[rmcveyster]

So I am wondering what y’all think I could get for my XB …I am a lot-a-bit nervous as I live in this lovely State of AZ(sarcasm) and am a Government employee and well with the economy in all, my job is no longer safe and I am afraid it won’t be around much longer. So that being said I am thinking maybe I should try and bring down my bills as much as possible and I am wondering if getting rid of my high car payment would be a good idea. The only problem is I am upside down so I am wondering what the highest I might be able to get for it. Any suggestions or ideas? I know my loan company will have to agree to this but I am just considering all of my options at this time.

 

[gr8scape]

Married, Single, Upside down, car payment amount? Need more info in order to give you an opinion.

 

[rmcveyster]

lol all the personal stuff
Nope not married, but not single. Um my payoff as of yesterday is 24k, yes I know BAD! and my payment is high at $480 and change a month. I should've stuck with my old XB and had the lower payments in all but the fight we kept having about it being stick was ridiculous so I opted for this one. I LOVE it but I am also willing to give it up when it comes down to financial issues.

 

[gr8scape]

$480.00 a month car payment is a big nut.

Ok, I'll assume that you are not living with your significant other.

I'll also assume you live alone?

I know. When you assume you make an *** out of u and me.

Anyway.

Have you thought about getting a housemate to pay half the utility bills?

If you don't live alone, forget that one.

The dreaded "Move back home."

How are you going to get to work without wheels?

Getting a second job. If you have one of those getting a Third job. (Just kidding)

Collect 2,400 deposit bottles and cans a month and cash them in.

Renegotiate your loan with the bank.

PB and J goes a long way.

Always remember that things could be worse.

 

[rmcveyster]

Trust me already going over all of that lol! I know things could be worse but it seems to be hitting my family pretty hard, believe it or not my sister and both my parents were all just laid off before Christmas and now my bro-n-law is being told he might be as well(diff jobs 2!)...It's kinda weird.
Um nope don't live alone, I actually have a roommate as well as live with my significant other so a place to live isn't a worry, it's just the other pile of bills, lol. I will be alright, I was just thinking I might be better off to try and sell it. Hopefully I won't have to! Thanks though.

 

[Geezer]

There's nothing quite like a job loss and bills to pay to mess up your mind. Having been there (although it was a long time ago) my advice would be to plan, but not panic. Sounds like you're already on that track.

1. Cut expenses, renegotiate loans, sell stuff you don't really need on ebay/craig's list.

2. Take on a part time second job before you've lost your main job, sign up for unemployment as soon as you're laid off, look for multiple part time cash jobs while you're looking for regular work. I know someone who delivered pizzas when he was out of work. Most of his income was tips...$20-$30/hour because he hustled. He still does it for fun money even though he has a full time regular job.

3. Send out resumes, sign up at every employment agency, job fair, online employment resource (but guard your personal information online) and other job source you can find. Check bulletin boards for job openings at local colleges/trade schools, schmooze your friends, neighbors, relatives, colleagues. Look for other types of jobs that you can transfer your skills to. It's a numbers game. if you get a 3% response, you'll get three leads for 100 contacts. Don't let that discourage you. You'll probably have to kiss a lot of frogs to find the prince.

4. Keep a positive attitude regaradless of how you feel in your gut. After a job interview send a "thank you note" for the time and courtesy extended to you by the interviewer. Be enthusiastic on interviews even if it's not the job you really want. It's easier to find a better job when you have a job...any job.

5. Don't let the turkeys get you down. If it gets to be too much, take a break. Go up to the mountains, or whatever works to regenerate you. Just don't fall into the trap of laying on the couch and watching the tube all day.

6. Go back to school. Start your own business. Decide what you really want to do with the rest of your life.

7.. Remember that this is only temporary. The next job opportunity will come when you least expect it from a source you never imagined.

 

[gr8scape]

Between my sugestions and the Geezers suggestions you ought to be very busy.

Good Luck.

 

[MidlifeCrisis]

... I know someone who delivered pizzas when he was out of work. Most of his income was tips...$20-$30/hour because he hustled. He still does it for fun money even though he has a full time regular job...

You're xB can carry a lot of pizza's. A second, part time job is a good idea. My Dad started a part time job just to stay busy after he retired but he was so good at it, they moved him to full time. During the layoffs, he was OK. Find the job where you are invaluable as a part timer and you should have a great opportunity full time.

 

[eviljack]

If you have to sell the xB try not to do it upside down. I know you really don't have a choice if it has to go, but selling a car upside down sucks cause you end up paying for something you don't even have.

 

[rmcveyster]

Thanks guys I appreciate it all I will keep you posted.

 

[boostedegos]

Definitely keep it if you can. At this point you would have to pay to sell it and then come up with more cash for something you probably won't want to drive.

 

[wangster]

I'm sure you're not the only one going through this. Good luck and stay positive. It's not the end of the world and it could always be worse.

If your payoff is 24k, it seems like you recently got the car and probably owe more than it's worth.
By rule of thumb (never actually calculated but this is what I was told), unless you've had your car for more than 3 years, on a typical 5 year loan, you probably owe more than what it's worth. You may be able to find somebody that's willing to take over your loan. Make sure your finance company allows this and that it is totally assumable. Other wise, if that person doesn't make the payment, you can really get screwed.

I've had a friend who went through something similar when he was younger. He had just purchased a car about 3 months ago. He was able to find somebody that would take over the loan. Then he went out and bought a car for about $2,000 just to get him around. He took on a part time job at UPS in the evening. About a year later, he was able to sell his car for like $1,500 and put $5,000 down on a new car to make his monthly payments lower. During that time, he was working full time and also a second job in the evening. He made peanut butter sandwiches and occasionally took some can food to lunch. He didn't go out, not only because of his financial situation but he didn't have the time. As I mentioned earlier, he turned it around pretty good. About a year later, he got promoted and still kept the job at UPS because the benefits package were so good. Now (about 5 years after all this), he's got a house, a wife and a kid, and some savings.

It's all in your will to succeed and how hard you try. Good luck.

 

[TartanJack]

I don't see an advantage in selling it, UNLESS you can't make the payments and it is in danger of repo.
Why?

-You will LOSE a substantial sum you have already put into payments, with little to nothing to show for it.
---- You won't get near as much as the original price paid, plus you presently haven't even paid enough of the lone to not lose many thousands in equity . .

-You STILL must buy another vehicle for transportation.

That said, if the payments are unreasonable on your new budget . . . everything changes. A different, used, cheaper car that allows you to stay within your budget could make a HUGE difference in living within means and not.