surreal1221
Well-Known Member
I think we've given him enough information to make the correct choice, now the question is left if he is going to make it. . .or fall into the trap of taking on more debt.
Whoa Skipper, easy. Take one trip to the Emergency Room without medical insurance and then see what happens to your credit score. Divorce your cheating wife and give her half. Sue the drunk driver that killed your son. There are literally millions of reasons why someone could have damaged finances that can be explained away and understood by even the most thick-headed person.
Whoa Skippa'
Take another look at what I wrote.
I said manage one's finances, and in turn the related financial decisions that can be managed.
Suing the drunk driver that killed your son - Not controllable, and certainly not manageable.
One trip to the Emergency room without medical insurance - Controllable; buy health insurance - or don't. . .we purchased health insurance over a year and a half ago when we moved and did not fall under a group plan yet. Now as far as managing the costs, not manageable.
Divorce your cheating wife; well. . .some would say this is controllable, don't sign the papers. Manageable? Part of the risks associated with getting married some would say, but I'll say it's not manageable.
So - like you see. . .there's a difference in unplanned, non-manageable financial decisions that we as adults and young adults make.
Buying a new car, then having a ridiculously high insurance policy, with very little credit history; now that there is manageable.
Getting a huge loan for flight training, defaulting on said loan, that is manageable.
Going to Las Vegas and getting 10 grand from a Loan Shark at 50% because you got a great feeling the slots and tables will like you this weekend, and losing it all. . .that was manageable.
you can park you car and get storage insurance on it at a significantly reduced rate. then buy a beater for what it would cost you in two months of the other insurance. this lowers your monthly costs and gives you some time to sell the car or plan out what you are going to do next.
Unfortunately, he can't. He is financing the car, which means he has to have Comp, Collision, and Liability on it.
It appears your dad is willing to help you out. See if he is willing to get a home equity loan for the amount you owe on the car. The interest rates are normally lower than a private loan through a bank. This will allow you to pay off the outo lender and then drop your insurance coverage down to liability only. You will then be in debt to your dad and not a bank and you insurance payments will drop down a good amount.
Plus, you save your credit. If anything just do it for the short term as a way to keep from dealing with a reposession. Then sell the car and pay off your dad and buy something that should never be modded, like a Ford Escort to save yourself from future speeding tickets.
Park the car in dad's garage, turn the plates in, reduce the insurance to only comprehensive (removing collision and liability, since it isn't being driven) so that if the garage collapses the car is covered (which will save you over $300/mo), put the car on the market, and keep the loan current.
oh that's not to hard to figure out, just look at my user name! Seriously though I have calmed down my speeding habits. I'm 21 and single, and have had 2 speeding tickets, and an accident. :banghead:
Prime meat for a career flight instructor...oh that's not to hard to figure out, just look at my user name! Seriously though I have calmed down my speeding habits. I'm 21 and single, and have had 2 speeding tickets, and an accident. :banghead: