Stuck in this one you guys. Might lose my 350Z

[1stoptuner]

Modified by 1stoptuner at 11:29 PM 8/10/2008

[SpecVrooom]

Plus if I do sell it to some guy on the streets to pay off our lienholder then my mom wouldn't be qualified for another loan because of her credit.

How does that work? You pay off a loan which is a good thing, and then you wont qualify for one then? That sounds backwards.

btw, being "qualified" and being "approved" are two very different things. I myself "qualify" for a $500,000 home, yet there is no way my income can cover it. What I will actually be "approved" for from the bank is much much less than that. Qualified is just something that places say to get you in the door. Then, you are "approved" for an amount ...the higher the amount, the higher the interest rate, you have to choose what bills you have and what your priorities are as to where you want to put your money.

Another thing to consider, with loans and credit nowadays. Credit companies and banks are no longer just looking at credit scores. They are looking at what you do for a living as to whether they "think" you are a good or bad risk. No longer just the credit score like it used to be.

There are suppose to be mortgage relief coming, some starting in Jan. of 2009 from the Freddie Mac and Fannie Mae bailout. Might want to research that. From what I remember, if you pay over 31% of your income towards housing, than you qualify. Putting that in there just in case it might help.

Long story short - Thing in the mail is junk. And...having a roof over your head is more important that having a nicer car. Hope that things turn around for ya'll

[BlackSmoke]

And...having a roof over your head is more important that having a nicer car. l

That is why we deter young people from buying Z's. Good paragraph Vroom.

[JETPILOT]

Your worried about a car when your house is about to be forclosed on? WTF!?!? Are you kidding?

Survival of the fitest. Those that are stupid and frivilous with bad spending habits will fall by the wayside and become a financial statistic.

Stop using mommy's credit to buy you a lifestyle you can't afford to have. Grow up, sell the car and start making your insanely high insurance payments towards the house. Buy yourself a car (lifestyle) you can afford. If it's a $500 POS then so be it.

I bet the father is absent in this picture, because no man would stand for this and allow this to happen.

What happened to economics 101? What is happening to common sense?

OMGWTF!

[XterraVersa]

Sell the car. Help your mom by removing the payment from her liabilities. Buy a beater until you, and you alone, can afford a $30k+ car.

Times are tough, suck it up & do what is right to keep a roof over your head. The Z is a luxury, not a necessity. Grow up & learn that you need to make sacrifices for your family.

[terbo]

Sell the car. Help your mom by removing the payment from her liabilities. Buy a beater until you, and you alone, can afford a $30k+ car.

Times are tough, suck it up & do what is right to keep a roof over your head. The Z is a luxury, not a necessity. Grow up & learn that you need to make sacrifices for your family.

For real man. Sell the car and buy a 240sx, they can be had for a couple grand in decent condition.

[1stoptuner]

didnt I just say im PAYING for the car? She's not paying anything for the car/my insurance plus I'm giving her rent.

[SpecVrooom]

didnt I just say im PAYING for the car? She's not paying anything for the car/my insurance plus I'm giving her rent.

Question is then, why did you put anything in there about your mom and maybe loosing the house if all this was is - "do you think I should get this car"...re-word your question so that we can answer it honestly and professionally bud. Nico is just here to help, not flame ya.

[XterraVersa]

didnt I just say im PAYING for the car? She's not paying anything for the car/my insurance plus I'm giving her rent.

The question still remains... Do you NEED the car? Can you get by with a beater and use the saved payment to help your mom keep her house?

[JETPILOT]

Your living in such a fantasy world that it seesm you can't even grasp reality when it's being shoved in your face.

Do you realize your paying $400mo for car insurance? WTF! That's crazy. I pay $265 for 2 cars per mo. My Z and My Mazdaspeed 3. Buy a car with a lower insurance rate and carry the minimum ins.

That $400mo plus your car payment for that loan is probably what alot of people pay for a mortgage on a home each mo.

You can't afford the Z. Sorry!

[Ksizz13]

trade it in, buy a 300zx TT for 10000 then give ur poor mom some cash

[1stoptuner]

$400 is for the car payment and insurance for the month for the Z

[SpecVrooom]

Okay, so still, what is it that you want to know? It seems from my perspective that this is a suject of concsience. You spending more money on a car when you mom (who is helping put the roof over your head) doesn't look good, but you want the nicer car. See if she will work a deal man. If you keep the car, or even go lesser (i know, not what you origininally posted) but use whatever extra you can spare to possibly keep the house. Maybe when the market turns around, say...5 years or so, then she takes out a home equity loan, and you split it. So yea, instead of a 20 year old with a 2008? Z, you are a 25 year old with a 2013 Z or something like that. I think you get my drift. Good luck with your decision.

[Ksizz13]

or one better, a 26 year old with a 09 gtr =]

dont rush into things, wait it out it will be worth it, plus, the longer u wait, the lesser money a car will be, unless its brand new, and the more money u will have saved,

[rmezz13]

everything set aside... your talking about your mom..... i would do anything in my power and beyond to help my mom or dad.... just think about what your saying.... recreational pleasure = mom losing her house.... think about how happy you would make her and then in turn it will make you happier than having any car in the world....

[1stoptuner]

No doubt I would sell the car to help my mom out but she doesn't me to because she says i worked hard for it and put alot of investment on it which to me isnt that much since i only put $2k of work into it. The highest offer I got for it was 13k from some site called greencash4cars.net and its way too below KBB and my mom did not agree with it. I just wished i got a 6 speed Z to begin with because i hate driving auto.

[Jacko3]

Man, if you are not planning to live in a cave or under a cardboard box on the streets, then you better face reality and help your mum out, even if she is overtly saying no to the scarifices you are about to make. And don't even start with the buyer's remorse about autos versus manual trans, I beleive you enjoyed the car while the going was good. I know how you feel about loosing a car as sweet as a Z, but then, life has a way of making us choose between our souls and our selves.

[BlackSmoke]

After reading this for a couple of days it makes me want to siht in my pants the more people respond to this. Were you looking for sympathy hoping we would tell you to go ahead and get another car and just abandon the house but at least you would have a pretty lil car living in a box somewhere. Everyone here has told you to do the right thing and get rid of the car help mom out and get another car when the time is right. You young guys are all the same, payment and insurance are always high and you skirt around it buy getting loans through parents and getting on their insurance. When I was your age my parents told me whatever I wanted I could buy. . . without their signature or help. So I had to wait to buy my first sports car till I was 28 years old. But I never had to worry about my parents mortgage or whether or not I was messing their credit up. Good luck with your housing arrangement I hope you figure the right thing out.

[evildky]

I'm late on this thread and obviously 1stop has already removed his origional post, but what I gather is hes mom is loosing her house to forclosure, his mom also is the one who bought him his Z (I know his money, her credit, but still her liability and if he had to have it in her name then either hs is too young, or lacks the income or has already screwed up his own credit), tha CA houasing market is sufferenin worse than the rest of the country due in large part to the fact it was the most overinflated, if the home is in forclosure then she hasn't made the payments, and I can't say for CA but here it takes a minimum of 6 montchs to reach the sell date and then at least another month to force vacancy so thats 7 montch to get your ducks in a row, the question si why is she in this position, loss of income? poor financial decisions? if the problems was a temporary loss of income that has since been resolved then you can approach the lender and might be able to work with them to put the arearages on a second or a total refi or perhaps they will be willing to allow for a short sell so taht she can get out from nder a house that she apparently could not afford or managed and get into somethign she can more easilly afford

I've worked forclosure sales in KY for about 15 years, the people who make it out are the ones who learn a humble lesson and make drastic changes in how they live

[Vic's Stang]

Dude Im 17 years old and I have a 2003 350z, pay about $450 a month with insurance full coverage of course but again my mom and dad are stable with their finances. but if worse came to worse and my z was a finacial burden on them It would go back to the bank. No questions asked. Even though its the nicest car at My High School. I can always wait and get a 370z when Im out of college with my education.

[BlackSmoke]

[1stoptuner]

yes mods please close the thread.