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Old January 2nd, 2006, 12:08 PM   #21
DuffMan
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How much do you still owe and for how long?

Options:

1) Join a credit union and refinance the XJ at a lower interest rate (reflecting your now-established credit). You could potentially extend the loan's lenght a year or so for cash flow purposes.

2) Drop the warranty/insurance if possible.

3) Look into a student loan to cover the payoff - or the amount you're "upside down").

Above all, listen to the old farts here - do not damage your credit. As a young guy, it's a valuble commodity you need to preserve. One day, you'll want a mortgage or a small business loan, and you need that track record of demonstrated reliability and responsibility.
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Old January 2nd, 2006, 12:18 PM   #22
Stan
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Your an American.

The only way out of debt is to kill yourself.

I suggest a drug overdose.
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Old January 2nd, 2006, 12:19 PM   #23
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Hey I dealt with the negative thing for a long time...just kept rolling each car I bought ended up paying close to $600 a month on a corvette, at the end of it I sold the corvette and took out a $5,000 loan and bought a beater off my then girlfriend..now wife for $500. It sucked going from Camaro...S10...Transam...Corvette..to a 87 Dodge POS, but it felt great when I paid that loan off!

Good luck!
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Old January 2nd, 2006, 12:26 PM   #24
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Quote:
Originally Posted by kegerman
Hey I dealt with the negative thing for a long time...just kept rolling each car I bought ended up paying close to $600 a month on a corvette, at the end of it I sold the corvette and took out a $5,000 loan and bought a beater off my then girlfriend..now wife for $500. It sucked going from Camaro...S10...Transam...Corvette..to a 87 Dodge POS, but it felt great when I paid that loan off!

Good luck!
This says more then you may think . For the most part you droped your false pride and lived with in your means . Sucks at first but in the end its great .

I wasnt born with a silver spoon in my mouth . I know what thats like to do this :gman:

Living with in your means , not high dept is the secret to future wealth . ah that and working of course
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Old January 2nd, 2006, 01:31 PM   #25
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Quote:
Originally Posted by Stan
Your an American.

The only way out of debt is to kill yourself.

I suggest a drug overdose.
Once again this proves that Stan is the most thoughtful person I know....way to do your part and help out
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Old January 2nd, 2006, 02:21 PM   #26
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Originally Posted by Roadhouse
Once again this proves that Stan is the most thoughtful person I know....way to do your part and help out
Im starting to see your point Mike :gman:
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Old January 2nd, 2006, 02:39 PM   #27
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I've been "upside down" on loans more than I care to think about. Try this, it worked for me.
Contact the loan company that holds the note on your jeep. Work the Marine angle, the service to your country, wave that flag hard. Tell them of your financial situation, and ask if you can re-finance the jeep. If you are not behind on payments and your credit is now good, you should be able to get a better rate. You may add a year to the payoff, but you'll have your jeep, your good credit, and your self-respect.
Good Luck!
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Old January 2nd, 2006, 03:24 PM   #28
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join a credit union. Hopefully the pickup can be a modest one and you dont need a $45k diesel. How much is the jeep worth? Say $7,000. Say your $2k in debt more than you can expect to get for the XJ. Now you have to ask how much you can afford payment wise on the new pickup you need.

My credit union let me buy my 1995 XJ in 1999 and pay on it for 5 years. Depending on how your payment schedule is now you can refinance at a credit union for less than you did through a commerical bank or the dealer. Then stretch out payments a year or two and you maybe very close to breaking even.

If the above is not possible then go find a $10-12k truck and roll the $2-3 grand difference into the new financing. Your payment would be in the mid to low $200 bucks per month range since you have good credit, if you pay on it for 5 years.

My xj is long since paid for and its worth more to me than to sell it. Its very reliable and paid for, not showy granted its 11 years old but its a nice 11 years old and only the tiniest bit of rust on one rocker panel. It only has 130,000 and a rebuilt engine with about 25k on it, i am gonna drive that truck into the ground for ten more years or atleast use it as my winter ride. It feels good having a car you dont make payments on that isnt a total POS. The only way you can do it is not go flashy if your on a marines wages, take car of it, and make this new pickup last more than the term of your loan, and a few years beyond that. Now you have a reliable back up ride that you know the history of and you can trust. Plus if you want to get a jeep again in the future you NEED a second car because you cant always fix and mod shit in a weekend.

Good luck!

Last edited by jamiesann; January 2nd, 2006 at 03:31 PM.
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Old January 2nd, 2006, 03:43 PM   #29
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Thank yall so much for all the great advice........i may look into refinancing through my credit union account. When i bought the Jeep i had money and when i was active duty i had it made.......and then i get discharged with no time at all to prepare for it and im doin odd jobs and scrapin change just to keep up on the bills. I didnt even think that my GI Bill will be comin in soon and my tuition is paid for by the state because im a "disabled" vet. So that will be money in my pocket and i forgot about my tax return too.......im expecting around $2k. I might have gotten worked up over nothin. If i do end up getting rid of my Jeep, the truck i buy would be around $3k. I have a dinky little dual purpose dirt bike that i can drive in the summer. If i had to i could go carless..........atleast i could still hit the trails lol
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