Car Problem- Mistake buying a new car

[geadrops]

ok, I sold my 1996 BMW that I LOVED for 3000 dollars. Today I found out it was sold by the dealer for twice that much.

 

I know own a brand new car that I owe loads of money on, even after a year of payments im still upside down. I dont know how to get out of this.

 

I owe roughly 18,800 dollars on it, and I took it to car max and they told me they would give me 11,000 dollars for it. That says I have to come up with 7000 dollars.

 

I talked to the dealer, he said I could refund about 1200 to 1300 warrantly that I purchased on it so I would owe more like 17,800 on it and I can sell it car max for 11,000 that leaves me with 6,800 that I have to come up with.

 

Private party value, I have tried to sell it for 16,900 I think I will advertise kelly blue book value for 14,800 and see what happens. That would leave me, 3000 in the hole, no car and im missing my bmw

 

why do we make mistakes

[Hope75]

Why do you want to sell your new car now?

[annie24]

yeah, that makes sense. the dealer needs to make a profit, which is why he sold it for twice as much as he bought it from you. that extra $3000 is going to the rent/mortgage on the auto dealership, to his salary, to his employee's salary, electricity, etc....

 

why did you buy a new car if you loved the old one?

[addictedblue]

Why do you have to sell the new car? What would be the point of losing a few thousand dollars and not having a car...why not just keep it?

[Hope75]

yeah, that makes sense. the dealer needs to make a profit, which is why he sold it for twice as much as he bought it from you. that extra $3000 is going to the rent/mortgage on the auto dealership, to his salary, to his employee's salary, electricity, etc....

 

why did you buy a new car if you loved the old one?

 

Yeah, unfortunately, that's the name of the game in the car world. You basically get screwed.

 

At this point it makes more sense to just keep your new car.

[geadrops]

ok, the problem is that I was just in a really bad mood that day that I sold my car. It kept braking but I poured over 3000 dollars into fixing it.

 

Right now I have 13 dollars to my name. The only way for me to keep my new car is to pay it with credit card. I have never in my life been in so much financial trouble as now.

 

I DESPERATELY NEED HELP

[annie24]

is there something else you can sell? can you make cutbacks in other parts of your life? like cancel cable TV, read books and borrow DVDs from the library instead. do you have some clothes you can sell on ebay or something else you can sell? can you get a part time job?

[geadrops]

I started selling everything, and im looking for work. I have a huge problem concentrating at work, ive had this problem since august of 2006 when I lost everything. BUT

 

I have even bigger problems. I owe almost 30,000 dollars in credit cards, and most of it is just fees and interest rates that keep compounding because I cant pay my minimum balances. So I think almost half of what I owe, is nothing. Basically

 

"its your money, you paid for it!!" Im buying money ! WOW what a concept

ehhh

[annie24]

wow - gotta find a job, you HAVE to concentrate! can you move back in with your parents to save money?

[geadrops]

I moved back to my moms, I gave up a super cute apartment that I LOVED, this is the worst trouble I have ever been in my life.

 

Im also a recovering, coke addict, have not touched a drop since November of 2006. I think I replaced my coke habbit with shopping, plastic. My ex- my supplier stopped supplying it to me because he got super pissed off that I did not want to keep doing coke and doing him sexual favors every single night a bag a day, I tried to cut my wrists so he would leave me alone

 

1.5 years later Im in mountains of debt, after 2 therapists 2 jobs, 8 or so one night stands, 2 dead cats, and one new cat, but HEY

 

its ok that I have mountains of debt, IM coke free !! WOW

 

AND, guess, what, seems like my design career was only working for me because I was doing lots of drugs and regarded as one of the top graphic designers here, but now guess what, no one wants anything to do with me, Im the scum of the earth, a lepper, a leech

 

and just today, just today my itunes stopped working so I take my ibook to the apple store, they restored my harddrive and it made ALL of music files obselete and then I hooked up my ipod to my computer and that crashed, I have lost all of my music

[annie24]

you're just going to have to be very serious about finding a job, and living on a strict budget. you can totally do it. if you go out to eat, stop! make everything at home. find stuff on sale. clip coupons. don't buy new clothes, or if you have to, go to a second hand store.

[geadrops]

I cant sell mystuff and just pay people fees for nothing

[geadrops]

no one will hire me annie , in my profession

[browneyedgirl36]

Wow -- I'm not sure what to tell you, except that you definitely need to find a job -- at the very least a part-time one. At this point, you should be looking for ANY job, even if it isn't in your field. You can't afford not to have one. Maybe even two part-time jobs if there aren't full-time jobs available.

 

As far as your bills are concerned: It's GREAT that you have given up cocaine, and I applaud you for that, but..wow -- a new car, when you already have 30K in credit card debt? I would tell you to get rid of the car, ASAP but you're already upside down on it --I'm surprised it depreciated in value so much! I've heard that Car Max CAN be kind of a rip off, so it might be a good idea to check around a bit and see if you can get more for the car. Is it possible to get someone to take over the payments? How much have you already paid on it?

 

This is a tough call; as Annie and some of the others have said, you need to get money coming in; I understand that you are reluctant to sell your possessions to pay a bunch of accrued interest and other fees, but...you owe the money, unfortunately, so there isn't much you can do. If you don't pay, your credit will be ruined for a long time. If you file for bankruptcy, your credit will also be ruined. Selling some stuff on e-bay or at a yard sale probably wouldn't be such a bad idea.

 

A good plan might be to see a credit/debt counselor to figure out some sort of plan for paying of your debt. Also: Is there anyone you can borrow some money from, at least to pay down some of your debt? Normally, I would not advise this, but...your situation seems pretty serious.

 

Keep us posted on what you decide to do.

[geadrops]

Like this is my problem brown -eyed girl, although you may have very good advice here, when I look at your signature and it has lyrics from amy winehouse , I automatically have a negative opinion of you because I attest her with cocaine and the problems that have surmounted in my life I would blame on this and I would want to have nothing to do with you in real life.

 

This is my problem with work. If I get a sense that ANYONE does lines or is into that and does not understand what a destructive, unhealthy, and damaging drug it is, I automatically hate them and cant work with them.

 

Unfortunately for today's society EVERYONE is high and practically no one is *straight edge*

 

I did live in a community of sort of straight edgers and was even in a movie, but you really dont get paid for having fun, being high on life, art, and nothing but happy and joy.

 

Unfortunatley our world is run by greed, drugs, and rock and roll YUCK !!

[BeStrongBeHappy]

Honey you are living in a very small and narrow world if you think everyone is high. You need to get outside that world and find something to do to support yourself.

 

When you do drugs you are obsessed with it, and everyone who does drugs becomes obssessed with it. Even when you stop, you will still be obsessed with it until you have some real time living in a world where drugs don't play a part.

 

You need to try to associate with people and in fields where drugs are not commonplace. Otherwise you could be on the road to talking yourself back into drugs because 'everyone does it'. Everyone DOESN'T do it, but you need to get away from those negative influences that do.

 

You first need to try to find any job to keep you busy and help pay off your debt. And try talking to some people who understand how to get out of debt, or if the situation is too dire, declare bankruptcy to get a clean slate so you could start fresh.

 

Perhaps you could look into returning to school to get into a field where you aren't exposed to a lot of drugs, where you would be able to find a job. If your parents will let you live at home, you could get yourself trained to do something that will help you dig out of these problems. If you love art, how about being an art teacher, or getting into art therapy (occupational therapy). People who have been addicts and recovered can really help other people and be an inspiration as to how to take a bad situation and unhappy life and turn it around to being happy and fulfilled. You might find such work very rewarding, so please try to focus on opening up your own world and opportunities to leave that drug life behind. If you have to declare bankruptcy to get away from that world, then so be it. you cuold have a fresh start.

[browneyedgirl36]

Hmmm...I don't know what to say to this. I'm not sure what my signature has to do with anything. I find Amy Winehouse, despite her drug addiction, to be a very talented person. In fact, I feel very sad that such a talented person is wasting her talent by killing herself with drugs. The drugs do NOT change the fact that she has talent, though, which is why I appreciate her. Not that it matters, but I'm one of those "straight edge" people you mentioned in your post. In fact, aside from an occasional drink of alcohol (maybe once every few months) -- I have never even tried ANY drugs -- even marijuana. I am what the kids in my high school used to call a "square."

 

So, I'm sorry that you are judging me based on my signature line and that as a result you will choose to ignore my advice. I tried, at least, To be honest, you didn't even respond to any of my advice -- other than to say some if it was good -- but you didn't respond to it in the sense of discussing how you might help yourself -- you simply talked about how you don't trust anyone who does drugs or has anything to do with them. That's good - you should stay away from people who do drugs -- but that doesn't solve your immediate problem of the financial hole you've gotten into.

 

Anyway, I tried to be helpful. I wish you good luck.

[addictedblue]

When you are this deep in debt the sole purpose of your days right now should be find a job and then work all day every day. Even if its fast food...you need money. Period. Beggars cannot be choosers. Get a job, either declare bankruptcy or pay off your astounding debt, and get your life back.

[pacman]

You have the car now, its working and in good shape I assume cause its still pretty new.

 

If you sell it, then you owe 6000 dollars and you have no car in which case you would have to buy a crappy car for a few thousand to look for a new job, so now you are out 8000-9000 dollars in debt and a crappy car that can break down.

 

 

Finding a job is more important than the car right now.

[teknoise]

Unfortunately for today's society EVERYONE is high and practically no one is *straight edge*

 

So?

 

Everyone has their crutch, yes. Some its coffee, some cigarettes, some alcohol, some ecstasy or coke or ketamine.

 

Why does other people's addictions matter to YOU?

 

The key here is to ignore the rest of the worlds problems because YOUR problems are far more important to yourself right now. Who cares if your co-workers do lines, pop pills, or smoke? You don't and that is where you want to be... drug free.

 

Where you don't want to be is suffocating in debt. You must put every ounce of focus on getting out of debt even if it means making sacrifices such as working among people you may not find favorable.

[schueysgirl]

I disagree everyone is high. I am also someone who has never touched any drugs ever, and never will, and I also hardly ever drink and if i do it is a glass of wine or one malibu and coke lol. I have also never smoked cigarettes.

 

But i am struggling too in my own ways, tryning to figure out what to do with my career, as cannot afford to study at university anymore etc etc even straight edged people struggle in the same way as you.

 

Conratulations on giving up the coke that is an amazing achievement but what your on now is an upbhill struggle u just have to keep chipping away. I would suggest selling your ibook would give u some money! and also not having itunes might help as how can you buy music anyway off there with no money?

 

If you miss listening to music get a cheap little radio for now.

 

You are also lucky being able to go back to your moms. Some people dont have this option. Get yourself a part time job to start off with, you'll feel much better about yourself once you do.

 

One step at a time. Lifes not easy, not even for *straight-edged* people