thinking that i jumped the gun on the MS3

[daonly1around]

Now i LOVE the car, and its the car i've wanted since the protege became the three. But i'm at the point in my life that i want to buy my own house. I still own my protege and would consider selling the ms3 even though i know i would take a huge hit, but the thing is i put 0 down and also rolled about 4K of my CC debt into the loan, so my loan is still at like 28K.

So i'm asking, if i pay my payment of 547 each month, and an extra 100 or so each month, what could i be looking at say a year from now that i would have left for pay off? Groos that i would pay off would be about 7K and put me at 21K owed plus what ever interest i haven't paid off.

Is their any chance that a bank would roll my car into a house payment if i owed like 20K? it would save me about 400 a month if it was part of my house payment, or would i better off selling the car a year from now?

 

[evilmonkeyMSP]

I definitely wouldnt roll the debt into the mortgage...you'd be paying for the car for 30 years and would have already used up equity in the house....

 

[daonly1around]

I definitely wouldnt roll the debt into the mortgage...you'd be paying for the car for 30 years and would have already used up equity in the house....

yeah, thats what i was thinking... probably won't do that... maybe i should be patient for two more years until i get married, but i really want my own place, but my own place would cost me atleast 750 a month, and i could get a mortgage for a little bit mroe

 

[Buyer]

dude you really got yourself in deep. 0 down and you rolled 4000 into the price of the car? Get rid it of it immediately and take as small a hit as possible. I mean seriously what were you thinking? It's either sell the MS3 or sell the protege and put that money into the MS3(and even with the latter it doesnt help much...). I dont know anything about mortgages, but you're so upside down in that car already that I doubt it would help you any to "roll" it into your house payment.

547 dollars for an MS3 is a ridiculous payment and it sounds like you just bought something because you thought you had to have it. Im not trying to make you feel bad, but you need to get out of that car somehow. rolling payments over and over into other payments is just going to get you ***** even more because you'll be paying more in interest. Just get rid of the thing and take a small hit now instead of a big one later...

 

[evilmonkeyMSP]

do you still owe anything on the protege? If paid off perhaps you should sell that and refi the MS3 and include the $ you got from the sale of the Protege...

 

[daonly1around]

dude you really got yourself in deep. 0 down and you rolled 4000 into the price of the car? Get rid it of it immediately and take as small a hit as possible. I mean seriously what were you thinking? It's either sell the MS3 or sell the protege and put that money into the MS3. I dont know anything about mortgages, but you're so upside down in that car already that I doubt it would help you any "roll" it into your house payment.

547 dollars for an MS3 is a ridiculous payment and it sounds like you just bought something because you thought you had to have it. Im not trying to make you feel bad, but you need to get out of that car somehow. rolling payments over and over into other payments is just going to get you ***** even more because you'll be paying more in interest. Just get rid of the thing and take a small hit now instead of a big one later...

but i pay more than the payment each month, i can more than afford it, i just realize now how much i'd rather have a house. Sure i could have been more patient and have paid off the CC but i knew i would make more than the payment each month.

 

[Buyer]

do you still owe anything on the protege? If paid off perhaps you should sell that and refi the MS3 and include the $ you got from the sale of the Protege...

that wont help him much though...I mean how much could he possibly get for a used protege? I mean it's probably high mileage by now and I doubt the body is in pristine condition....even if it were you still are going to get stuck selling it for under 9,000 probably.

 

[SuperStretch18]

Uh, if he's upside down, why would "sell it now" be the best advice?

 

[daonly1around]

do you still owe anything on the protege? If paid off perhaps you should sell that and refi the MS3 and include the $ you got from the sale of the Protege...

the protege has been paid for for a while now, i just wanted to keep it to keep miles off the ms3. The thing about the protege is that it's and LX but nothing matches what an LX should be, i've swapped to the black interior, four wheel disck brakes, and the msp body kit, so its kinda questionable as what it's worth

 

[evilmonkeyMSP]

yeah but if thats free cash, refinancing the MS3 and knocking the loan down that much would be a big help and would get rid of the negative equity he already has in it...

that wont help him much though...I mean how much could he possibly get for a used protege? I mean it's probably high mileage by now and I doubt the body is in pristine condition....even if it were you still are going to get stuck selling it for under 9,000 probably.

 

[daonly1around]

that wont help him much though...I mean how much could he possibly get for a used protege? I mean it's probably high mileage by now and I doubt the body is in pristine condition....even if it were you still are going to get stuck selling it for under 9,000 probably.

i would put it up asking like 5500 but would take 4K

 

[Buyer]

but i pay more than the payment each month, i can more than afford it, i just realize now how much i'd rather have a house. Sure i could have been more patient and have paid off the CC but i knew i would make more than the payment each month.

you cant plan like that though....if you buy a house do you think you'll being having extra money to throw into a car payment? Or if you end up needing cash for something else you might end up making the normal payment....do you think you can really gaurantee that for the next 5 years you'll be paying 100 plus dollars more than your monthly car payment?

 

[Buyer]

i would put it up asking like 5500 but would take 4K

yeah so you basically are only covering the debt you put into the new car with that. Im telling you, take it from someone who has been there....Just get rid of it now and cut your losses. I know you dont want to hear that, but you're paying waaay too much for that car and if you invest in your house like you just invested in your car you are setting yourself up for failure.

Cars are expensive...but houses are in a whole other league...

Think about it....You are looking to buy a house but you couldnt even put any money down on your car....be very realistic here or you are going to end up putting yourself in a financial bind for 30 plus years. Get rid of the MS3, keep driving the pro, and save, save, save until you have a nice chunk of money to put down on a house.

 

[daonly1around]

also remeber guys, i'm not in a pinch, i just would rather have a house.

i know the best thing is to sell the protege and put that money into the MS3 loan, and wait a couple years to buy a house, it's just that i wouldn't mind taking a hit on the MS3 if i could get my own place, and have something that appreciates , not depreciates

 

[daonly1around]

you cant plan like that though....if you buy a house do you think you'll being having extra money to throw into a car payment? Or if you end up needing cash for something else you might end up making the normal payment....do you think you can really gaurantee that for the next 5 years you'll be paying 100 plus dollars more than your monthly car payment?

i was saying that as if i were to sell in a year, will a goal of owning about 20K or less and then selling the MS3. which is why i'm still holding onto the protege

 

[Buyer]

also remeber guys, i'm not in a pinch, i just would rather have a house.

i know the best thing is to sell the protege and put that money into the MS3 loan, and wait a couple years to buy a house, it's just that i wouldn't mind taking a hit on the MS3 if i could get my own place, and have something that appreciates , not depreciates

I dont mean to sound like an ass, but how are you not in a pinch when you could not even put a down payment on your car? Plus you rolled your debt into it....

Dont take anything I say the wrong way, Im just trying to help out cause Ive put myself in plenty of financial binds before and I dont want anyone else to have to go through the mistakes ive made

 

[Buyer]

i was saying that as if i were to sell in a year, will a goal of owning about 20K or less and then selling the MS3. which is why i'm still holding onto the protege

still you really have to plan for the worst case scenario in my opinion...i made a plan like that once on a previous car and sure enough two months in and I was making the minimum payment.

 

[daonly1around]

I dont mean to sound like an ass, but how are you not in a pinch when you could not even put a down payment on your car? Plus you rolled your debt into it....

Dont take anything I say the wrong way, Im just trying to help out cause Ive put myself in plenty of financial binds before and I dont want anyone else to have to go through the mistakes ive made

because after all my bills i still have about a grand a month left over. I did the CC debt becuase 6% is a LOT less than 16%

 

[Buyer]

because after all my bills i still have about a grand a month left over. I did the CC debt becuase 6% is a LOT less than 16%

Having a grand a month in disposable income doesnt mean you shouldnt put money down on a car to avoid the interest. If you have that much extra you should have plenty in savings to put a nice chunk down on the car. I can understand the credit card move, but it would have been a lot easier on you to put 4 grand down on the car and roll the credit into it. Then you're not so screwed if you try to sell it. I digress though...I was just trying to help you out, but it sounds like you kind of already have you r mind made up.

Bottom line I say sell it as soon as possible if you really care about having nice house rather than a fast car.

 

[daonly1around]

Having a grand a month in disposable income doesnt mean you shouldnt put money down on a car to avoid the interest. If you have that much extra you should have plenty in savings to put a nice chunk down on the car. I can understand the credit card move, but it would have been a lot easier on you to put 4 grand down on the car and roll the credit into it. Then you're not so screwed if you try to sell it. I digress though...I was just trying to help you out, but it sounds like you kind of already have you r mind made up.

Bottom line I say sell it as soon as possible if you really care about having nice house rather than a fast car.

oh i'm listening, i'll more than likely stay where i'm at, although i'm miserable here, (3 roomates) for atleast one year, if not two, and wait for my GF to finish grad school