Am I right in my thinking?


CassiesMan
11-03-2009, 10:33 AM
Ok, so I was a poli sci major. I don't know the difference between dirt and dogshit when it comes to financing or any of that stuff, never really has made any sense to me.

But I digress. Trying to get out from under the Speed3. The financing company still owns it, and because I didn't have any credit at all my rate was pretty much crap. Talked to the bank about refinancing and the rate wasn't going to be any better at all.

So I was thinking about just getting a loan from the bank in the amount I owe on the Speed3. Id buy it from the finance company, then sell it, and whatever I sell it for just turn around and give it back to the bank. That way, I should be able to pay off a good bit up front. Then I'd just get some shitbox beater or something and drive that till I completely pay off the Speed3, and by then have money saved up to go get something I really want.

That work?

kris
11-03-2009, 10:37 AM
What type of loan are you looking at getting from the bank? Unsecured signature loan? Without the lack of a high credit rating, your interest rate will be significantly higher than a secured auto loan.

Leave the keys in, and park it in some shady part of town. :)

CassiesMan
11-03-2009, 11:27 AM
What type of loan are you looking at getting from the bank? Unsecured signature loan? Without the lack of a high credit rating, your interest rate will be significantly higher than a secured auto loan.

Leave the keys in, and park it in some shady part of town. :)

See...I have no clue. I don't know why they wont just loan me the money and let me pay it back without any of the interest nonsense, lol.

Sleepr awd
11-03-2009, 03:24 PM
I wouldn't sell it unless you can get immediately out from underneath the car. Cuz you know that a beater car is going to cost you money in repairs, possible from the day you drive it home.

i'll give you 5$ for the speed3

-The Stig-
11-03-2009, 03:58 PM
You can always buy my G8.

It won't get you out from the Speed3, but it'll get me out from the G8. :)

VR43000GT
11-03-2009, 04:19 PM
:lol:

Nobody likes their car here. :(

CassiesMan
11-03-2009, 05:33 PM
I wouldn't sell it unless you can get immediately out from underneath the car. Cuz you know that a beater car is going to cost you money in repairs, possible from the day you drive it home.

i'll give you 5$ for the speed3

It all depends, though. I mean, my idea of a beater was like, 5 grand or so...I could pick up a 2000 Volvo S70R with under 50k miles for that much, at least locally. But I was thinking a $600 Taurus Sho would be nice, lol.

And yeah...its gonna kill me to get outa this car. I owe about 5-6k more than it is worth. Crud...

The prices of E46 M3s with low miles are down in the mid to low 20s here...damnit.

TorchedStealth
11-03-2009, 11:38 PM
Im not good with all that stuff, but ill give you $2000 for the speed3!

Same offer for you stig!

CassiesMan
11-04-2009, 12:35 AM
KBB private sale on my car is 15k, which is about right because a dealer offered me 13k.

TorchedStealth
11-04-2009, 12:54 AM
Perfect...so ill give you the difference lol

Sleepr awd
11-05-2009, 12:47 PM
I can do better, i'll give you the eclipse for the speed3 :)

CassiesMan
11-05-2009, 07:09 PM
I can do better, i'll give you the eclipse for the speed3 :)

If you take the paper on the Speed3...

Whats wrong with the Eclipse?

Sleepr awd
11-06-2009, 05:26 PM
the eclipse isn't boosted :P

Can't afford car payments though, being in school sux :(

BeZerK2112
11-06-2009, 09:26 PM
The bank wont give you that much in an signature loan. You have to have a powerful cosigner or collateral for that. If you need out of it that bad, you may consider buying a cheaper car and trading yours in for it. Sometimes you can roll a couple thousand into a car loan. They take care of paying off your old car and your sitting better off in the end.

Looks like this. 6000 car - 13000 trade in + 16000 loan = 9000 to barrow. That should put you just under 200 a month in a monthly payment.

Another option is to sell the car but get a signature loan for the remainder of your loan balance. You have to pre approve this with your bank of course.

CassiesMan
11-06-2009, 11:27 PM
Another option is to sell the car but get a signature loan for the remainder of your loan balance. You have to pre approve this with your bank of course.

That was pretty much the plan right there. I'd keep a small amount for a craigslist car or something, hell the guys from 0-60 found a Ford Taurus SHO for $600.

Matt (sleeper, not Stig)...I could live with the unboosted Eclipse. It was faster than my intake only E46...though when I got rid of it I woulda liked another run, lol.

I can live with a shitbox for a while, hell I lived with the Rav4 for three years.

VR43000GT
11-07-2009, 04:39 AM
That was pretty much the plan right there. I'd keep a small amount for a craigslist car or something, hell the guys from 0-60 found a Ford Taurus SHO for $600.

Matt (sleeper, not Stig)...I could live with the unboosted Eclipse. It was faster than my intake only E46...though when I got rid of it I woulda liked another run, lol.

I can live with a shitbox for a while, hell I lived with the Rav4 for three years.

You'll be alright. I am in a VR4 that has a clutch that can't hold more than 9-10psi before its clutch goes apeshit and slips.

CassiesMan
11-07-2009, 06:24 PM
I want an Aveo...

Sleepr awd
11-09-2009, 01:55 AM
I want an Aveo...
That right there, is a sure sign of desperation. Take a week off and drink a little. Come back and figure it out laters.

what's wrong w/ the speed3 besides that you owe too much on it anyways?! I don't think I can work out a trade w/ you on it :/ gotta pay for school

CassiesMan
11-09-2009, 10:30 AM
Lol, my girlfriend had an Aveo rental car after her accident a few weeks back. That thing was so shitty, it was awesome shitty. I'm not kidding...I'm a big guy, I can throw some wieght around, but when I tried to rock it, the thing dipped. 14 inch wheels were awesome, and WOT, I'm not kidding, was SCREAMING and only doing like 40. I wanna get one, unbolt the exhaust, swiss cheese the airbox, and throw a 100 shot at it just to see how long till I put a piston in low earth orbit.

Nothing is "wrong" with it persay, its just that I really wanna get back into another 3er. E46 M3s with under 70k on the clock are in the 20k range locally, and 330i's and 330ci's ZHP models are even lower than that. The forced induction gurus are really starting to get great numbers with TT kits for the 330 and single turbo and SC kits on the Ms.

Further, I had to learn this the hard way, having the faster car doesn't always mean the more fun car. I mean yeah, the Speed3 is fun in its own way, and could blow the doors off Cassie or any of the E46s I'm looking at right now, but it wasn't as fun as the 325i was. At first I thought it was just buyers remorse, especially since Mazda screwed over the 2007 and 2008 Speed3 guys, but I've come to realize I really just miss the BMW.

Besides, even though I do still get into the occasional stop light battle, I don't really do the Robert Danger Super Street Racer thing anymore, so having a fast accelerating car isn't priority number one any more. I'd rather have something that can scoot but is also a pretty comfortable daily driver.

Sleepr awd
11-09-2009, 12:51 PM
There is a local guy that is building an m5 off two wrecked ones. Maybe you need an m5

and you are right I have way more side to side fun in the eclipse than the g even though the g will scoot.

CassiesMan
11-10-2009, 02:32 AM
There is a local guy that is building an m5 off two wrecked ones. Maybe you need an m5

and you are right I have way more side to side fun in the eclipse than the g even though the g will scoot.

E60 M5s are coming down in price pretty quick. I really don't see a reason why I shouldn't have a V10...

Anyways, I'm most likely just gonna refinance the loan on the car and see if I can get my monthly payments down. This wouldn't be such a huge deal if it weren't for the fact I've been unemployed for two months now, and god damn does that savings account just get eaten up when you aren't putting money in it. I'm working on a new business plan now to implement, gonna see how it goes.

If I had a job that was paying as much as I was making at GM before being on the short end of the "Reduction in Head Count and Work Force" stick, I'd suck up the loss on the Speed and just roll it over. But no job=no chance for that...

Sleepr awd
11-17-2009, 01:16 AM
E60 M5s are coming down in price pretty quick. I really don't see a reason why I shouldn't have a V10...

Anyways, I'm most likely just gonna refinance the loan on the car and see if I can get my monthly payments down. This wouldn't be such a huge deal if it weren't for the fact I've been unemployed for two months now, and god damn does that savings account just get eaten up when you aren't putting money in it. I'm working on a new business plan now to implement, gonna see how it goes.

If I had a job that was paying as much as I was making at GM before being on the short end of the "Reduction in Head Count and Work Force" stick, I'd suck up the loss on the Speed and just roll it over. But no job=no chance for that...
sorry buddy, That's what happens at Government Motors. I'm sure you'll find something better, or maybe you should just come back to mo where cost of living is CHEAP. You can be my track buddy.

CassiesMan
11-17-2009, 01:36 AM
sorry buddy, That's what happens at Government Motors. I'm sure you'll find something better, or maybe you should just come back to mo where cost of living is CHEAP. You can be my track buddy.

The way the job search is going, it isn't completely out of the question. I'm about two more days away before I just go sell cars at a dealership. All the dealerships are hiring sales people in my area.

Sleepr awd
11-18-2009, 01:23 AM
do it, not bad money in it, and if you get on selling cadillacs then you've got it made

Cadillacs sell themselves!

I can't put you up in my place though, but it could be fun having you around. We can line up the Galant andthe Speed3

Chiquae07
11-24-2009, 07:52 PM
ill sell you my b15 sentra slushbox with all the extras i got laying around for 4k...

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