iamme Posted June 9 Report Share Posted June 9 i bought a car 6 months ago, its a 5 yr loan, pay about $400/month (didnt put much down)so if i go to grad school next fall full time, should i keep the car? its going to be be a biatch working part time with a full time MBA...its not impossible, but grueling nonetheless. not sure what id do. opinions? Quote Link to comment Share on other sites More sharing options...
deepspell Posted June 9 Report Share Posted June 9 dude ..........get your masters........fuck the car Quote Link to comment Share on other sites More sharing options...
phatman Posted June 9 Report Share Posted June 9 ...i think it's too early to tell...you should see what youre conditions are next year...lay out your budget and then take it from there... Quote Link to comment Share on other sites More sharing options...
iamme Posted June 9 Author Report Share Posted June 9 dude ..........get your masters........fuck the car lol, its not either or...its whether i should keep it while i get my masters not sure if i will need a car wherever i end up going...so...bleh Quote Link to comment Share on other sites More sharing options...
bullseye Posted June 9 Report Share Posted June 9 i bought a car 6 months ago, its a 5 yr loan, pay about $400/month (didnt put much down)so if i go to grad school next fall full time, should i keep the car? its going to be be a biatch working part time with a full time MBA...its not impossible, but grueling nonetheless. not sure what id do. opinions?how are you gonna get out of a loan? Quote Link to comment Share on other sites More sharing options...
iamme Posted June 9 Author Report Share Posted June 9 how are you gonna get out of a loan? you mean for tuition/living expenses?? i dont know, havent thought of that. Quote Link to comment Share on other sites More sharing options...
bullseye Posted June 9 Report Share Posted June 9 you mean for tuition/living expenses?? i dont know, havent thought of that.no for the car, you signed a contract to pay off the loan, it jus doesnt go away. and until you pay off the loan, the car isnt yours to get rid of yet,you have to get approval from the loan company to have someone take over your payments, if you find someone to do so. Quote Link to comment Share on other sites More sharing options...
iamme Posted June 9 Author Report Share Posted June 9 no for the car, you signed a contract to pay off the loan, it jus doesnt go away. and until you pay off the loan, the car isnt yours to get rid of yet,you have to get approval from the loan company to have someone take over your payments, if you find someone to do so. im sure that wont be a problem...money is money for them...and id probably pay off the loan from the sale and whatever change is needed (if that happens) Quote Link to comment Share on other sites More sharing options...
bullseye Posted June 9 Report Share Posted June 9 im sure that wont be a problem...money is money for them...and id probably pay off the loan from the sale and whatever change is needed (if that happens)yea, but the car isnt yours sell yet, you dont get money from anything until you paid off the loan you agreed to pay, then you can sell the car for watever you can get for it. im not sure if your following me. Quote Link to comment Share on other sites More sharing options...
iamme Posted June 9 Author Report Share Posted June 9 yea, but the car isnt yours sell yet, you dont get money from anything until you paid off the loan you agreed to pay, then you can sell the car for watever you can get for it. im not sure if your following me. ah, i see. those are details i will deal with later. its not my current issue in any case, do i really need to take out a loan to pay it off first? cant i just recieve payment from the buyer, pay the loan off with that, then switch ownership? Quote Link to comment Share on other sites More sharing options...
bullseye Posted June 9 Report Share Posted June 9 ah, i see. those are details i will deal with later. its not my current issue in any case, do i really need to take out a loan to pay it off first? cant i just recieve payment from the buyer, pay the loan off with that, then switch ownership?no, you get nothing from the buyer or the loan company, the buyer jus takes over your payments, but the loan company has to approve it. right now, you are paying for a car that is not yours until you pay off the loan. Quote Link to comment Share on other sites More sharing options...
solbeam Posted June 9 Report Share Posted June 9 beat me too it.. Quote Link to comment Share on other sites More sharing options...
dgmodel Posted June 9 Report Share Posted June 9 i bought a car 6 months ago, its a 5 yr loan, pay about $400/month (didnt put much down)so if i go to grad school next fall full time, should i keep the car? its going to be be a biatch working part time with a full time MBA...its not impossible, but grueling nonetheless. not sure what id do. opinions?get a beater.. get an education, get a bankroll saved up, then get a car... no sense burning the candle at both ends and throwing money out the window for a car... i did it, my friends did it, its the logical thing to do... plus beaters are fun as hell... park wherever you want, kick it, jump on it, paint it, put stickers and memorabilia all over it... awesome... this guy at work once told me "id rather be debt free in a hooptie, than in debt in a bentley..." Quote Link to comment Share on other sites More sharing options...
iamme Posted June 9 Author Report Share Posted June 9 no, you get nothing from the buyer or the loan company, the buyer jus takes over your payments, but the loan company has to approve it. right now, you are paying for a car that is not yours until you pay off the loan. maybe im tired, maybe its all the damn coffee i just drank, but i am not following you.if he pays me (check in my name), then i pay off my loan with that, what payments would he be taking over????? the loan is payed off, i dont care if i make money on it, i just want it gone (if i choose to) Quote Link to comment Share on other sites More sharing options...
bullseye Posted June 9 Report Share Posted June 9 maybe im tired, maybe its all the damn coffee i just drank, but i am not following you.if he pays me (check in my name), then i pay off my loan with that, what payments would he be taking over????? the loan is payed off, i dont care if i make money on it, i just want it gone (if i choose to)yes, he can pay off the balance of the loan to the loan company, if he chooses to do so. but you dont get any money out of the deal. the money you have already paid to the loan company is gone. if you have paid 1 full year of loan payments for the car, it still doesnt mean you own a percentage of that car, the car belongs to the loan company until they turn over the title of the car after your last loan payment. Quote Link to comment Share on other sites More sharing options...
iamme Posted June 9 Author Report Share Posted June 9 get a beater.. get an education, get a bankroll saved up, then get a car... no sense burning the candle at both ends and throwing money out the window for a car... i did it, my friends did it, its the logical thing to do... plus beaters are fun as hell... park wherever you want, kick it, jump on it, paint it, put stickers and memorabilia all over it... awesome... this guy at work once told me "id rather be debt free in a hooptie, than in debt in a bentley..." orrrrr, maybe i can get a motorcycle and probably end up killing myself Quote Link to comment Share on other sites More sharing options...
iamme Posted June 9 Author Report Share Posted June 9 yes, he can pay off the balance of the loan to the loan company, if he chooses to do so. but you dont get any money out of the deal. the money you have already paid to the loan company is gone. if you have paid 1 full year of loan payments for the car, it still doesnt mean you own a percentage of that car, the car belongs to the loan company until they turn over the title of the car after your last loan payment. no, he pays me say $18,000. It is in my bank account. I pay the loan off technically then change the title or whatever. whatever, f*ck it, sorry but im so out of it right now. Quote Link to comment Share on other sites More sharing options...
dgmodel Posted June 9 Report Share Posted June 9 orrrrr, maybe i can get a motorcycle and probably end up killing myself not versatile and efficient... Quote Link to comment Share on other sites More sharing options...
christyne13 Posted June 9 Report Share Posted June 9 no, he pays me say $18,000. It is in my bank account. I pay the loan off technically then change the title or whatever. ...Dude, do you have the Title to the car in your name? Prob has the Lienholder info on it right?...can't sell a car you don't own.Bottom line... you lose your down payment, you lose your monthly payments and you walk (if you find someone that wants it that is)...no money ever touches your hands. Quote Link to comment Share on other sites More sharing options...
iamme Posted June 9 Author Report Share Posted June 9 Dude, do you have the Title to the car in your name? Prob has the Lienholder info on it right?...can't sell a car you don't own.Bottom line... you lose your down payment, you lose your monthly payments and you walk (if you find someone that wants it that is)...no money ever touches your hands. thats fine... Quote Link to comment Share on other sites More sharing options...
Felix_Leiter Posted June 10 Report Share Posted June 10 Dude, do you have the Title to the car in your name? Prob has the Lienholder info on it right?...can't sell a car you don't own.Bottom line... you lose your down payment, you lose your monthly payments and you walk (if you find someone that wants it that is)...no money ever touches your hands.well he wouldnt lose his monthly payments per say..that would be the payment for driving the car for those months Quote Link to comment Share on other sites More sharing options...
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