I still owe on my sunfire (unfortunately) and i had a fire which destroyed most of the interior... ill post pictures of it soon...

as a result of somehow having my license suspended (unbenounced to me) -- the car is not insured either.

its got exterior damage that i was going to fix, and most of the interior needs to be replaced.

i was going to fix the outside, but i lost all drive to work on the car after it burned. (hell i have 1/2 of the turbokit sitting on my kitchen table)


my question is, i KNOW i can get more parting the car out and junking it than i can for a trade, but i still owe 8200 on it, can i "trade in" the car, and have a dealer roll over my debt, without giving them the car?

id like to do that..


and if i DO part it out, ill be making a post about it.

thanks!

you'll have to give them the car, but in it's current condition, you'll be lucky to get 2k. so you'd roll over 6200 (approx) and put that on top of a car. thing is, if you buy a car that's worth 5k, roll 6200 into it, you'll never get a loan for 11,200 on that car that's worth 5k. part it out, take out a personal loan on the rest, and buy a cheap car till you get your head above water. Good luck. I hope this all makes sense, if not, i'll be checking back.


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Quote:


can i "trade in" the car, and have a dealer roll over my debt, without giving them the car?

So you want the dealer to give you money for the car, without you actually giving them the car?

If you figure out a way to make that work, let me know, I'll "trade in" all my cars, my motorcycle, friends and families cars, and still keep them all...





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im new to this whole operation, so i was unsure....

Ill be getting help from my dad on the whole thing, i just come here first for some reason.

thing is i dont want another cheap car, so i will need credit help, im done with cheap cars, im thinking of getting a gto or something, i was going to get a cobalt, but the gto seems nicer...

wont be doing anything for a while yet, just thought id ask


thanks

Quote:

thing is i dont want another cheap car, so i will need credit help, im done with cheap cars, im thinking of getting a gto or something, i was going to get a cobalt, but the gto seems nicer...

Let's examine this situation: You're 20 years old, have zero transportation, owe $8200 on a car that no longer functions, and yet you're wanting to purchase a $20,000 car on credit while compounding your other debt?

To answer question one, no, if you "trade in" a car, the dealership takes ownership. Meaning it's a cut-and-dry line: either trade what's left of it in, or part the car out.

Now, my rant on the other situation. What would make the most FINANCIAL sense for you is to save up enough cash to buy a $1000 car, pay off whatever remains on your loan balance and THEN think about buying your "nice" car. Your principle amount on the GTO loan would be close to $30,000, meaning in 5 years when you had it payed off, you'd have payed almost $45,000 (depending on interest) for a car worth around $20,000. As much as it sucks, financially, you need to pay off that other loan first. Yes, it won't be fun; yes, I know financially sound decisions don't matter when you're 20 (I was there too) but think of it from that perspective.




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My advice pretty much follows what Zliner said.

You may want to get this car simply running, sell the turbo and other miscellaneous parts, and drive it until you are in a better financial position.

been on fire youll be lucky to get a couple hundred on trade in

and WTF you want someone to roll over $$$$ on something they dont get ? back away from the drugs , or glue


do what you can to live with the car is it is , and keep driving it , and pay it off ASAP

I don't understand how you can be "done with cheap cars and geting a GTO" when you can't even afford to pay off a Sunfire.

I don't mean to be rude, but we'd all like to be living better than we are, but without the money to do so we don't have much choice. Don't bury yourself in debt you're going to spend the next 10 years trying to recover from just so you can drive a nicer car now.

Save up and better your position. Once you can afford a better car, then you should buy one. For now, just get all your eggs in line and try to pull ahead a little rather than falling further behind.

I only financed about $23,000 of my GTO, and my payment per month is around $475. Tack on gas, insurance and oil changes every three months or so and this car costs me around $700 a month... and I didn't finance as much as you would be financing and am older (cheaper insurance). Food for thought. I agree with everyone above. Get a beater and do what you can to pay off your current car first.

Rob





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first off how are you financing a car and its uninsured?

StrippedCav98 (Now Quotable) wrote:first off how are you financing a car and its uninsured?

good question..... I work at carmax....and honestly still owning $8200 on a 2002 cavalier/sunfire it's too damn much....you are best off trying to save your car and pay it ASAP....as state above.....anyways.....depreciation value that a insurance company will give you for your car (if it had full coverage) it would have been 1500-3000



CaviFL45

StrippedCav98 (Now Quotable) wrote:first off how are you financing a car and its uninsured?

My impression from his post is that he thought it was insured, so he was paying for insurance but it's somehow been denied due to him driving (he says unknowingly) without a license.

i dont know. alot dont make sense here like something is missing in the story

If you don't have a license... what good is another car?

Ill be getting the license back relatively soon. and i make more than enough money to afford a car like a gto, just dont have the credit right now to get it by myself ( my brother and i just got a car for him which im on the title and the loan)...

I JUST wanted to know if the dealership needed the car or not (theres got to be some instances where the car isnt trade in able, maybe im wrong, i was just unsure.

as i do with just about everything, im doing research into what i wanna do before i do anything, slow down here with the bashing a little.

I know what i can afford to drive, $700/month isnt impossible for me right now.. as a BASE i make 2400/month, without the bonuses i make... i would spend the money in a different place, but i want a car and have wanted either to have a nice car or build a car the way i want it, for a long time...

btw you dont need a license or insurance to buy a car. Although i will be getting BOTH before i actually do...

well if you making all these mad dollo's pay off the fire, sell its parts on here/ebay...then get somthing you can afford

as for the trade thing, of course they would want the car...other wise they give you $...for what?

Matt Linke wrote:

I know what i can afford to drive, $700/month isnt impossible for me right now.. as a BASE i make 2400/month, without the bonuses i make... i would spend the money in a different place, but i want a car and have wanted either to have a nice car or build a car the way i want it, for a long time...

lets do some math here:

Income: $2,400/month

1st Month:
$1,000 on beater
$100 to insure it
$200 for gas
$400 for misc (food, etc)
$700 to sunfire payment ($7,500 left)

2nd Month:
$100 for beater insurance
$200 for gas
$400 for misc
$1,700 to sunfire ($5,700 left)

3rd Month:
$100 for beater insurance
$200 for gas
$400 for misc
$1,700 to sunfire ($4,000 left)

4th Month:
$100 for beater insurance
$200 for gas
$400 for misc
$1,700 to sunfire ($3,300left)

5th Month:
$100 for beater insurance
$200 for gas
$400 for misc
$1,700 to sunfire ($1,600 left)

6th Month
$100 for beater insurance
$200 for gas
$400 for misc
$1,600 to sunfire (PAID OFF)
+$100 left over

7th Month
Sell beater +$500
+$100 leftover from last month
($2,900 to spend this month)
$2,000 down payment on GTO
$200 for GTO insurance
$200 for gas
$500 for misc.


sunfire is paid off and GTO is in your driveway in 7th months or less... simple as that.

Thats a good point Adam... however after a bit of thought, maybe i dont want a goat right now... i think im still in limbo, i was just ready to trash the car and move on. Then some of the turbo parts i ordered for it (perfect timing for a fire, right?) started showing up and i just got some more today.

i think what i might do for now is just not go for the goat, get another jbody (i DO love these cars although i want something better) -- Ill probably just get something like another base model, or a z24 ot GT if i can afford one.. im talking just taking out a personal loan and paying off both cars and paying off the bank, so i dont have to trade the sunfire in, Ill swap everything that i can to the new car, and rock on just as i once did.


what do you all think of that? its a bit easier for me to swallow.

where do you get this crazy idea that you can trade a car into the dealer, get money for it but not actually give them the car?

^^ Thats why i ASKED if it was possible, because they arent getting anything out of the car, its not worth really anything, Most of the stuff thats still salvageable on the car is aftermarket anyways, i figured id ask about it, i only had the thought because i didnt know, i guess it was more of wishfulthinking.

bah, im getting my license back today and i think imna get another j -- i dont know, unless somehow i get approved for a huge loan somhow haha

well as far as i know no dealer does that. too bad you didnt have gap insurance. if you totaled the car the gap insurance would cover the difference you had left over on payments

Well i actually do have gap insurance, but dont i need to have insurance on the car in order to get this? see my dilemma lies in taht i wasnt aware i didnt have a license, hell if i did know idve stopped putting money into my car a LONG time ago...

the insurance company found out about my suspension before i did and cancelled my policy on feb 22nd, and i wasnt aware of it untill i tried to use the insurance...

So, im uninsured and i dont have a license and on top of it all, its a car thats 100% in my dads name, and i dont live at his address, so he is not insured on the vehicle. at least i dont think so.

im going to call the dealership about it right now i COMPLETELY forgot aobut gap insurance. thanks man this might help me out a lot!


although somehow i DOUBT it will.

Sorry if this sounds blunt, but this post reeks of half told stories and stupid mistakes.

a) You should have atleast been down for co-ownership of the vehicle, being that you don't currently live with the owner. If you've moved away from home recently, then it would be understandable. But any where over a month you should have gotten your act together and changed it.

3 weeks tops I was able to change both of my bank accounts (in separate banks) to my name from having my parents on them, update title and get my car insured in my own name rather than my parents, and also register and title two motorcycles...I work 6 days a week and ~60 hours so having no time is no excuse.

By the sound of it, your parents were the line of credit, and you might have been making the payments. If you can actually afford to get a GTO then you yourself should have been the line of credit by now..it doesn't make any sense.

b) Your plan of getting money from a 'Stealership' without actually giving them a car is the most half baked plan I've hear yet this year. I couldn't help but get a chuckle from that one.

c) I'm not sure what state you're from, but in NJ they notify you when you've had a liscence revoked or suspended by mail. My dad kept putting off going to the DMV to update his liscence a few years back and less than a week after the expiration date he was receiving warnings in the mail about the fines that would ensue if he was caught driving with it suspended. I'm not buying the 'I wasn't notified' deal. If anything they would send the notification to the address on your expired liscence, which to them is your last known residence.

d) If the fire ocurred after they had removed coverage on that particular vehicle they you are $hit out of luck.

e) Liscences aren't just removed, there had to be a reason. Neglect to go to the DMV and update your old one, too many points on the liscence from tickets and failure to take the saftey course, DUI..the list goes on and on.

Jokes and criticisms aside, I'd recommend paying off the sunfire first before you even think of financing a more expensive car. Adam has the layout pretty well done above. It much less difficult to deal with a cheap beater during the spring to fall weather especially if the heat isn't working. The last thing you want to do is start financing a new car and be making double the payments per month. Correct the paperwork and mistakes first, you don't want to start on the trail to having more debt.

is someone giving away free money?


deleted

Well, i got my license issues worked out, all my addresses are up to date. everything is paid.


I decided that im going to keep the sunfire, i was originally planning to boost it and redo the exterior, but now i need to do an interior as well. no big deal, i tore her apart today, everything burned is out and i started to clean all the soot off everything.

Since i wont be driving the car for a few months, i dont mind having it all in pieces now, so itll make working on it that much easier... i just gotta get to a junkyard and start gathering parts from another j interior.

thanks for all the information and criticism and whatnot. I guess i just IMMEDIATELY thought about getting a new car bceause I was just disgusted with what happened. Now that I sat and looked all the options over i decided to just continue building (and now rebuilding) the car.

I have a fresh clean slate so, now im not sure what to do with it, I have a whole new set of problems now