Mr Incredible

You've got a great looking car. 1,000,000 times better than my first car ($365 66 Skylark) that was so rusty the gas tank straps rusted through while I was cruising down the highway!!!

Too bad you got screwed. That's not a new thing, and you're in great company. Everybody gets screwed sometimes. Trusting people and ill-prepared get it the worst.

You're young. Live and learn. Refinancing is a good idea if the interest rate is good enough to cover any refinancing costs and bring down the total payed. It could help.

You could take a loss and get out from under it. It would hurt for a while but you'd be shed of it and you've learned your lesson, sounds like. Know when to cut loose, it could save you in the long run. You've already learned a lot about finances. Let that work for you.

Cars are a great hobby, but you never seem to get your money back on a regular basis unless you're much smarter/luckier than the average Joe. I didn't catch how old you are but if you had a co-signer only 2 yrs ago I'd say less than 21-ish. Now is the time to set yourself up for later.

The money you're spending going through cars/gas/insurance/payments could fund your first investment account or IRA. (Now is the best time to start that!!! Let the wonders of compound interest work for you!) It could pay for college. It could put thousands of dollars in the bank for your inevitable rainy days. I watched my favorite sister's first husband go through cars like water. He went from things like a 67 GTO, 69 Chevelle SS 396, a Roadrunner 383, a 70 Cuda 340, to a 302 Comet, then to a Volkswagon station wagon. It was a sad sight to behold.

Take your time.

Henry R

iTrader: (3)

Thanks man Im 26 now i didnt have any credit thats why my Dad cosigned. Thanks go out to everybody who shared their stories and tried to help a brother out .

FelixIlka

I agree but disagree at the same time with you, I say put half of your spending money away and half spend it. You can't work without toys and having fun, it's one of the things that keeps stress down from work and such...

I agree though, my first car was a 91 rusted out Geo Prizm ( bought it for 400 ) it needed a new gas tank and new tires + exhaust manifold. I'd race anything that walked up, but she topped out at 85 on the speed-o. Ahh the good ol days. Enjoy your car, just turbo it

Henry R

iTrader: (3)

I hear ya bro thats what the GN is for. But when I get in the GN at least for a couple of hours I tend to forget about car payments and work and thank god everyday that I can enjoy it I know you guys think the same thing. Well Im gonna try to sell it on the street and see what happends I know I can sell it here for the amount I need Ive seen guys try and been joked on

Mr Incredible

I was in the Air Force, made Sgt, and wanted a new truck. 88 C-1500 4wd w/350. I also wanted a bass boat. Got a good line on a 77 Ranger w/175hp motor. Went to the credit union and applied for loans for both, figuring they wouldn't give me both and I'd take whichever they gave me.

Well, they DID approve both. But I couldn't pay for both. Tough decision. Went with the truck.

We were working on the paperwork, and the guy looked up at me an asked who was co-signing. I was shocked, SHOCKED, that he would ask me for such a thing. I'm a grown MAN now, I said.

No more co-signers for me. It was a liberating experience. Good thing they LET me do it...

Henry R

iTrader: (3)

I know I dont need one now if I did Ill throw a fit

Henry R

iTrader: (3)

Going to the bank to refinance wish me luck

Henry R

iTrader: (3)

Well the bank said I have good credit BUT the car is too old so they couldnt do it. Anybody got any ideas?

Beartender838

Well, car wise I could only fulfill my power/speed needs on dirt bikes. Because of money till I was about 28 years old. I drove a s 10 with a 4 in it. And other economy cars. But I did get to run my dads cars some at the track. Its hard on teens because of insurance and its hard for a lot to get the money. And when the rich kids bring brand new cars to school. I never minded because I already was known for what I did on a track. But it still stunk. I wanted something for a long time. This is my fist LS1 and im now 34. And it feels all the better. And its till not easy to pull off economy wise. But I had great credit, and a good trade in. Plus quite a bit saved up over the years. On some of us its not easy.

MW2 Performance

I'm 19, have had 6 camaro's, 2 nova's, 3 trucks, and a firebird, and before i got the job I have now, i was only makin 9.50 an hour, so its doable.

Henry R

iTrader: (3)

The bank wouldnt refinance me because the car is over 5 years old. If it wasnt for that it would have worked out.

jaberwaki

last i counted there more then 1 bank in the US most everyone does business online, and there is absolutly 1 that will give you the loan you want...
if you hear no one place, take your business and your money elsewhere

Henry R

iTrader: (3)

I hear ya brother so upset today wasnt even thinking straight. Thanks

cassfrc

Your better credit score just means the more crap you bought that you couldnt really afford. Pay the car off sell it. Put that money down on your new car. If you pay for everything cash who cares about your credit score. Figure out how much more money you would have by not financing. Over a 5 year loan you are probably paying like 4G in interest or more. Same goes for new cars. My buddy just bought a 05 STI 615month/72months He is paying like 10G in interest!! Plus depreciation! In six years it will probably cost him about 30,000 to drive that thing! when you figure in depreciation. Live like no one else now, so you can live like no one else later

Henry R

iTrader: (3)

Again I tried to refinance, applied on lending tree to see what banks will offer so far capital one offered more than I paying now! Geez keyword REFINANCE well we will see if anybody will shoot me more offers.