My '11 Camaro got repoed.

[SSBlack]

Originally Posted by nyrfan

I did not see where he said 5%, he actually said he had bad credit so I'd bet it was significantly higher. Also he mentioned the loan was for 5 years in ths thread.

Checked his profile. Read his other threads.

[Deki]

Originally Posted by Swacer

$635 a month? For a v6? What was the length of the loan?

I wouldn't pay $635/month for ANYTHING. It is always said that you should never buy a car unless you can afford to lose your job and be able to afford all of your bills + the car for 12 months until you can find another source of solid income. What did you put down on it? Did you take an approach like this?

This seems like a case of someone getting in over their head just because you "wanted" the car even though you couldn't swing it financially in the long term.

I can't feel pity for you. People lose their jobs everyday, and our economy is lucky that SOME think ahead of situations that don't require them selling everything to keep their head above water. Heck, if you were in that bad of shape, you should have had a for sale sign on the car the moment you realized you were in dire situations.

I'm on the same boat as you. If you buy a car that $600+ a month, and then you can't afford rent on top of that if it goes up, shouldn't have bought that car in the first place.

Originally Posted by cb2011rs

Glad you know it all . Hope you're down and out one day and people step all over you . You don't know jack about diddley squat ....

Why are you being hard on him? He actually gave him good advice he needs to use next time so he doesn't find himself in the same situation again.

Originally Posted by nyrfan

and why is this bad? Please explain.

Because he put money down, traded in a Harley, and still financed a V6 for 5 years at 635 a month. If you don't know why that is bad, I don't know what to tell you.

Originally Posted by SSBlack

Having money saved to be able to pay your bills for at least 6 months, if you lose your job, IS the smart thing to do.

Most people don't.

The rest of your comments were pretty harsh. I see where you're coming from, but not knowing all the details, I wouldn't have slammed him that hard.

x2 on the saved up money. I can tell you the rest of the details just from his posts. He wanted a car he couldn't afford, he didn't have good credit, he was upside down on his bike, and he made a bad financial decision and it caught up to him. Simple.

[RJTV6A]

Stay, and just read and enjoy. Even if you find another car you love you will always have a soft spot for the Camaro.

Good Luck with things.

[peterg.]

Sorry to hear about your hard luck story, but I gotta side with the critics in the group (unpopular though that may be). It sounds like you were in over your head from the moment you bought -- sorry, the BANK bought, and YOU drove -- the car. When I think back to my days living paycheck to paycheck, the last thing on earth I would do is to finance a new car way out of my comfort zone. There are a lot cheaper forms of transportation than a brand new Camaro -- a decent used car that gets good mileage, for example. And we sit back and wonder why in America there are so many upside down mortgages -- I also fault the lender for its underwriting practices in even giving you the loan in the first place, but come on. You gotta have a bit of responsibility. I hope this relatively cheap life lesson has changed your way of thinking for the future -- I feel badly for you, but to be honest, I never bought something I couldn't afford, and was proud once I had actually earned the money with which to buy it -- there were many a day when I would drive by a dealership in my piece of garbage car and salivate at the cars on the lot . As a fellow car nut, sad to see your loss. As a somewhat level-headed human being, can't say I feel sorry for someone with poor judgment.

[SSBlack]

Back to the"bad deal". I went into the dealer knowing my credit score, down payment and interest rate (through my bank).

I knew within $10 what my payment would be, including tax, but I didn't reveal that. Obviously, I didn't order mine, it was on the lot.

The dealer played their usual game, came to me with an offer sheet with numbers almost as crazy as the OP's.

When I pulled out my phone and my car loan app and showed the salesman the numbers, his mouth dropped open.

Long story short, educate yourself. My payment ended up where I expected it.

No telling how many people are clueless. I have a co-worker paying $500 a month on a two year old Accord. He doesn't even know his interest rate.

Don't know what happened with the OP.

[Bad@ssCamaro]

Originally Posted by Swacer

$635 a month? For a v6? What was the length of the loan?

I wouldn't pay $635/month for ANYTHING. It is always said that you should never buy a car unless you can afford to lose your job and be able to afford all of your bills + the car for 12 months until you can find another source of solid income. What did you put down on it? Did you take an approach like this?

This seems like a case of someone getting in over their head just because you "wanted" the car even though you couldn't swing it financially in the long term.

I can't feel pity for you. People lose their jobs everyday, and our economy is lucky that SOME think ahead of situations that don't require them selling everything to keep their head above water. Heck, if you were in that bad of shape, you should have had a for sale sign on the car the moment you realized you were in dire situations.

Jesus H F'n ...... DUDE! have you no sympathy. Didn't your Mama ever tell you that if you don't have something nice to say don't say it all!!!!!

[ketel0ne]

Originally Posted by Swacer

$635 a month? For a v6? What was the length of the loan?

I wouldn't pay $635/month for ANYTHING. It is always said that you should never buy a car unless you can afford to lose your job and be able to afford all of your bills + the car for 12 months until you can find another source of solid income. What did you put down on it? Did you take an approach like this?

This seems like a case of someone getting in over their head just because you "wanted" the car even though you couldn't swing it financially in the long term.

I can't feel pity for you. People lose their jobs everyday, and our economy is lucky that SOME think ahead of situations that don't require them selling everything to keep their head above water. Heck, if you were in that bad of shape, you should have had a for sale sign on the car the moment you realized you were in dire situations.

Although I lean towards agreeing with some of what you have said. The line about having a for sale sign in it imo is pointless, he was never going to get enough for the car to get a clear title from the bank, so how would he sell a car he was that far upside down on?

[Deki]

Originally Posted by Bad@ssCamaro

Jesus H F'n ...... DUDE! have you no sympathy. Didn't your Mama ever tell you that if you don't have something nice to say don't say it all!!!!!

Sympathy is reserve for people that had something bad happen to them, not for people that put themselves in bad situations because they decided to live outside of their means.

Originally Posted by ketel0ne

Although I lean towards agreeing with some of what you have said. The line about having a for sale sign in it imo is pointless, he was never going to get enough for the car to get a clear title from the bank, so how would he sell a car he was that far upside down on?

I agree. He financed a V6 Camaro at 635 a month for 5 years. He only had it for a year, so you can figure he's still at least 26-28k into the car. The bank might sell it for what, 18-20k at auction? He's still gonna be on the hook for the remainder of that money.

[INTIMIDAT3R]

Sorry to hear that brother.

Just remember, the darkest hour is only 60 minutes long.

[jd10013]

Originally Posted by chrisrcromwell

The $635 car payment was for 5 years and I did put some money down, while I traded in my Harley for it. The problems were that I owed a little more money than I thought for my Harley when the dealer bought it from me; and the dealer didnt quite get the selling price they wanted for my Harley from the customer. Plus my credit wasn't too good, only one bank gave me credit, so all that pushed the payments way high.

I hear ya. I remember the first car I financed. it was a Nissan and the dealership couldn't find any bank willing to give me a loan. ended up going through NMAC at 21% interest.

[jd10013]

Originally Posted by Deki

Sympathy is reserve for people that had something bad happen to them, not for people that put themselves in bad situations because they decided to live outside of their means.

he drives a truck, you don't think $5 a gallon diesel qualifies as something bad happening to him? the whole trucking industry has been struggling because of fuel prices.

[Schmidty]

After the first page I couldn't read any more...im sure this has already been said and I mean no disrespect at all. But if your payment was $635/month then it sounds like you are not living within your means and setting yourself up for some serious issues later on in life. We think because we have credit that we have money...not true my friend. Do you have savings? And I mean 6-8 months of savings so if you lost your job you could live for 6-8 months before you went needed assistance? If not, then you probably can't afford a 30K car.

And it doesn't sound like you learned your lesson if you are considering buying a 65K Mercedes? Not sure how that works if you defaulted on your Camaro and it got repo'd. Who would give you that credit?

My opinion...stay on the forum if you like. Stay informed. Save some money. And when you can afford it...and I mean really can afford it...make your move again! But don't live paycheck to paycheck and spend money on luxuries you can't afford. If you continue to do so your financial problems will cause hell should you ever get married, start a family, etc.

I'm 32, single, no kids...and I sound like my dad right now.

[Schmidty]

QUOTE - NYRFAN "People are so eager to dish out advice/criticism without really knowing the facts. Why is everyone harping on this $635 without know the facts? You say you'd never pay $635 for anything? How do you know the $635 was not for a 48 month loan at 0%? If that were the case would you do it? I know I would as it's smart money management! I for one pay $800 a month for my car BUT I'm at 1.79% and my car will paid in 20 total payments! Bought the car June 2011 and at the pace I'm paying it will be PIF Feb 2013, balance as of today is just under $9,600. The OP knows he messed up, I'm sure he feels crappy enough but shit happens in life. Should/Could he have planned a bit better, sure! But at the end of the day he's going to be the one paying for this (in more ways then 1) for many years to come. Hopefully he learns from this."

The car was repo'd. The fact is he couldn't afford it. If he had the proper savings set aside then we would have been able to pick up the slack when all this went down. If he didn't have the proper savings aside then this was a frivolous spend. IMHO. And if he learned from this he will stick to the truck and not be looking at a mercedes. My comments were not meant to be "harping" on anyone, but sometimes a little dose of reality is good for the soul.

[GunnyG]

Sorry to hear about your financial situation. The most important this is you're alive. The cars average life is only about 4 years of ownership. Stay on the site. It's sorta become my social network. I'm not a FaceSpaceTwitBook kinda dude. Good luck!