I have had my Z for around 15 months now and it has been a great experience so far, no problems at all yet knock on wood, however I've been struggling to do the payments because I'am also paying a loan at the same time which I used for the downpayment, basically the car is taking away 65-70% of my salary and obviously no single mod yet to it because of it, the good thing is that the loan payments end in July of next year meaning 10 more months of living / working only for the strictly necessary , that will relief me around $250 a week.

Before you think " how come you get the car without savings etc " well I planned to get by on a yearly bonus from my company but it was cancelled due the economy , I didnt see this coming in June last year when I got the car everything looked fine and no signs of what still hitting most of us......

Sometimes I think to return the car to the dealer, but it means a loss of around $20k in addition the loan will still remain until July and no money to get another car to get through these times, its getting really that though.

Advise anyone ?

 

Not a lot you can do at this point. You will just have to gut it out until next July. At least with 15 months behind you, and 9 months ahead of you, much of your payment is going to principle and not interest. Hang tough, get a part time job.

You never should have borrowed the buy the car in the first place, but you know that already. Car payments are very evil things. I'm also guessing that you bought a new car, another huge mistake. Third mistake was counting on a bonus. Folks should never count on a bonus as part of their income. Live on your base salary and then use the bonus to save up for toys like Z's. Hopefully, you and others will take the lesson to heart.

Good luck.

 

Get a second job. Chalk it up to a life lesson

 

Hmm....bonus.....you never watched National Lampoons Christmas vacation before or what? How can you be a functioning adult with decision making skills like that?

 

so.. you got a second loan .. to act as the down payment .. for the auto loan .. lol!

sorry dude. you put yourself in this mess. sucks being broke, is it worth it to you? that's all that matters.

learn from it .. : )

 

Smuggle drugs from mexico they'll never catch you in your "Z"......LOL!!!!!!!!!!!!!!

 

Don't count your chickens before the eggs hatch.

Pick up a part time job, 1. you'll be making money to assist in your expenses 2. you wont have as much time to sit at home and think how broke you are. 3. your helping *stimulate* our economy by ensuring the bankers have jobs.

Dont worry, only mod i have thus far is exhaust. I purchased new as well, however Ive been saving saving saving and within 2.5 years ill have the note in my hand.

You just have to work for what you really want, if you want it. Prioritize. keep you head up and focused on your goal.

 

This is the big problem here. I would never let a car payment consume this much of my salary. On the bright side though, you only have 10 months to go. You made it this far, you may as well finish paying it off. Good luck.

 

Sell the car. The only valuable item you've got is yourself. Call up the bank and
tell them to stick it.

 

Where are all of the Libs? This guy needs help.
I say the Feds should bail him out!

 

Thanks for the comments guys, yeap I think I can get through it just need to hang though, down here you cannot get a car without at least a 15% downpayment, yes the bonus was a mistake, lesson learned there.

 

I was thinking the same thing. :-)

 

You took out a loan for the down payment?????? Why?? I dont have my 350 yet but the way Im doing it is saving up my checks for a good amount on the downpayment while looking for the best deal on a 07 or 08 I can get...

 

Keep the car make the payments your almost there...

 

just learn from it, bro. I had to suck it up and wait until I paid off my civic, and actually deploy for the down payment to not effect my daily finances with the Z already fairly down-priced.

Pay it off, man. That'll help your credit out AND that monthly payment will disappear.

 

get a second job for evening/weekends

 

don't buy things you can't afford. Getting a loan for a downpayment on an auto loan may just be one of the dumber things I've heard of someone doing. Good luck with that

 

When I bought my Z, I bought it on a Saturday morning. I had my income cut 25% that next Monday. I ended up getting a second job and got up at 4am five days a week to do early morning kitchen prep work. Then work my regular (paycut) job 30 min after I got off from that. Then 30 min after that I had Karate lessons to teach (4 of the five days a week). It was probably some of the sleepiest times of my life. I did that for 3 or 4 months. Now I am working again full time for a different company, and am down to one job again. Still drivin the Z. It was worth it.

You need a temporary second job bro. I do budget counseling for people facing foreclosure. Think about it this way. Your car pmt is more than double the debt to income ratio that the making home affordable program drops your pmt to (31% debt to income) in order to make your house pmt affordable.

 

I cant believe you accidentally the whole loan

 

Sell some sh*t. You'd be surprised what you can get for stuff sittin around.