Is me Career over before it even started??

jspeed87

jspeed87

Well-Known Member
Bad news, I can't afford my car payment anymore! I can't believe this is happening to me, however my only option is to turn in the car to my bank. Does this mean I have no chance of attending ATP or even worse getting a job as an airline pilot? :panic:

Edit: lol typo on the thread title, I sound like a irish guy.
 
If your that broke and still want to pilot I would not go to ATP, there are much cheaper options out there. Might take a bit more time but youll get it down for half the price of ATP or better.
 
jspeed87 said:
Bad news, I can't afford my car payment anymore! I can't believe this is happening to me, however my only option is to turn in the car to my bank. Does this mean I have no chance of attending ATP or even worse getting a job as an airline pilot? :panic:

Edit: lol typo on the thread title, I sound like a irish guy.
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Or Popeye. ;)
 
Out of curiosity, what sort of car is it? I'm not saying this is the case with you, but plenty of times I've seen people complaining about how they have no money to fly while they are trying to pay off a $800 a month brand new car.
 
3enginejock said:
If your that broke and still want to pilot I would not go to ATP, there are much cheaper options out there. Might take a bit more time but youll get it down for half the price of ATP or better.
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Man I am so proud of ya! :) I mean no offense with this comment but great advice and its awesome to see man! HOpe all is working out for you!
 
BobDDuck said:
Out of curiosity, what sort of car is it? I'm not saying this is the case with you, but plenty of times I've seen people complaining about how they have no money to fly while they are trying to pay off a $800 a month brand new car.
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It's a 2005 Nissan Sentra Spec V. Insurance: 425 per month. Car note: 212 per month. I can't afford it no more they cut back my hours at my job.
 
jspeed87 said:
It's a 2005 Nissan Sentra Spec V. Insurance: 425 per month. Car note: 212 per month. I can't afford it no more they cut back my hours at my job.
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give the car back, and go buy a 500$ beater....you won't be stylin, but your insurance will only be 20 bucks a month, and you won't have a payment....problem solved.
 
Check with your bank, because I could be wrong, but most of the time in a voluntary repo, (which is what your talking about) your still on the hook for the difference between what you owe and what the bank sells the car for.

The bank will unload it for close to nothing to a wholesaler and you still get to pay for it. Might be better to gut it out and work extra jobs or something to pay it off or sell it yourself. At least that way your still in control, not the bank.
 
BillErvin said:
Check with your bank, because I could be wrong, but most of the time in a voluntary repo, (which is what your talking about) your still on the hook for the difference between what you owe and what the bank sells the car for.

The bank will unload it for close to nothing to a wholesaler and you still get to pay for it. Might be better to gut it out and work extra jobs or something to pay it off or sell it yourself. At least that way your still in control, not the bank.
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This is definitely the case as I've gone through that. And trust me when I say it seriously Fs up your credit.
 
Ouch. . .sounds like trying to attend flight school should be the least of your concerns right now. Getting your finances in shape should be number one, and that means controlling your expenses.

Good luck
 
MarkE said:
This is definitely the case as I've gone through that. And trust me when I say it seriously Fs up your credit.
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Yes, and this is why I want to know if it will effect going to ATP next year, do they check to see if you have good credit?
 
Are you getting a loan for a large amount?

Yes, this will certainly affect your credit score and will show up on your credit report.

Now whether that will affect the bank/lending agency's decision to give you money. . .that is yet to be seen.
 
Perhaps. . .but doubtful . . . some airlines do view your credit report and score to gauge if you're a trustworthy individual and are responsible enough to maintain your finances in good order.

Honestly, and this is my personal opinion - not some airline hiring board's - but if I see someone can't manage their finances in good order, what is to lead me to think they'll be able to manage their professional life in good order? Food for thought.

You under 21? Under 25? Any college education? Any debt associated with that education?
 
jspeed87 said:
It's a 2005 Nissan Sentra Spec V. Insurance: 425 per month. Car note: 212 per month. I can't afford it no more they cut back my hours at my job.
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$425 per month in insurance?! Is the car made of gold or something?

I have no debt whatsoever, and a good paying profession, and I still drive a beat up '95 Jeep Wrangler. I'd hate to have a newer car and have to worry about someone dinging it, or paying that much for insurance. $59 a month is pretty nice!
 
That $59 full coverage? That $59 take into account your age, being over 25 for example? ;)

Car insurance is one of the biggest rackets in this country. . .but without it. . .you're screwed, multiple ways.

But yes, I think the OP's insurance rate is extremely high but we know not of his previous driving history, or his age, where a combination of these factors could play into the high rate. But, such is the choice when you purchase a vehicle. Prudant research on insurance should not be ignored.
 
surreal1221 said:
That $59 full coverage? That $59 take into account your age, being over 25 for example? ;)

Car insurance is one of the biggest rackets in this country. . .but without it. . .you're screwed, multiple ways.

But yes, I think the OP's insurance rate is extremely high but we know not of his previous driving history, or his age, where a combination of these factors could play into the high rate. But, such is the choice when you purchase a vehicle. Prudant research on insurance should not be ignored.
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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:
 
You definitely screwed yourself out of getting a loan by yourself. Do you have parents that will/can co-sign for you? If not, you will have to just pay as you go, which isn't a bad thing.
 
surreal1221 said:
That $59 full coverage? That $59 take into account your age, being over 25 for example? ;)

Car insurance is one of the biggest rackets in this country. . .but without it. . .you're screwed, multiple ways.

But yes, I think the OP's insurance rate is extremely high but we know not of his previous driving history, or his age, where a combination of these factors could play into the high rate. But, such is the choice when you purchase a vehicle. Prudant research on insurance should not be ignored.
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Yeah, sorry - it's liability coverage. My car is worth about $3k (maybe) and I only drive about 80 miles per week. Over 25 with a clean driving record.

For $425 a month I think you could almost justify ditching the car, buying a 150 and flying it to work.

*Edit: Liability with uninsured motorist coverage
 
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