said that i or anyone related to me could do anything about it, even at the auction. so the lucky person that got my 97 with 144k miles with a year old tranny and new under 1k tires for $5500. great deal. still owe a little on it but the bank did take away some of what i owed. so its not the end of the world.
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Drifting
Joined: Jun 2007
Posts: 1,298
Likes: 0
From: Chicago IL
The whole theory of buying a house first isn't working. Yea you can get a great deal on a home but what good is it if your job is shaky. And quite honestly across the board from top management to the bottom feeders everyone is worried. Here is a fact for you. 1 of 4 workers has been with their current employer for less than a year and
1 in 2 has been there less than five years. I see this rough ride for years to come. And your not getting any younger. Enjoy these years and make the best of it. And then adjust as time goes. Flame suit on!!!
Last edited by Mariamznm; Nov 11, 2008 at 01:00 AM.
Melting Slicks
Joined: Sep 2001
Posts: 2,800
Likes: 2
From: Fairless Hills PA.
Sorry to hear your loosing your Vette.
Your young and have plenty of time to get back on track after you finish school.
These are tough times we are living in right now. Don't feel bad,even the Big $ execs are feeling it. Keep your head held high, do well in school and you'll be fine.
Your young and have plenty of time to get back on track after you finish school.
These are tough times we are living in right now. Don't feel bad,even the Big $ execs are feeling it. Keep your head held high, do well in school and you'll be fine.
Melting Slicks
Joined: Dec 2005
Posts: 2,291
Likes: 0
From: sterling ct
while it may not seem like a good lesson, this experience could change your financial future for the better. one needs to learn (sometimes the hard way-dont ask me how i know) that living within and sometimes a notch or two below ones means provides a greater piece of mind, which is of far more importance than the limited pleasure that "these things" we own and buy can provide.
Melting Slicks
Joined: Dec 2005
Posts: 2,291
Likes: 0
From: sterling ct
financially irresponsible- yes sometimes and also no at others...
if one was invested in several 4 star by lipper or morning star funds your down 50% at least in the past year.-look at magellan and ica- they like others got hammered. i dont consider these investors irresponsible. it will take a decade for these funds to double back to their nav of last year.
living off of helocs, credit cards, interest only first/second liens- yes these people are looking for trouble and get no simpethy from me.
Sorry for the bad luck and I know it sucks to have your vette repo'd, but that is exactly the reason why banks are going bankrupt, the stock market is in the sh!tter, and people are losing their houses, cars, etc EVERY DAY. No offense to the OP, but I think people deserve what they get for being financially irresponsible. A good rule of thumb if you want to have plenty of cushion is to not buy a vehicle that costs more than 1/3 of your annual income. I would not buy the vette back, get a beater for $3000-4000, and then get another newer vette in a year or two.
if one was invested in several 4 star by lipper or morning star funds your down 50% at least in the past year.-look at magellan and ica- they like others got hammered. i dont consider these investors irresponsible. it will take a decade for these funds to double back to their nav of last year.
living off of helocs, credit cards, interest only first/second liens- yes these people are looking for trouble and get no simpethy from me.
Sorry for the bad luck and I know it sucks to have your vette repo'd, but that is exactly the reason why banks are going bankrupt, the stock market is in the sh!tter, and people are losing their houses, cars, etc EVERY DAY. No offense to the OP, but I think people deserve what they get for being financially irresponsible. A good rule of thumb if you want to have plenty of cushion is to not buy a vehicle that costs more than 1/3 of your annual income. I would not buy the vette back, get a beater for $3000-4000, and then get another newer vette in a year or two.
Race Director
Joined: Apr 2005
Posts: 10,179
Likes: 2,306
From: Wesley Chapel, FL Las Vegas, NV
well after a letter saying that i could get the car back if i paid the back payments they said no......and sold the car. they said that i or anyone related to me could do anything about it, even at the auction. so the lucky person that got my 97 with 144k miles with a year old tranny and new under 1k tires for $5500. great deal. still owe a little on it but the bank did take away some of what i owed. so its not the end of the world.
So now the bank will come after you for the other $5500 plus a bunch of fees and costs.
Too late to do much except call the bank a negotiate a settlement and payment arrangement before things get worse. Like a court judgment and wage garnishment just when your getting back on your feet again.
For others out there who may be facing this predicament. Call the bank and make a deal with them BEFORE it's repoed. Give them the car if they agree to waive the difference when it sells at auction (for example)
Another problem was $11000 owed on a 97 with some damage. Basically he owed more the the car was worth.
To the OP. Lesson learned for a few thou. could have be way worse.
Instructor
Joined: Aug 2008
Posts: 169
Likes: 0
From: Anchorage AK
I know the feeling. I bought a '99 S10 brand new. Traded in my '96 S10 to get it. 2 years later, the dot-com crashed tossed me on the streets (getting a tech job in the valley at that time was not happening) and the truck was repoed the day before Christmas. 7 years later, and everything is hunky-dory and despite the economic turndown (when do we call it a recession?), i'm doing fine.
I wound up owing the bank $6k after it was auctioned off. The most miserable part of it all was the jerking around i was getting from the bank. I called them the day it happened (I was actually walking to my truck to go to the bank to make the late payments! lol) and they said it would take 7-10 business days for them to do whatever they did (nothing) so i could at least get my stuff out of the truck. By the time that happened, the tow yard wanted $170 just for me to get my crap out of it! They called it an "inventory" fee ($50) + 12 days of storage fees ($10 x 12 days). BS scam. I guess they forgot it got repoed because i didn't have money. But i'm not bitter at all!
I wound up owing the bank $6k after it was auctioned off. The most miserable part of it all was the jerking around i was getting from the bank. I called them the day it happened (I was actually walking to my truck to go to the bank to make the late payments! lol) and they said it would take 7-10 business days for them to do whatever they did (nothing) so i could at least get my stuff out of the truck. By the time that happened, the tow yard wanted $170 just for me to get my crap out of it! They called it an "inventory" fee ($50) + 12 days of storage fees ($10 x 12 days). BS scam. I guess they forgot it got repoed because i didn't have money. But i'm not bitter at all!
Last edited by wdtiger; Nov 11, 2008 at 10:34 AM.
Melting Slicks
Joined: Aug 2004
Posts: 2,879
Likes: 0
From: Plainfield Ill.
Good suggestions from a lot of people here
1. Apply for a student loan etc.
2. Apply for another loan
3. Try to fight or settle an arrangement with the bank
Only problem is
1. He's still in school - getting a student loan these days is like trying to find a needle in a haystack
2. No job means no loan
3. Arranging a settlement -again -no job -most likely no settlement
Possible solutions
1. Look for work - start from the bottom of the pile if you need too, as long as you have a job ( not to support or pay off or buy back your car, but to finish your school )
2. Don't live above your means -eventually you'll get what you want as long as you work hard for it
3. Your credit is most likely ruined -applying for a loan will probably make it worst since you are most likely going to be denied or get higher interest rate- which translates to higher payments -not really a solution
4. Finish school
I've not in your shoes and so I really don't know your situation, everything is easier said than done. Good luck to you.
My only suggestion is work hard, finish school and good luck.
1. Apply for a student loan etc.
2. Apply for another loan
3. Try to fight or settle an arrangement with the bank
Only problem is
1. He's still in school - getting a student loan these days is like trying to find a needle in a haystack
2. No job means no loan
3. Arranging a settlement -again -no job -most likely no settlement
Possible solutions
1. Look for work - start from the bottom of the pile if you need too, as long as you have a job ( not to support or pay off or buy back your car, but to finish your school )
2. Don't live above your means -eventually you'll get what you want as long as you work hard for it
3. Your credit is most likely ruined -applying for a loan will probably make it worst since you are most likely going to be denied or get higher interest rate- which translates to higher payments -not really a solution
4. Finish school
I've not in your shoes and so I really don't know your situation, everything is easier said than done. Good luck to you.
My only suggestion is work hard, finish school and good luck.
Melting Slicks
Joined: Dec 2005
Posts: 2,291
Likes: 0
From: sterling ct
while visiting my bro in palmer, ak i was reading yesterdays newspaper.
top careers and starting pay
rail road engineer-conducter 100k/65k
pharmacist-125k
rn- 65k
it-75k
food for thought in AK
top careers and starting pay
rail road engineer-conducter 100k/65k
pharmacist-125k
rn- 65k
it-75k
food for thought in AK
Drifting
Joined: May 2006
Posts: 1,616
Likes: 1
From: Minnesota
Student loan to buy a vette? Some of the worst advice I have ever read on CF. We all love our cars but you have to think long term here. Take your student loan out for education. That is something that will be worth more over time and will not depreciate!
Whenever someone gives me a compliment about my Vette my mind goes back to my 81 Ford LTD that I bought from my car dealership I worked for (after trading back the newer truck I could not really afford). I paid $500 for it and it ran all through college until the day I replaced it with a brand new car. Live within your means as it has been stated previously.
To the OP: Please tell me you called your bank and explained the situation to them when you missed your first payment. Most of the time banks will work with you. The last thing they want to do is repo the property. You mentioned you have been out of work for two months. That's pretty dang quick turn around for them to come and get your car. Had you been missing payments before?
I don't know guys. 11k for this car? How could he not find a buyer for that. Especially with the guys looking for a track car?
Whenever someone gives me a compliment about my Vette my mind goes back to my 81 Ford LTD that I bought from my car dealership I worked for (after trading back the newer truck I could not really afford). I paid $500 for it and it ran all through college until the day I replaced it with a brand new car. Live within your means as it has been stated previously.
To the OP: Please tell me you called your bank and explained the situation to them when you missed your first payment. Most of the time banks will work with you. The last thing they want to do is repo the property. You mentioned you have been out of work for two months. That's pretty dang quick turn around for them to come and get your car. Had you been missing payments before?
I don't know guys. 11k for this car? How could he not find a buyer for that. Especially with the guys looking for a track car?
Melting Slicks
Joined: Apr 2005
Posts: 3,469
Likes: 4
I know some people that did that aswell. I don't know about this whole school thing nowadays. The economy is in the gutter and everyone thinks by going to school they are going to get hired. This isn't the 90's nomore. I would rather keep the vette have a huge smile on my face and during these hard times I would just ride the wave and have the best memories. Rather than pile up more debt for a degree that most likely wont get me anywhere in these times.
The whole theory of buying a house first isn't working. Yea you can get a great deal on a home but what good is it if your job is shaky. And quite honestly across the board from top management to the bottom feeders everyone is worried. Here is a fact for you. 1 of 4 workers has been with their current employer for less than a year and
1 in 2 has been there less than five years. I see this rough ride for years to come. And your not getting any younger. Enjoy these years and make the best of it. And then adjust as time goes. Flame suit on!!!
The whole theory of buying a house first isn't working. Yea you can get a great deal on a home but what good is it if your job is shaky. And quite honestly across the board from top management to the bottom feeders everyone is worried. Here is a fact for you. 1 of 4 workers has been with their current employer for less than a year and
1 in 2 has been there less than five years. I see this rough ride for years to come. And your not getting any younger. Enjoy these years and make the best of it. And then adjust as time goes. Flame suit on!!!
People need to learn that things like big houses, Corvettes, big-screen TVs and such are REWARDS for hard work/good choices/wise planning. They're not "must-haves" or entitlements. Hard work begets success, and success begets the rewards. It's a fool's game to expect to enjoy the rewards without first earning them.
Pro
Joined: Aug 2007
Posts: 619
Likes: 1
From: ATLANTA GA
Bump for this guy.. Honestly I really feel you.. Im in the auto buisness and I was laid off. Im struggleing to hold onto my corvette but I think ill pull through. Im not letting a bank get my car plus mods for 5 grand I still owe 13 I bought the car 2 years ago at the time it was a going price but the way things have dropped now I might be able to barely get my payoff on a private part sale, I love my vette too much to let it go out like that
I immediately did damage control when this happened and cut as much as i could, Cell phone i moved back with my parents dispite all scruitiny from friends (im only 22 not 40) and have done everything I can to hang on for the ride.
I figured the appartment and what my friends thought was the first thing that didnt matter and Id be super hard pressed to get another car if i screwed up my credit.
I immediately did damage control when this happened and cut as much as i could, Cell phone i moved back with my parents dispite all scruitiny from friends (im only 22 not 40) and have done everything I can to hang on for the ride.
I figured the appartment and what my friends thought was the first thing that didnt matter and Id be super hard pressed to get another car if i screwed up my credit.