Need advice

[Bescurred]

So I have came to realiziation that I need to sell my car. I honestly deep down don't want to because of the time and effort I've put forth with the car. I hurt the bottom end in the car and its sat since the F-body event back in feb/march. Right now i'm in a little bit of financial trouble and my solution is to sell the GN. Resently the company I worked for closed bussiness and went bankrupt, and as of now I am jobless but I have some very promising leads that will help out if they come through which should be within a couple of days. I've been supporting a family of 3 on my own for 9 months now (thats how old my daughter is). My woman just 2 weeks ago went back to work and that is bringing a little more to our table. The debit that I have is just credit cards, 2 car payments, and a mortgage payment. If I sell the GN I knock more than half maybe about 70% of my credit card debit out of the way. This GN is the 2nd one that i've owned. I had an 87 back in high school and sold it. I regretted that one and I know inside that this will be worse. I also just landed a job on the weekends working as well. So i'm stuck a fork in the road that I lose either way I go. I mean when I bought the GN it was a POS. Nobody would hardly of given the car a chance it probably should have been parted out but I didn't have the heart to do that when I got it. It looked like ****, ran like ****, just a big piece of ****. So here are my options.

A: Keep the GN and slowly pay off my debit and just pay as much as I can and probably be late on some bills here and there, then when I get the money fix the car and enjoy it.

B: Sell the GN, don't let it just sit in the garage pay off some bills and just buy another one later.

Just to give you guys some ideas of where i'm coming from with the car here are some attached pictures. I helped paint the car too.

BEFORE

DURING

AFTER

I know to some of your thinking its just a car. And I realize that but I have a love for these cars and pride in what i've done. I need to know some thoughts and I need them by today (15 jun) by lunch time.

 

[sasmith350]

if you and your wife agree that you can make it ok without selling the car, keep it. if you think it will put you that far behind on bills by keeping it, then sell it. but only sell it if you have to, it looks like you have put a ton of work into something you will regret losing.

good luck on the job search, hope you get to keep the car.

 

[xlr8ngn]

Your car is really nice, but hobby cars are low on the priority list of needs. You need transportation to make money, but having two car payments and full coverage insurance is also a burden. Have a yard sale, sell the cars, get a couple of beaters you can have liability insurance only and rebuild your life. Don't use credit cards ever if you cannot make the full payment. Only spend what you can pay in cash and you will be free of lenders and paying them interest. And if you are behind on payments, communicate with the lenders and tell them your situation. Believe me, they want to work with you. Keep the house current, the lights on, food, then if there is money left over pay the rest. Sorry about your old company and good luck with your job search. Things happen for a reason, and in a year or so if you come out of this debt free and can buy what you want with your cash and not your credit you will be happier than before.

 

[Evaddave 87gn]

I agree.

Your car is really nice, but hobby cars are low on the priority list of needs. You need transportation to make money, but having two car payments and full coverage insurance is also a burden. Have a yard sale, sell the cars, get a couple of beaters you can have liability insurance only and rebuild your life. Don't use credit cards ever if you cannot make the full payment. Only spend what you can pay in cash and you will be free of lenders and paying them interest. And if you are behind on payments, communicate with the lenders and tell them your situation. Believe me, they want to work with you. Keep the house current, the lights on, food, then if there is money left over pay the rest. Sorry about your old company and good luck with your job search. Things happen for a reason, and in a year or so if you come out of this debt free and can buy what you want with your cash and not your credit you will be happier than before.

Well said.

Evaddave

 

[TurboDave]

Your car is really nice, but hobby cars are low on the priority list of needs. You need transportation to make money, but having two car payments and full coverage insurance is also a burden. Have a yard sale, sell the cars, get a couple of beaters you can have liability insurance only and rebuild your life. Don't use credit cards ever if you cannot make the full payment. Only spend what you can pay in cash and you will be free of lenders and paying them interest. And if you are behind on payments, communicate with the lenders and tell them your situation. Believe me, they want to work with you. Keep the house current, the lights on, food, then if there is money left over pay the rest. Sorry about your old company and good luck with your job search. Things happen for a reason, and in a year or so if you come out of this debt free and can buy what you want with your cash and not your credit you will be happier than before.

Outstanding points!!! After 40 years of car buying experience, all I can add is, that no car is worth jeopordising your credit rating for. Take option B. Sell it and get another when you're back on your feet.
Keep the house current and food on the table and the lights on!! Dont let a car ruin everything!
And I agree, NEVER buy a car with a credit card!!!

I've owned my 86 since it was built and the 87 nearly as long. Trust me, if I got in a financial bind, the first things out the door would be the cars.

 

[artrenee10]

Your car is really nice, but hobby cars are low on the priority list of needs. You need transportation to make money, but having two car payments and full coverage insurance is also a burden. Have a yard sale, sell the cars, get a couple of beaters you can have liability insurance only and rebuild your life. Don't use credit cards ever if you cannot make the full payment. Only spend what you can pay in cash and you will be free of lenders and paying them interest. And if you are behind on payments, communicate with the lenders and tell them your situation. Believe me, they want to work with you. Keep the house current, the lights on, food, then if there is money left over pay the rest. Sorry about your old company and good luck with your job search. Things happen for a reason, and in a year or so if you come out of this debt free and can buy what you want with your cash and not your credit you will be happier than before.

I agree X2

 

[usetaboost]

If u wanna do it quick and still keep your car, GET RID OF THOSE 2 CAR PAYMENTS! Decent cars can be had cheap, and you are obviously mechanically inclined so you can fix whatever is wrong with them. Who cares if the cars u drive aren't new. If anything YOU can drive the GN and get the wife a minivan. You won't have to worry about it being beat on, pleny of room for the kids, and you can get an older one cheap. DOn't need one with satellite and dvd. Just saying my 2 cents because I got a feeling you are probably spending more than 600 bucks a month combined with both payments AND insurance on those 2 cars the bank own. For instance, I drive a 1990 grand am-rusty pile of crap, but I got about 120 bucks into it and it starts every day and plows through mud and snow like a truck and gets 28 mpg on the highway. My wife has a 99 grand am, got all creature comforts never any troubles, have put about 200 bucks into it since we've bought it. I could easily go buy a new car ( for her of course) but we don't care. COmes down just RELIABLE transportation for others to bang up. Keep the GN if its ok with the wife.

 

[Grumpy]

Outstanding points!!! After 40 years of car buying experience, all I can add is, that no car is worth jeopordising your credit rating for. Take option B. Sell it and get another when you're back on your feet.
Keep the house current and food on the table and the lights on!! Dont let a car ruin everything!
And I agree, NEVER buy a car with a credit card!!!

I've owned my 86 since it was built and the 87 nearly as long. Trust me, if I got in a financial bind, the first things out the door would be the cars.

old age talking :biggrin: like Dave said DON'T mess up your credit !!!!:redface:

 

[Gothmog]

Don't sell them is my advice.

Bruce Williams (the advice guy on the radio) would tell you to get a job, get another job, and another... 3 or more. He would tell you to drive a cab, be a cashier, whatever, but Pay off the CCs.

 

[usetaboost]

Not trying to get off subject but what kind of wheels are on your car? they look like corvette wheels.

 

[Bescurred]

I bought the car with a loan from my credit union and paid it off in less than a year. But the CC's are from a baby and wife that wasn't working...its all good now I sold the car and feel better that I don't have that much CC debit anymore. I'll be on the look out for another one come feb/march of 08!!!

 

[Cme2fly]

Its just a car, get back on your feet and buy another..good luck

 

[GregInAtl]

So you did sell it, or decided to?! If you need to sell still let me know...I'll look into an option I have w/ a TR collector here in ATL, and maybe it could be bought and put up..and maybe once on your feel again you can buy IT back. Everyone hits hard times at some point, keep your chin up and good luck.