uniondiva, Honestly, I am kinda afraid of the long term committment of a house. I only have a few hundreds saved up. Refinancing is a thought...do you know what I need to do in order to start that process?? My car is '99 Honda Accord very reliable.
You have a Honda that you cannot afford but you want a BMW? This whole thread makes no sense to me....
tea, I don't want to sound harsh, but I have a feeling it is going to read that way. A house is out of the question and I think you realize that as stated in your first post. Also if the current payments on your car that your father co-signed are hurting you...the BMW may be out of the question as well. Right now, I would focus on paying off the car that your father co-signed for you (I know how you feel with the lack of credit reporting...I went through the same thing) or sell or refinance the car. All cars are upside down...they are that way the moment you drive off the lot. There is a period of about 2.5 years into the loan (on a 5 yr. loan) that the car is even or maybe a little bit above what you owe, but that is about the only time. I know you are in the process of rebuilding your credit. Focus on getting those last annoying negatives off your CR and saving some extra money. It takes patience and alot of sacrificing, but when you pull your BMW into your two car garage it will be worth it. Good luck. Dani
With respect to the house, my advice was that she save and fix her credit so that she could buy a house - IN THE FUTURE. In other words, she should be saving with the goal of buying a house not saving with the goal of buying a BMW.
Let me see if I've got this straight, You could not get a car loan on your own so you had your dad cosign for it. It's only a 3 year old car and you're tired of it so you are thinking of letting it go to repossession? That's how you thank him? And if you could not get a loan then, what makes you think you can get one now on your own with a decent enough interest rate? I'm sorry for sounding harsh. I just don't understand your train of thought on this one. If you think the insurance is bad on a Honda, wait until you see what they charge for a BMW! And IMO you are not ready for a house. Not even close. You need some money (more than the several hundred you stated you have) to do that. Someday you will be able to have that house, but when you are rebuilding your credit the one thing IME that helps is time. Before you state that I don't know what it's like to be in your shoes, let me just say that several years ago my dad cosigned a car loan for us, too. We just finished paying the car off (talk about being upside down,and it was bought used, a 1993 Grand Caravan that we still drive because it's PAID FOR woo-hoo!) so let me tell you- there is no way in hell that I would let my dad down by not paying as agreed. I would implore you to honor that debt and pay it as agreed no matter how hard you have to work to do it. Kerry
Hi Dani - you are correct about the car pricing.... TEA - can you afford $40K for a new BMW? It sounds like your Dad did you a smart favor getting the Honda - hell it is only 3 yrs old. TEA - have you even talked to your DAD about the problerms with a high payment? I don't think so... I just bought a $40K Audi A4 - the only reason I am NOT UPSIDE DOWN is that I have no other obligations - so I can make $1K or $5K payments. There is only a $20 K balance left on my AUDI - which I got 7 weeks back. That's the only way to buy a new car - buy it and get it done....then own it outright for 10 years. dogman
Look plain and simple forget about the BMW. The mere fact that you can even consider buying a BMW and in the next breath consider letting the other car get repoed is at best irresponsible. If you can't afford the car you have now haow are you going to afford a BMW. Also another thing to consider is that when a car is repoed, they don't always let you off the hook. They will auction off the car and will come after you to pay whatever balance is remaining. Even after you pay the remaining balance your dad will still have the repo on his credit report for the next 7 years. Just something to consider.
Ok...Ok....Ok.....I understand exactly what everyone is saying. I pretty much need to save, bring in more income, and refinance the car I have now. Thanks for all the advice.
Have you talked to your DAD? You need to do it! He will not be happy if a late car payment shows up..... WAX your ride and get on with it TEA! LOTS of people want to SOMEDAY OWN a 1999 Honda - IT IS THE BEST CAR LINE - if you want to pay around $12-20K. I really considered an Accord Coupe and an S2000. FYI - in San Francisco - I am 48 - no tickets - my insurance nearly doubled with GEICO - or anybody else. The AUDI A4 and the BMW 330 CI were the exact same cost..LOL! Glad you got smart - aarrff - dogman
Dogman, I will talk to my Dad about refinancing. And I will keep my car. At least you did not beat my down about the situation...thx dogman...
CN, I want to apologize for putting everyone through yesterday and this tread. I was having a dirty car moment. So, I went and took 2 hours and cleaned my car. I feel ok now. I still have concerns about my high payments. Therefore, I called my Dad and he say yeah that may be possible to refinance and even suggested trading it in for a used reasonable car. But most likely I will stick with what I have. I know the saying "You must crawl before you walk" CN I do apologize and thank you for all the advice and input.
tea, I like the saying "having a dirty car moment". I think I will tell that to my husband next time I start yelling at him. Don't focus on yesterday, we all wig out every now and then. We're human. We are also emotional and sometimes don't make the best decisions during the moment. Kind of like delusional madness. Usually a good night's sleep puts things in perspective. Best wishes. Dani
Me too, only I will say " I am sorry I am having a dirty laundry day. If you do it for me I will feel better" LOL
