N 2 Deep? Need Advice
06-05-2016, 05:39 PM
#14
Senior Member
man you're best bet financially (even though it's more debt than you want) is to LIVE with the decision and truck... to lose 5-9K just because you got nervous makes no sense at all...
and if you downgraded (a lot) - your payment with the negative equity rolled in, will be maybe 150-200 bucks less a month? Shave off some budgeted items elsewhere to make it up.. don't eat out... downgrade cable, whatever you have to do, you can find 200 bucks etc... your payment isn't ridiculous... keep your brand new truck, enjoy it and cut back elsewhere...
Best of luck to you... could be temporary this feeling.. give it some time before you act out and lose 10,000 dollars... Such a large amount of money.
and if you downgraded (a lot) - your payment with the negative equity rolled in, will be maybe 150-200 bucks less a month? Shave off some budgeted items elsewhere to make it up.. don't eat out... downgrade cable, whatever you have to do, you can find 200 bucks etc... your payment isn't ridiculous... keep your brand new truck, enjoy it and cut back elsewhere...
Best of luck to you... could be temporary this feeling.. give it some time before you act out and lose 10,000 dollars... Such a large amount of money.
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rfeltman41 (06-05-2016)
06-05-2016, 07:28 PM
#15
I think you will just make the situation even worse by doing another transaction. After all, wherever you do the next transaction wants to make a profit.
$9000/600 = 15 months worth of payments. That is, if you lose 9K on the deal it is the same as making payments for 15 months. Looking at this a different way, 9K over 72 months = $125. That is to say, if you lose 9k on the trade, you will have $125 less in buying power per month for the next 72 month loan.
Do you have a budget? A real one, where you've tracked every expense over a few months and can sit down and know what your income and expenses are? If not, the time to have done one was before buying the truck...but better late than never. Do one and then you can either confirm that you have an issue or alleviate your fears.
As one poster said, you might want to try to find a part time second job to bring in additional cash to help make those payments. Remember, your objective is to someday be able to walk in and buy a vehicle like this for cash.
$9000/600 = 15 months worth of payments. That is, if you lose 9K on the deal it is the same as making payments for 15 months. Looking at this a different way, 9K over 72 months = $125. That is to say, if you lose 9k on the trade, you will have $125 less in buying power per month for the next 72 month loan.
Do you have a budget? A real one, where you've tracked every expense over a few months and can sit down and know what your income and expenses are? If not, the time to have done one was before buying the truck...but better late than never. Do one and then you can either confirm that you have an issue or alleviate your fears.
As one poster said, you might want to try to find a part time second job to bring in additional cash to help make those payments. Remember, your objective is to someday be able to walk in and buy a vehicle like this for cash.
06-05-2016, 07:40 PM
#16
Don't eat 9k, either sale it outright and try to lose only 2k or it is time to start taking a brown bag to lunch. There has to be a way to come up with the 150 to 200 making you feel buyers remorse.
06-05-2016, 07:51 PM
#17
My advice - look up Dave Ramsey. Take the Financial Peace University, use his EveryDollar.com and you'll easily find that much $$$ you waste per month. My wife had been after me for a while to agree and take it.
Amazing how much $$$ I wasted on crap and I manage restaurants ($$$) for a living.
Amazing how much $$$ I wasted on crap and I manage restaurants ($$$) for a living.