lost my job, should I sell?

[gtstorey]

Originally Posted by TheFlyingBananaSS

Your parents want interest if they lend you money? If they are not saving that interest to give back to you as a surprise, they suck. Seriously, family first people. Smdh.

Maybe they think it's time for him to grow up. They may owe it to him to keep him from starving, but not to loan him money to keep his car. Maybe they have problems of their own.

[silversleeper]

Originally Posted by gtstorey

Maybe they think it's time for him to grow up. They may owe it to him to keep him from starving, but not to loan him money to keep his car. Maybe they have problems of their own.

Right, I think there is a much bigger picture than this old car to consider. I get this feeling of NO I WON'T reply to things like
Hey get a job that only pays $75k a year until you climb back up
Live in a cheaper place
other life decisions and relationships, were they given a hand when they needed it?
Things we can't see or know eg Meth and Fentanyl are devastating folks, never know if that's in play. Ok, one reason I mention that besides just the high% of people impacted are a person's situations, laid off for 11mo... and previous comments on the board.

[pyroguy]

Originally Posted by kiteman

I bought my 45th 2ss m6 in 2011 and i love it and it's awesome. but its coming into this selling or 401k selling. my parents might allow me to use their money at an interest rate. I just love my car. thoughts?

First and foremost, get on a budget. Assign every dollar a place and know where your money is going before its gone every month.

After your "four walls" are covered food, shelter, utilities, and BASIC transportation, IF there is any money left that is where you can see where the Camaro lies. If there isn't enough money for it then I'm sorry, but it is a vehicle and a lot more of them were made where you can always get another one some day if necessary. Keep your VIN in case you want to try and track down that specific one, but if you can't afford it, you can't afford it.

NEVER NEVER NEVER take out a 401k loan! When you leave your job, either by choice, force, or dying, your loan will be due in full within 60 days or you will be saddled with a BIG penalty and taxes on the loan. There is no reason to turn a financial crisis into a financial disaster. Additionally, the whole myth that "you're paying yourself back with interest" is just that, a myth. You're unplugging growth in an investment to pay yourself a lower interest rate back and you will never catch back up to the amount if you had just left the money alone in the first place. NEVER take out a 401k loan.

As far as borrowing money from mom and dad, don't do that either. They may be the best, most generous, and understanding people in the world. That said, if or when you miss a payment, are late on a payment, or completely forget you were paying them back, the whole family dynamic changes. Family relationships become ruined over very petty amounts of money owed, whether someone forgets to pay, payment terms are never clearly lined out, or a variety of other possibilities. Sunday supper tastes different when you're sitting at the table with a new iPhone and watch that you're proud of having bought and your parents wonder where the money came for that when you still owe them "X" amount of dollars. Don't borrow money from friends or family.

[bsn]

The 3K a month rent would be the first thing I would dump-that's $36,000 a year you have been throwing away. In todays job market the only reason to be unemployed 11 months is either your too picky or you aren't looking hard enough. The longer you stay unemployed the less attractive you are to a potential employer any job is better than no job. If the car is your only transportation keep it if not sell it. Mom and dad charging interest (at a reasonable rate) is perfectly fine, as you are an adult.

[SS376]

Originally Posted by gtstorey

Maybe they think it's time for him to grow up. They may owe it to him to keep him from starving, but not to loan him money to keep his car. Maybe they have problems of their own.

Exactly. Sounds like this guy was making good money so he created this mess himself.

[Wizard1183]

Sounds like you need to go get another job. Just because you lost your job doesn’t mean you not going to work. DO NOT I repeat DO NOT dip into your 401k. You’ll NEVER recoup that money. Get another job asap. Doesn’t matter what you have to do? Get another job if it means moving for a short period time or whatever but not like there’s no jobs. There’s plenty.

[Tony-8]

There are a lot of ways to get into this situation, and since I haven't walked a mile in your shoes, no judgment here of you or your parents.

You've gotten a lot of good advice to navigate, but at the end of the day, you've got to make the choice that's right for you. Just because the car is a material possession and technically replaceable, doesn't mean selling it is no big deal. I sold my first Camaro when my second son was born having convinced myself it was necessary. In reality, I could have found another way, and I've regretted selling it for the last 35 years.

If you really think you'll regret selling it, try to find another way consistent with your values. If there really is no other way to keep the car without placing a long-term burden on someone else, then let it go. Then try to consider the resulting pain as tuition for learning a lesson that will benefit you as you move forward in your life.

Whatever you decide, I truly wish you the best! Hang in there.

[alexTop]

Yea that's a super high rent, I'd say your rent is the main issue not the car. I'm assuming the car is paid off since you got it in 2011 so if it were me, I'd keep it cause I still need a car to get around and most importantly get me to my next job. Don't think you can cash out on your 401k so I'm assuming you're looking into taking a loan on your 401k? I bet the terms for that would be relatively better than any other short term financing option so it might be worth exploring.

[Moto-Mojo]

I haven't read every word of every post but I get the gist here. Let me remind the more hard-nosed "Camaro Enthusiasts" here how much YOU love your car! Countless threads of 'should she stay or should she go.' Almost all say, "Don't do it" when talking about selling or trading.

Kiteman - if your parents are willing to help, take advantage of it. Even if they keep the interest. Like Flying Banana said, family first. We live in times where there are so many predators out there taking- including your own govt. Get a job, take the parents loan if they'll do it, keep a roof over your head and keep the car. Use it as motivation. You'll regret selling it...like many right here before you!

[redcoats1976]

actually the 3k rent is very possible in miami.i live in central florida in a non glamorous town and decent house rent for 2200.would you be able to take in a room mate to split the bills?

[el ess A]

That whole area down around Miami sucks as far as rent goes. Been there, done that. Don't want to do it again, though.

Interestingly, more information surfaces once you start discussing things further. If it's a temporary thing, then do what you can to keep the car. This looks like it's been going on for a while. Did you do ANY planning on where you'd get the money to continue your level of lifestyle? Or change your lifestyle? Get a room mate or two depending on your living arrangement and help cut some costs. I know that really sucks, but believe me, it will free up some much needed cash. Plus, as mentioned, get on a STRICT BUDGET.

I've been very fortunate to only have been unemployed for 2 weeks since I was 14 and got my first job. And those 2 weeks were my choice after leaving the military and "scheduled" to start the new job I landed 2 months before I got out to coincide with a 2-week vacation so I could move and then unwind back into civilian life. I've never left a job without already having one ready to go. I've only known not working for a while since we both retired in our 50s. But careful saving and paying off loans when we were much younger has helped us maintain our current lifestyle without missing a beat.

If you've been unemployed for 11 months, either 1) you haven't been looking too hard, 2) you're holding out for a job and/or pay that's the same or close to what you just had and don't want to "settle" (super bad idea), or 3) not figuring out that after 11 months, jobs you qualify for must be dried up, but you can MOVE to where a new job is.

I think you need to rethink a lot of things and be honest with yourself and face some hard truths. Miami is an exciting place, but you obviously can't continue to spend 60K per year without the 60K. Tighten the belt, and get a good plan. You obviously have time to think it through without a job. Granted, if you end up having to sell the car, consider that before you start borrowing the first dollar from ANYONE.

I find it hard to believe you could stay unemployed in the Miami area for 11 months if you're digging under every rock for a job. Improve your chances by improving yourself or be willing to accept something outside of your wheelhouse. By going outside the comfort zone you may even learn a new skill or two.

I do agree about family first, but I also agree with charging some interest for those that borrow money if it's not an emergency. I'm not talking about "Dad, can I borrow 20 bucks for lunch?" type things, I'm talking about stuff like 10K or substanial amounts. It should be one of life's teaching moments that NOTHING in this life is free. Unless you're undocumented. And if I was the parents, I'd get it in writing that your car would be collateral and hang on to the title for you. Then they could "sell" it back to you once you pay them back. I don't blame them for being hesitant. Don't want to be judgemental, but your parents probably know the situation way better than us. Did they give you any advice? If so, what?

That's all the Dad advice I can give you. It's pretty simple- Hunt job, get job. Or make your own job. Pay bills, reduce debt, and live within your means. Work hard and put money INTO a 401k, not take money out. Win at life.

[kiteman]

Originally Posted by PaulsSS

I'm curious how old are you?

41

thanks guys, a lot to think about. and yes, $3k a month in miami is pretty much standard for mid-class, white collar. it is a stupid expensive place. had a bad divorce and a good job, thought it was a good idea to move down here...3 years later life is not what I thought it would be.

my lease it up in may but I can't get another apartment without income so I'm probably better off just spending the left of my savings on the $3k a month here? I don't know how I would get another place without an income, especially at the prices here. it's a real pickle of a situation. the car might last me in value maybe 5 more months, but I was already unemployed for 11 months before this stint, so that's not going to cut it.

admittedly my insurance is $230 a month and my car space is $150 a month and I barely drive. so that's like $400 a month I would not have to pay if I sold it. and if I'm being honest, I don't really like miami. it's just not easy to get out when you have no job at my age. I'm almost at that point of having too much experience and being irrelevant to employers.

I appreciate all the good answers and responses.

FYI this might be TMI but I had about 275k in savings and now it's down to 160k with 45k that's liquid. the rest is 401k. like I said, I pay $3k a month and miami a burger fries and drinks at McDonalds is $18 (something like that, eh, definitely too expensive compared to Dallas where I lived before) so imagine how fast that racks up (I don't eat fast food often, I meant food in general....Pizza Hut on uber eats was $47 the other day for a large pepperoni, 6 wings and a Pepsi). I had a $130k salary with no debt and it was like barely breaking even. I'm not lying. maybe I went out too much to the bars! I am single/no kids. Shit adds up

[Moto-Mojo]

"...maybe I went out too much to the bars!" I recently had to quit drinking for health reasons. I figger I'll save $1,065 / month and $12,775 a year on just booze. Now I might buy a new truck!

[gtstorey]

Why would you pay Uber Eats if you are unemployed? Or even Pizza Hut? Go to a grocery store and buy food. It sounds like it is time for a new lifestyle. You are 41 trying to live like you are 21. And in a place that only the truly wealthy can afford to live. It's time for major lifestyle change while you still have liquid assets. What are you going to do when the liquid is gone and still no job? Live on the non-liquid assets until that is gone? And then what. Make the change while you still have cash.