Sad day...

[MaxHarvard]

... With heavy heart, I'm actually considering selling my car. I've learned recently that my student loans have finally caught up to me and the only thing left of real value is my Camaro. I guess my education wasnt enough to find me a decent enough paying job in my field, although i do work full time. Could you please do me a favor and tell me what my cars value might be so i know what to ask for? The car isnt perfect, i'm not going to lie. I'm still debating it, weighing my options and seeing if the financial situation can/will/wont improve.

I never thought it would come to this, but it might be this or bankruptcy. Which is sad because i dont own any credit cards, i dont have any car loans, the only money i borrowed is for my house and student loans.

Sorry guys, i dont mean to go on and on, it just really hurts to know that i've worked for 4 years straight spending all my free time working towards this and now i might have to get rid of it.

Thanks for reading.

EDIT: Sorry, i forgot to mention that it has been in two "readers rides/hometown hot rodding" magazines.

Here's a link to the pics
http://anti-rice.com/me/camaro/album/

Specs:
Some details:
1968 Camaro Electric blue
450hp/450tq SBC 355
TH350 3000 Stall, line lock (i have a T56 that was suppose to go in)
4 wheel disc brakes
17" TTII's
Corbeau Legacy Racing seats with 3 pt double release seat belts
Full autometer dash
2" drop with Hotckis springs and poly bushings
JVC Kameleon with Pioneer 6x9 in the rear and Blaupunkt 4x6 in the front.
Center console from a 2002 Camaro

[camcojb]

got a price range Eric?


Jody

[MaxHarvard]

I've been told anywhere from 15-45,000... HUGE price range i know, i was hoping you guys could tell me a better estimate so i dont get screwed if i do decide to sell.

[sick65]

Without seeing the car in person...I would guess mid to high 20's. Please do not take offense to that. This is simply based on what I have seen for sale in the market.

[MaxHarvard]

Without seeing the car in person...I would guess mid to high 20's. Please do not take offense to that. This is simply based on what I have seen for sale in the market.

None taken. :)

[sikryd]

Sorry to hear about your financial troubles. As far as I know, you are not able to default on student loans. There are also new backruptcy laws that include 1 year of financial counceling befor you can file. You may want to think about a second job maybe, you may also be able to defer your current student loans if you go back to school. I'm not sure if these are options that will work for you, just a thought.
I made a vow to never sell my Camaro unless it was life or death. I had one 12 years ago, and it took me 10 years to find another. If you sell your car, you may never find another. If you do, it may be way out of your price range.
I hope everything works out for you.......

[MaxHarvard]

Thanks Sik.... You'd think having a masters degree would actually get me some decent paying jobs... well not so much. Even if i went back for my PhD, it would only increase my debts.

I'm weighing my options as we speak and plan on seeing a financial counselor to see what I can do.

I'm just frustrated because i've done everything right up to this point in my life, i played by the rules and kept myself out of debt. I never owned any credit cards, i paid for everything i cash... if i didnt have the money, i didnt need it... even my cars i paid in cash. Now, in my current job, i contribute to society in a meaningful way and i get paid squat. I try to be a good person, live my life to help people, better the world only to get F'd in the end. My car is the only thing that i really enjoy and spend money on... the rest i could care less about.

I'm really considering taking a job outside my field just to make good money. I was offered a machinist job at double my current salary, but i passed on it because i wanted to help society and not feel like a drain to it... Ugh, i'm just so damn frustrated.

[Stuart Adams]

After reading your posts - keep it and try and find a higher paying job in the near future. JMO.

[sikryd]

I hear you loud and clear. I'm a Systems Engineer here in Hawaii, for one of the largest health care organizations in the nation. I get paid more than the average person here in Hawaii, but I'm no where near my counterparts in the mainland. I have 8 years into the company that I am with, and I am thinking about taking a position in Portland, Oregon because the pay is something I will never see here. I'm actually thinking about leaving the place that I was born and raised in, a place I love more than anywhere else.
I was in your shoes at one point in my life, and I thought about bankruptcy as an option. In the end I decided that I would do what it takes to not file, and I feel better for doing that. It may be your only way out, but think long and hard about it before you make your decision.
As far as the machinest position goes, all I can say is manual labor sucks; however, maybe you can take that job till you get your debts settled. You will always have your Masters degree.

[4mm]

I would say low 20's. That being said, if you find a way to hold onto it, do so. It probably isn't worth selling considering how much you put into it. You would be digging your own hole even bigger.

Put it on eBay and find out what it fetches. Put a reasonable reserve if you really want to sell so that if it does meet/exceed it, you will be happy if it is sold.

Put a much higher reserve to feel the market for it first if you are still waffling on selling it.

Hope your situation improves.

[MaxHarvard]

After reading your posts - keep it and try and find a higher paying job in the near future. JMO.


Trust me... i'm in about the highest paying job in my field at this point in my career. The only higher paid people only make about $2-3,000 more than me.

Thanks for the suggestions and help guys... just got off the phone with some financial people and looks like the news isnt as dire as i thought... but still NOT GOOD.

I have about $22-23,000 into it in parts, not including my time and effort, getting $30,000 wouldnt be all bad i suppose.

[Ummgawa]

Dude i would suggest taking ONE class toward a PhD. I believe that your student loans would be postponed until then, Heck even if you take a welding class at a the local community college, you are a student.

[tomsullivan]

i dont know if this would help or not but there is a business in selling websites.

depending on the amounts of hits you get at http://anti-rice.com/, that could be an option.
http://www.sitepoint.com/marketplace/?

i have seen sites go for 20k

lateral-g i think would go for more than 20k depending on its revenue

[mazspeed]

Trust me... i'm in about the highest paying job in my field at this point in my career. The only higher paid people only make about $2-3,000 more than me.

Thanks for the suggestions and help guys... just got off the phone with some financial people and looks like the news isnt as dire as i thought... but still NOT GOOD.

I have about $22-23,000 into it in parts, not including my time and effort, getting $30,000 wouldnt be all bad i suppose.

At least you're a responsible person in knowing what you owe. You're young and have a lot of time to build up anything you want in the future if you do in fact sell your car. It's just a car.

[Mr.VENGEANCE]

Keep the car..

there is plenty enough money in the world.. they print more each day..

youll regret loosing the car when youve dropped heart and soul into it.. youll just have to tough up and hustle hard.

believe me.. i was in the same boat.

just dont get down on yourself.. that wont pay anything.

tuff up buddy..

[71Nova]

Man that is sad. I know from your post that you are a lot like me and would be kind of empty if you lost your project. Almost 800 posts and one project says it all. I know in California you can not file BK on a student loan. I know that most student loans are pretty flexable. They can usually lower your payments if you ask them to, especially if you can show financial hardship. Try real hard to hold onto her because she is unreplaceable. Georgeous car.

[MaxHarvard]

Thanks guys for all the support.

I remember many years ago, i was talking to the wife and i remember distinctly her saying, "The last thing we'll do for money is to sell the Camaro"... now you see why I married her ;)

support from her and you guys has been great, i really appreciate it, it helps a lot.

I'm still mulling over my options and talking to banks and financial people to see what i can do. I guess paying for an appraisal wouldnt hurt things, unless they came back and said $800 for the car... LOL.

I found some inexpensive options for throwing the T56 in the car, so that should raise the value quite a bit i'm guessing.

We'll see how it goes. Thanks again.

[Rob07002]

Sorry your having a hard time, but don't sell it!

1) if current job/career isn't paying enough you need to move on to one that does. With an MBA I can't imagine youhaving a hard time switching careers.

2) You mentioned owning a home. Have you looked into home equity loans/lines of credit? With today's rate still historicaly very low you could refi or take a second mortgage. Hell they even have 40 yr fixed which would help until your in better shape and then you can refi a few years down the road.

3) I would suggest talking with the loan departments. The last thing they want is someone to default and not pay at all. Even if they get half the usual payment per month it's better then nothing or if they send it to collection and get $.40 on the dollar.

Good Luck! and things will definatly get better! It takes time and strength, but it does work out, trust me!

[markss28]

So what exactly do you do?

Have you tried praying?

If you have a masters and your job cant support you its time to find a new one. Seriously I have been able to find jobs anywhere in the US. I know you probably dont want to move away but seomtimes that maybe the option.

If you decide to sell your car, sell it for what its worth to you not because your desperate. and take nothing less.

[MaxHarvard]

I'll Rob's and mark's questions together.

I dont have an MBA... thank god. I cant stand business models/meetings/managerial garbage.

I have a MA in psychology, currently i'm working as a therapist for adults with severe mental illness. I dont really care if people know what i make, so i'll just tell you. I make $30,000/year. On the nose, exactly 30,000. which in my field is damn good. Also, my benefits are very healthy, i get 4 weeks vacation and some other perks as well. After taxes and insurance it comes out to about 1500-1600 a month. After house payment, bills, gas, food..etc... there isnt much left over, let alone for school payments.

Once i become a licensed therapist the pay goes up considerably from 40-60,000 dollars. I have to wait 2 years to get licensed, after 2 REALLY expensive tests i have to pass. Independant licensed professionals in my field can make $100K+ if they are good.

I chose this field because i really like the work, i enjoy helping people and i feel a sense of helping society in a big way. I never felt that way while I was managing auto parts stores.

Mark: I dont pray, i'm Buddhist, i meditate. You didnt know that, so no worries.

EDIT: finding jobs is a pain too, i'm lucky to have the one i have now. alot of my colleagues are working long hours and getting nothing in return as far as work and pay. My last job didnt like paying me... at all. So i threatened to sue and got my money and quit.

[71Nova]

Hi Max, this is 71 Nova's wife. He shares a lot of the posts w/ me and this one has been of particular intrest. I sympathize with you in many respects. I have a BA in Psychology, and I know how it feels to be intrinsically rewarded for making a difference in the lives of others. Your work is a blessing to so many people and it seems like you really take a lot of personal benefit from it. My suggestion regarding the camaro however is not to sell it. It seems like there must be some other way to make your finances work. If I were in your position I would probably start by trying to reduce my student loan payment, then look into refinancing my home or something along those lines. Your car is like your career, a source of passion in your life, it gives your life more meaning. I know my husband would be really depressed if he did not have his nova, and I would never want him to sell it. We want to keep it as long as we live, and I hope you keep your camaro just as long. Well best of luck to you. Take Care!

[markus]

I hate to tell you, but mental health positions never pay well. :( You get into the field for other reasons, not financial gain. You just have to learn to budget for the hobby. Trust me, I am a licensed mental health addictions therapist. Good luck!

Cami, wife of Markus

[DRJDVM's '69]

Dont sell the car. You will regret it for the rest of your life if you part with it this way.

Talk to your loan company. Usually you can work out a better payment plan. It may cost you more in the long run, but it will keep you going until your income increases as you advance in your field.

Take a second job if you need to, but dont sell the car unless its the last resort and you've looked at every other way to keep up financially.

Even if you sell the car, it sit going to pay off ALL of your loan ?? Or is it just going to give you some breathing room for awhile before you are right back where you started ??

[BC69]

I am really sorry to hear this!! I know the horrible reality of college loans (all 75k so far with a year to go) and hearing that its making you consider giving up your car is just terrible!

Have you negotiated a lower monthly payment? Consolidated at a lower interest rate? Even threatening Bankruptcy could have an impact, although the bankruptcy laws have really changed alot in recent years.

I know its not an easy choice, and I know people will tell you to sell it and get another one later. But this is your car! Good Luck!!!

Tim

[Beegs]

Local guy sold his 25K Nova for $15K to: "pay down debt" He thought 15K was a ton of money and it should make a difference.

Reality check: bankrupt, house is gone, credit is ruined AND his car is gone. If he had kept it he would still be in the same boat.

20K-30K is a pisshole in the snow in the big scheme of things. I would say work through it somehow.

[KAA]

Once i become a licensed therapist the pay goes up considerably from 40-60,000 dollars. I have to wait 2 years to get licensed, after 2 REALLY expensive tests i have to pass. Independant licensed professionals in my field can make $100K+ if they are good. Sounds like you have a pretty decent salary potential. Maybe you just need to stick it out a few more years? In the meantime, what about taking on a renter?

[MaxHarvard]

I hate to tell you, but mental health positions never pay well. :( You get into the field for other reasons, not financial gain. You just have to learn to budget for the hobby. Trust me, I am a licensed mental health addictions therapist. Good luck!

Cami, wife of Markus

Yep, i'm aware, i knew this going in, but i never thought it would be THIS bad... You'd think logically that 6 years of college would net some gain, nope.

so you are an LADC? Thats some stressful work, i work with some CD issues but mostly SPMI, TBI, SMI and MI laced with some CD.

Once i become licensed money will be much better than it is now.... I'm taking my first licensure test in January and making payments on the test now. The dang test is $500! :willy: Like i have that kind of money!! YIKES!

Thanks everyone for the support, i'll keep you updated as i get more information.

~Eriq

[MaxHarvard]

Sounds like you have a pretty decent salary potential. Maybe you just need to stick it out a few more years? In the meantime, what about taking on a renter?


I'm not trying to be a jerk, but when i said "house"... i meant 'townhouse'... its a 2 bed, 1.5 bath 1 car garage little stall of a house. I wish i could take a renter. But i think the wife would have something to say about that. :(

[KAA]

I'm not trying to be a jerk, but when i said "house"... i meant 'townhouse'... its a 2 bed, 1.5 bath 1 car garage little stall of a house. I wish i could take a renter. But i think the wife would have something to say about that. :( Ya, I guess that wouldn't work out very well. How about having the wife work a second job? :D

[MaxHarvard]

Ya, I guess that wouldn't work out very well. How about having the wife work a second job? :D

HAHAH Wow, that would go over just as well as the renter!! I would be out of the house and she'd get a renter in my place!! LOL

I've thought about getting a part time job on the weekends. I know auto parts management very well and could easily get a job doing something like that.

[hectore3]

MaxHarvard!

Don't sell the car! Don't sell the car! Can I make it any clearer? I was in a worse boat than you are in now. I work with my hands and don't have the very nice education that you have. But Christ dude, MAN UP!

Sell the car to a TRUSTED family member for a hundred dollars or so. All these Sallie Mae loan types can do is work out a payment plan with you. My grandfather went through the Great Depression with the additional burden of being a minority also. If he were still alive he would kick you in the can! And tell you to enjoy the car forever. Because life is too damn short. Rant off!

[MaxHarvard]

I'm doing what i can at the moment... so far no headway to speak of.

[Rob07002]

Max, I really think a home equity or second mortgage maybe the way to go here.

house, townehouse, or whatever, if you have equity built up from either appreciation or just regular amoratization you can pull some of those dollars out to help you.

If you can get a decent amount accumulated do not hesitate to contact your lenders and offer to settle the balance in full at a discount.

If you don't want to deal with this your self, there are many credit counslers that help to reduce debt for either free or minimal amount.

Good Luck!

[BLWN1]

That kinda depends, sometimes the rates are worse, but you could stretch it over a longer term to help.... I can try to help if you need any questions answered... Try to keep the car, and is holiday work an option? I havent read everything, but I work for a Mortgage Co, and this is what I do.....


Max, I really think a home equity or second mortgage maybe the way to go here.

house, townehouse, or whatever, if you have equity built up from either appreciation or just regular amoratization you can pull some of those dollars out to help you.

If you can get a decent amount accumulated do not hesitate to contact your lenders and offer to settle the balance in full at a discount.

If you don't want to deal with this your self, there are many credit counslers that help to reduce debt for either free or minimal amount.

Good Luck!

[black2002ls]

I am so sorry to hear this. It is a common problem though. Luckily I stayed at a JuCo and paid out of pocket for the most part, and I should graduate with less than 20k in loans. As for the second job bit, Sometimes they help and then sometimes they hurt. You may want to look into whether that will bump you a tax bracket or not. If it does, you could be shooting yourself in the foot and hurting more in the long run.

Have you contacted your lender yet? How long have you been out? Have you consolidated or attempted a ReFi? They are all viable options as long as the payment history is good. If you call your lender and you get someone who is saying they are unflexible. Ask for a supervisor or hang up and call back. This is all that I can think of at the moment that Might be of any type of help. But I'm sure you've heard all of this from the financial advisors already

[MaxHarvard]

That kinda depends, sometimes the rates are worse, but you could stretch it over a longer term to help.... I can try to help if you need any questions answered... Try to keep the car, and is holiday work an option? I havent read everything, but I work for a Mortgage Co, and this is what I do.....


Thanks everyone for support and advice.

BLWN1: what kind of info can you give me that might help? Right now prime rate is about 6.5% if i consolidated now.

[squid]

Hi, this is squid's wife, Amber. I am a mortgage lender and work with financial problems all the time. I was wondering if you have applied for financial hardship with the loans already? They will either continue to defer the loans or reduce your monthly payment for you depending on who services your loans. Also, if you own your home your can refinance your house to pay off your loans and possibly get a lower rate in the mean time. But I would probably try to get the payment reduced first, they ususally want to help out their students! If you want some help or someone to look over things for you at no cost, please contact me and I will do my best to help out! PM Brad (Squid) for my number.


Hope things get better for you!

[hotroddr]

If you are going to take on a part time job I would suggest pizza delivery. Its in the evenings, its part time, and its cash so you have your money NOW. Its not difficult to make $15-30 an hour, 15 being minimum usually if you with a big chain. Its a nice supplement to the regular income. I made myself a promise that no matter what, I would never sell my car, Im in debt from school as well but I have a few more years left to delay the payments. My soon to be wife works hard while I go to school and I work as much as possible and between the two of us it works out. I would also suggest taking a couple classes at a community college to defer payments more. Community college isnt usually too expensive and you will get a break on the payments, by then you should have a good idea of how it will all work out. Do you have any other cars? Sell them first. I like the idea of buying a cheap car cleaning it up real nice, then driving it with a for sale sign till it sells for more than you paid, then repeat as necessary. I hate to give away all my secrets but half price day at the junkyard is a great way to get parts to sell on ebay. You dont have to sell the car, just get creative about income. How much a month in loan payments are you looking at?

[MaxHarvard]

looking at around $300-350/month.

So far its looking like its going to be OK... we'll see, i'm going to put the T56 in. If i do have to sell it, that will bring a higher price.

[hotroddr]

you can easily make 400 a month working one part time night a week delivering pizza. It may sound like a lame job but its pretty fun if you like driving, besides it gives you an excuse to speed. If you can work friday and/or saturday night once a week you have it made. Thats a lot easier sacrifice than selling the pride and joy.

[69MyWay]

I would say $25K easy, with more possible from the right buyer. Therefore I would price it at $32K and be willing to negotiate.

With that being said, I was going through, and am still going through something like you. I don't have student loans, but I do have life issues. I took a different job position in mid 05 with a step back in pay to take advantage of a full relocation package and a whole new career option. My wife decided not to work and I had hopes of spring boarding through this position to a much higher salary by now. Needeless to say...her not working, less pay, living expenses drastically increased.....we were in trouble!

It became clear that was not going to make the next pay grade and I got real serious...about dumping my 69 Vette.

Our church sponsored some financial classes and I took some time to speak to a local financial advisor. We looked at our bank account and made some choices. My wife went back to work (she is a school teacher), and we cut and slashed excess (got rid of cable t.v.). While not in a crisis situation, I didn't want to BE in a crisis situation. We have since managed to build some savings, restructure debt, and have a little left over each month. It will be about 3.5 years before we can really see some comfort zone, but until then we will stay in the green.

Amazingly, I am kicking off another huge car project right now too. I am having to pay for it by doing side jobs and selling my headlight kits on the net. It is actually making it quite fun and adding a degree of challenge.

If you are curious, check out www.crown.org . It is a Christian perspective on getting your financial house in order. It works...even though some of it sounds kind of strange. There are hundreds of ways to get your arms around debt without going to the extreme. The good news is, that Camaro is the ace in the hole if all else fails. I would urge you to look at your whole picture, take a step back and look through the eyes of outside counsel, then decide what is going to work for you. Be patient...it took years to build that debt...it will take years to get rid of it. YOU CAN DO IT!

[awr68]

Be patient...it took years to build that debt...it will take years to get rid of it. YOU CAN DO IT!

Just like weight loss...for most it takes years to get over weight and it takes years to get back into shape....keep your chin up and get a long term plan together and you will be fine!! :thumbsup:

[FunkyNova66]

Local guy sold his 25K Nova for $15K to: "pay down debt" He thought 15K was a ton of money and it should make a difference.

Reality check: bankrupt, house is gone, credit is ruined AND his car is gone. If he had kept it he would still be in the same boat.

20K-30K is a pisshole in the snow in the big scheme of things. I would say work through it somehow.
^^Speaking words of wisdom. If there is a will, there is a way. :yes: