$425/month or per premium????
Is me Career over before it even started??
- Thread starter jspeed87
- Start date
$425/month or per premium????
jspeed87
Well-Known Member
Yes, My dad will hopefully cosign with me under the condition that I live with them until I have the loan payed off.
surreal1221
Well-Known Member
Your parents do realize that most of these loans are 15 year terms right?
Your parents really want you in their house for an additional 15 years? I suppose that saves you money on not paying rent, but also makes your ability to actually grow up like a real human kinda difficult.
jet-dreams
Well-Known Member
$425 a month for auto insurance??? Someone should be shot! 
anic:
anic:
Mariano
Well-Known Member
No, there is no credit application. You just show up, tell them you want to be a jet pilot, and that you will pay them later. No problem. :cwm27:
invertmast
New Member
$425 a month for auto insurance??? Someone should be shot!
+1
last time my insurance was that high, i had a 97 mustang w/ full coverage and a 2004 Crotch rocket w/ full coverage and 2 points left on my license... oh the days.
Seriously though. Find a way of getting out from under that car w/o letting it get repo'd and crappy insurance rate!!
ljg
Well-Known Member
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.
tonyw
Well-Known Member
My advice to you would be to stop worrying about a future career in any field right now.
Right now, worrying about a career is like the captain of the Titanic wondering how to dock in New York's harbor right after the iceberg hit.
You're going to get your car repossessed. That's your iceberg.
Stop worrying about docking in New York's harbor.
Worry about the iceberg.
Figure out how to stop the leaking and then after the leak is plugged, you can think about docking in the harbor.
Right now, worrying about a career is like the captain of the Titanic wondering how to dock in New York's harbor right after the iceberg hit.
You're going to get your car repossessed. That's your iceberg.
Stop worrying about docking in New York's harbor.
Worry about the iceberg.
Figure out how to stop the leaking and then after the leak is plugged, you can think about docking in the harbor.
surreal1221
Well-Known Member
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.
ljg
Well-Known Member
But suffice to say that an airline (or more realistically some other hiring panel that does meticulously examine a candidate's financial history) should use some discretion in what you say is manageable and what you say isn't. There are 55 million "US Americans" who don't have health insurance. The divorce rate currently sits over 50%. There were nearly 17,000 deaths and another 275,000 disfigured or injured as a result of drunk driving, one third of them children. Certainly some of these people lead exemplary professional lives - some possibly sitting in the cockpits that you or I sling gear for.
FWIW, if I were the OP, I would probably seek a second job to avoid a repo, and like everybody else suggests see what you can do to negotiate a lower insurance rate. I seriously doubt it will have much bearing, if any, on an airline interview.
surreal1221
Well-Known Member
Yes, I agree. . .and I would expect most hiring boards that examine a candidates financial history uses some discretion.
Such as I would in using discretion in seeing that a candidate has defaulted on a student loan, or has an extremely high debt to income ratio due to poor financial decisions. Or, I would use discretion on a candidate that had a high debt to income ratio due to unfortunate acts of poor timing (divorce, lawsuit against a drunk driver who took out his/her son).
Such as I would in using discretion in seeing that a candidate has defaulted on a student loan, or has an extremely high debt to income ratio due to poor financial decisions. Or, I would use discretion on a candidate that had a high debt to income ratio due to unfortunate acts of poor timing (divorce, lawsuit against a drunk driver who took out his/her son).
RPJ
Well-Known Member
Most likely NO.
If your dead set on taking out a big loan for flight school you can always become current with your car payments and immediately get your dad to co-sign and get the big loan. After you get the big school loan which will be within a month from applying, then give back your car to screw your credit up.
jet-dreams
Well-Known Member
Listen carefully… I and the others on this board have either been through or know others that have been in your shoes.
You are still young enough to do anything you want in life and there is no reason to start screwing up your future now. Put your plans to be a pilot on hold for a short time and take care of the car problem. You already realize your paying way to much in order to have a new car and impress the ladies. However I don’t think $637 a month is undoable even for a 21 yr old (living at home). What you need to do is figure out how to get rid of the car without a repo or bankruptcy, this is very doable. Perhaps your parents would be willing to help you! Sell the car for what it’s worth maybe you’ll need to have your parents or yourself get a loan to cover the difference between the selling price and your loan amount. Even if you end up paying off a loan for $5,000 that is only $500 a month for 10 months and then you would be free and clear of your current dept and still have a clean credit record. Trust me the negative credit will haunt you for a long time. I realize that sometimes having a repo or bankruptcy is unavoidable however in your case it shouldn’t even be considered!!! If you need to get another job to help get you out of this mess then do it. Remember its only temporary and then you can start over. I imagine it could all be done in less than a year…
You will be in such a better situation if you just use your head and do the smart thing here… Don’t take what seems like the easy road out cause YOU WILL REGRET IT LATER!
You are still young enough to do anything you want in life and there is no reason to start screwing up your future now. Put your plans to be a pilot on hold for a short time and take care of the car problem. You already realize your paying way to much in order to have a new car and impress the ladies. However I don’t think $637 a month is undoable even for a 21 yr old (living at home). What you need to do is figure out how to get rid of the car without a repo or bankruptcy, this is very doable. Perhaps your parents would be willing to help you! Sell the car for what it’s worth maybe you’ll need to have your parents or yourself get a loan to cover the difference between the selling price and your loan amount. Even if you end up paying off a loan for $5,000 that is only $500 a month for 10 months and then you would be free and clear of your current dept and still have a clean credit record. Trust me the negative credit will haunt you for a long time. I realize that sometimes having a repo or bankruptcy is unavoidable however in your case it shouldn’t even be considered!!! If you need to get another job to help get you out of this mess then do it. Remember its only temporary and then you can start over. I imagine it could all be done in less than a year…
You will be in such a better situation if you just use your head and do the smart thing here… Don’t take what seems like the easy road out cause YOU WILL REGRET IT LATER!
surreal1221
Well-Known Member
Well said Jet.
The "airline pilot" training should be put on hold until his financial issues are secured.
The "airline pilot" training should be put on hold until his financial issues are secured.
Barty
Well-Known Member
I'm sure I don't need to point out the obvious at this point, but if your insurance payments are double your monthly car note, that should have been a clue that the car was unaffordable. If your driving record is bad enough that it warrants a $425/mo insurance premium, that's their way of telling you to find something a car that you can afford to carry liability only on. Especially on a Sentra!
If you're going to do a voluntary repo, it would be in your best interest to negotiate with the bank about what you'll owe after they repo the car and how long you'll have to pay it. If it were me, I'd put it up for sale TODAY for what you owe on it if you're not horribly upside down on the note. Get a beater, park the Sentra and knock the coverage down to minimum coverage liability. Yes, I know there's a note on the car, but by the time the bank catches wind of it (usually not until the insurance renews) you'll have the car sold. The goal is to try to keep your head above water until the car sells and with a $425/mo bill, that's pretty hard.
What you're paying for a car right now could pay for a PPL license in about 6-7 months if you don't rent from a glitzy 141 school that has a flight line of a dozen or more new or nearly new airplanes.
jet-dreams
Well-Known Member
interesting.......
Are you serious?
jet-dreams
Well-Known Member
Something else to consider is the fact that if you have a repo you will now have to pay an even higher insurance premium in the future cause insurance companies pull credit records also.
Like someone else said if you let the bank repo your car you are still going to have to pay the difference back to them... They will not let you go! Wouldn't it be better to take care of it yourself and not have the negative credit? You will gain nothing by letting them take the car other than a few hundred dollars in your wallet until they catch up to you for the balance.
You will end filing bankruptcy in the end and at the age of 21 over a few thousand dollars that is just stupid!
Sorry for my rant I just know how your thinking and I want to help you avoid what you are about to do to yourself.
Like someone else said if you let the bank repo your car you are still going to have to pay the difference back to them... They will not let you go! Wouldn't it be better to take care of it yourself and not have the negative credit? You will gain nothing by letting them take the car other than a few hundred dollars in your wallet until they catch up to you for the balance.
You will end filing bankruptcy in the end and at the age of 21 over a few thousand dollars that is just stupid!
Sorry for my rant I just know how your thinking and I want to help you avoid what you are about to do to yourself.
Wow you're definitely getting screwed with auto insurance. But more importantly you're screwing yourself over by not getting your priorities in order. Try to get your finances in order, then worry about flying. It's not like there's tons of jobs out there just waiting for you anyway. You have time. Be patient.
