Dusty’s Budgeting Thread

dengar

seans is a afta marchsollwe in his gir!
OT Supporter
Sep 11, 2004
7,954
OC NJ
You honestly should consider just giving the car back, or repo’ing it. Yes it will damage your credit, but it’s not like you’re on the verge of buying a house anytime soon.

Just came here to post this.

Stop making the payments and let them come take it.
Shit, call them and tell them to come take it since you won't be paying any additional payments on it.

That has to be the quickest fix to your biggest headache.
 
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May 8, 2001
32,322
Colorado
Don't get the fucking thing repo'd as suggested.

You could sell the VW and put everything earned towards it.

Can you pay extra towards the principal?

Have you tried calling the lender and explaining your situation?

Turo is still a possible option. You need to do your own due diligence and check your loan terms.

Sell it, suck it up and pay off what you're underwater on.

Continue dumping huge monthly payments into your depreciating, eventual money-pit.
 

dengar

seans is a afta marchsollwe in his gir!
OT Supporter
Sep 11, 2004
7,954
OC NJ
Don't get the fucking thing repo'd as suggested.

What is the downside besides the credit risk?
Carvana would probably love to have it back as soon as possible to flip to someone else rather than further down the road.
 
May 8, 2001
32,322
Colorado
What is the downside besides the credit risk?
Carvana would probably love to have it back as soon as possible to flip to someone else rather than further down the road.
Risk? He'll certainly fuck his credit in his mid-thirties. I don't think his situation that dire.

If he couldn't make his payments, sure. But he has options to ease this cluster-fuck that has been created.
 
May 8, 2001
32,322
Colorado
What is the downside besides the credit risk?
Carvana would probably love to have it back as soon as possible to flip to someone else rather than further down the road.
If Carvana wanted it back that badly, they would let him return it and pay off the lost equity +interest. They won't.
 
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dengar

seans is a afta marchsollwe in his gir!
OT Supporter
Sep 11, 2004
7,954
OC NJ
Risk? He'll certainly fuck his credit in his mid-thirties. I don't think his situation that dire.

If he couldn't make his payments, sure. But he has options to ease this cluster-fuck that has been created.

Have you read this thread?
They are a few years of solid employment before considering a house or new car at this point.
The credit could fix itself in time.
 
May 8, 2001
32,322
Colorado
Have you read this thread?
They are a few years of solid employment before considering a house or new car at this point.
The credit could fix itself in time.
7 years is not a few years. Not to mention time to rebuild.

It could affect his ability to get a decent cellular plan or other services, rent an apartment, etc.
 
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dengar

seans is a afta marchsollwe in his gir!
OT Supporter
Sep 11, 2004
7,954
OC NJ
7 years is not a few years. Not to mention time to rebuild.

It could affect his ability to get a decent cellular plan or other services, rent an apartment, etc.

Aren't you able to bounce back from bankruptcy in 2-3 years?
This could be an alternative route.
 

Cicada

Abraham $LINK’in
OT Supporter
Sep 30, 2008
126,834
SoCal
No plan is to save up whatever the amount negative is ($10k or so) and trade it in in a year or so, using that to cover the difference between what it’s worth and how much we owe.

The car is worth about $13k according to KBB. The principal amount is $22k. Then we wouldn’t have to worry about it anymore.
lemme get this straight

so you're 9k upside down on it, and you want to pay that down to eventually trade it in on something more expensive that you're going to be equally (or more) upside down in?

that car's value will continue to drop over time (especially with the car market starting to cool cool off) while your principal is only going down like $50/month

my guy -- get rid of it

or i guess figure out turo

i don't even know how we can help you anymore
 

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,610
Loserville. Population: 1
7 years is not a few years. Not to mention time to rebuild.

It could affect his ability to get a decent cellular plan or other services, rent an apartment, etc.
Do you think Dusty will have his shit together within 7 years and be in a position to possibly be buying a house? Shit, the equinox would barely be paid off within 7 years.

Turo would be reasonable for someone that's not Dusty. It would turn into a comedy of errors for one reason or another. I've got some pretty ridiculous dipshit customers that call trying to get a house and their credit is worse than Dusty's. They have an apartment, and they call me from their cell phone (and they won't stop calling, lol), so I wouldn't worry about ability to get a phone or utilities/apartment. Just rip the bandaid off. Plus, anyone who gave Dusty a loan deserves to choke on that big pile of shit negative equity. the 10-25% they charge other dipshits will absorb the losses they take on this pig.
 
May 8, 2001
32,322
Colorado
Do you think Dusty will have his shit together within 7 years and be in a position to possibly be buying a house? Shit, the equinox would barely be paid off within 7 years.

Turo would be reasonable for someone that's not Dusty. It would turn into a comedy of errors for one reason or another. I've got some pretty ridiculous dipshit customers that call trying to get a house and their credit is worse than Dusty's. They have an apartment, and they call me from their cell phone (and they won't stop calling, lol), so I wouldn't worry about ability to get a phone or utilities/apartment. Just rip the bandaid off. Plus, anyone who gave Dusty a loan deserves to choke on that big pile of shit negative equity. the 10-25% they charge other dipshits will absorb the losses they take on this pig.
Calling you from their Cricket prepaids in their section 8 dwelling... :hmm: Actually maybe he should look into that anyway to save some money.

I dunno man. Seems like a drastic step for a $20k fuck up.

edit: Plus, I fear @JohnnyBeagle is right and they may never recover from that shit.
 
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Leonard Washington

OT Supporter
Aug 15, 2004
38,834
No plan is to save up whatever the amount negative is ($10k or so) and trade it in in a year or so, using that to cover the difference between what it’s worth and how much we owe.

The car is worth about $13k according to KBB. The principal amount is $22k. Then we wouldn’t have to worry about it anymore.
You aren’t going to outpace depreciation on a dogshit base model GM coupled with a 10% interest rate. You need to be realistic with yourself.
 

Leonard Washington

OT Supporter
Aug 15, 2004
38,834
7 years is not a few years. Not to mention time to rebuild.

It could affect his ability to get a decent cellular plan or other services, rent an apartment, etc.

He’s got a 650 credit score. A squirrel with a paper route can get a 650.

He can be there in 2-3 years after claiming. He’s not going from 850 to bankruptcy here.
 

JohnnyBeagle

Calcutta Viper
OT Supporter
Oct 18, 2004
107,458
Digital Nomad
Figure out turo. People will rent a 7 seat shitbox from you to ferry people and shit around Vegas. You're in a great location for it and turo has you covered on the insurance side.

People like dusty and his wife will follow your advice @saabguy and let the repo happen. Guess what his wife will do in under a year? We need a car, we'll sign for an even shittier car for double the interest.

A 2018 equinox isn't going to depreciate to $0, it'll stay in that $10-13k range for a while. The best plan here is for him to turn it into whatever income he can to pay down that 10% loan until he can get out of it or build his credit with the payments until he can refinance. These idiots will never own a home because they're fiscally retarded but they'll continue to finance garbage and a wrecked credit from a repo will only fuck them on interest
 

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