Dusty’s Budgeting Thread

JohnnyBeagle

Calcutta Viper
OT Supporter
Oct 18, 2004
107,458
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OT thinks the guy who needed a thread to tell him he shouldn't have 43 streaming subscriptions and two car wash memberships when they have $133 to their name is going to somehow figure out how to pay down a $20k car note to get out from it

If he gets rid of it, they'll find themselves in the same spot before they clicked buy on it and make the same choice again
 

sans_pants

I don't want any damn vegetables
OT Supporter
May 2, 2002
127,362
OT thinks the guy who needed a thread to tell him he shouldn't have 43 streaming subscriptions and two car wash memberships when they have $133 to their name is going to somehow figure out how to pay down a $20k car note to get out from it

If he gets rid of it, they'll find themselves in the same spot before they clicked buy on it and make the same choice again

he was on such a good track before he bought that fucking car man i was so mad
 
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Dusty Busterson

Dusty Busterson

OT Supporter
Sep 19, 2007
17,423
Las Vegas
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
No, not trade it in for another car. Sell it back to them and be rid of it.
 
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Dusty Busterson

Dusty Busterson

OT Supporter
Sep 19, 2007
17,423
Las Vegas
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
True. There likely isn’t a better area to make money from Turo with an SUV. I’ll get some good pics, already have everything else set up to list it.
 
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Mike00

Well-Known Member
Feb 11, 2005
1,993
pa
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.

This makes no sense. Wasn’t this the car you just bought? How the hell did you buy a car worth $13k and pay $22k for it? How many add-ons did you buy?
 

JohnnyBeagle

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Oct 18, 2004
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This makes no sense. Wasn’t this the car you just bought? How the hell did you buy a car worth $13k and pay $22k for it? How many add-ons did you buy?
Carvana is one of the worst places to buy a car because they're so expensive. But you don't have to deal with humans at a dealership and they bring it to your door. He bought a $2095 extended warranty on top too

Aka he bought a lot of luxury things he shouldn't have alongside the equinox he could have bought for $15-16k elsewhere
 
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saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,610
Loserville. Population: 1
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.
He should already be on a cheap ass cricket phone. That $20k car loan is 25% if their annual combined income. So it is a somewhat “drastic” situation. I think you’re of the opinion he’s turning the corner and on the right track. I don’t think he is…he keeps repeating the same mistakes and after the fact feels remorseful. But then Keeps doing it. Look…he could very well dump the car, free up $600/mo between car and insurance payments, only to blow it on Xbox live memberships. No one knows, but what we DO know right now is he’s spending an extra $600/mo on a vehicle he doesn’t need and continues to depreciate like a rock.
 

Mike00

Well-Known Member
Feb 11, 2005
1,993
pa
Carvana is one of the worst places to buy a car because they're so expensive. But you don't have to deal with humans at a dealership and they bring it to your door. He bought a $2095 extended warranty on top too

Aka he bought a lot of luxury things he shouldn't have alongside the equinox he could have bought for $15-16k elsewhere

I came to this thread at like 75 pages wasn’t going to ready al lthe backstory even though curious but I just remember seeing the million streaming services and thinking wtf is somebody that tight on income spending so much on streaming for. The extended warranty makes sense I just couldn’t get the difference but thats an expensive ass warranty - my wife’s pilot warranty was that much which I skipped and it was a $45k car.

All that said if the $95k income is accurate (seems off to me but I haven’t checked math) I’d have to agree it’s better to pay the damn thing down by getting his budget under control. He has the income level to do it. If he can’t do it, then I don’t really see what bankruptcy does. I hope the car at least Thad no miles on it and gives him time to ge toto from under it.
 

JohnnyBeagle

Calcutta Viper
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Oct 18, 2004
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He should already be on a cheap ass cricket phone. That $20k car loan is 25% if their annual combined income. So it is a somewhat “drastic” situation. I think you’re of the opinion he’s turning the corner and on the right track. I don’t think he is…he keeps repeating the same mistakes and after the fact feels remorseful. But then Keeps doing it. Look…he could very well dump the car, free up $600/mo between car and insurance payments, only to blow it on Xbox live memberships. No one knows, but what we DO know right now is he’s spending an extra $600/mo on a vehicle he doesn’t need and continues to depreciate like a rock.
I agree in a way but also disagree that the car is going to depreciate much more. It's a shitbox suv but it seats seven and is decently reliable, it'll stay above 10k for a while.

Dusty and his wife will DEFINITELY blow that money and if he's got bad credit its only a matter of time before his wife convinces him that they really need/deserve a second car and they buy something shittier for more interest paid. I work with some of the most financially illiterate people in society (think regularly signing for 36% interest loans with expensive origination fees) and you really can't reason with this kind of mentality.

They've dug their Equinox grave. Don't let them dig it deeper into a repo and trust them not to keep digging.
 

Leonard Washington

OT Supporter
Aug 15, 2004
38,834
I agree in a way but also disagree that the car is going to depreciate much more. It's a shitbox suv but it seats seven and is decently reliable, it'll stay above 10k for a while.

Dusty and his wife will DEFINITELY blow that money and if he's got bad credit its only a matter of time before his wife convinces him that they really need/deserve a second car and they buy something shittier for more interest paid. I work with some of the most financially illiterate people in society (think regularly signing for 36% interest loans with expensive origination fees) and you really can't reason with this kind of mentality.

They've dug their Equinox grave. Don't let them dig it deeper into a repo and trust them not to keep digging.

It seats 5,
Traverse is 7
 

JohnnyBeagle

Calcutta Viper
OT Supporter
Oct 18, 2004
107,458
Digital Nomad
I came to this thread at like 75 pages wasn’t going to ready al lthe backstory even though curious but I just remember seeing the million streaming services and thinking wtf is somebody that tight on income spending so much on streaming for. The extended warranty makes sense I just couldn’t get the difference but thats an expensive ass warranty - my wife’s pilot warranty was that much which I skipped and it was a $45k car.

All that said if the $95k income is accurate (seems off to me but I haven’t checked math) I’d have to agree it’s better to pay the damn thing down by getting his budget under control. He has the income level to do it. If he can’t do it, then I don’t really see what bankruptcy does. I hope the car at least Thad no miles on it and gives him time to ge toto from under it.
Carvana charges you for the convenience. Go pick out a 2018 equinox on their website and go through the buying process and you can see how quickly you'll get a pre-approved rate that's 4-5% higher than outside banks and offers for a warranty for only $30/mo more

For the dusty you're folks, it's an "oh wow that's so easy this is so cool, this is a good decision"
 

Mike00

Well-Known Member
Feb 11, 2005
1,993
pa
I agree in a way but also disagree that the car is going to depreciate much more. It's a shitbox suv but it seats seven and is decently reliable, it'll stay above 10k for a while.

Dusty and his wife will DEFINITELY blow that money and if he's got bad credit its only a matter of time before his wife convinces him that they really need/deserve a second car and they buy something shittier for more interest paid. I work with some of the most financially illiterate people in society (think regularly signing for 36% interest loans with expensive origination fees) and you really can't reason with this kind of mentality.

They've dug their Equinox grave. Don't let them dig it deeper into a repo and trust them not to keep digging.

This. If they can’t dig out on $95k going bankrupt won’t help them the way they purchase.


Has he actually updated his budget since the page 1 budget? It would be interesting ot look at now.
 

Mike00

Well-Known Member
Feb 11, 2005
1,993
pa
Carvana charges you for the convenience. Go pick out a 2018 equinox on their website and go through the buying process and you can see how quickly you'll get a pre-approved rate that's 4-5% higher than outside banks and offers for a warranty for only $30/mo more

For the dusty you're folks, it's an "oh wow that's so easy this is so cool, this is a good decision"

Yeah the financial illiterate always fall for the monthly payment scheme. Drives me up a wall how many people will respond to the how much do you want to pay per month question.

I’ve never used carvana (thanks for the education) - would never from the sounds of things - and I’ve always had financing (usually Penfed) available when buying cars. Then again I also want to replace my daily driver as it’s starting to get up there 14 Grand Cherokee with 100k miles. But I work from home andthe market is insane So I’ll wait. Shame he didn’t.
 

JohnnyBeagle

Calcutta Viper
OT Supporter
Oct 18, 2004
107,458
Digital Nomad
What's sad is that if he went to CarMax they'd have actually inspected the car, shopped his rates with other banks and shown him the rates from each, given him 30 full days to realize it was a mistake and sold him a cheaper warranty that they actually stand behind
 
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