nismothunder Posted May 13, 2010 Share Posted May 13, 2010 Ok,first off this isnt about me,I dont own a tahoe and dont plan on owning a tahoe(exsept maybe a 2 door) This guy I know is in dept 7500 dollars,works at wal-mart for maybe 240 a pay check and is constintly bitching about money,but he still hasnt learn how to use a credit card(last thing to use)... He got a loan for a 2001 chevy tahoe for 7500 bucks,it isnt worth that,he way over paid,it has rust on the fenders,hail damage and 140k on it,he thinks he got a good deal... Then this past winter he go out and buys a CFMOTO 4 wheeler for 3500 buck,a 2010 model with 69 miles on it... But he has no chance of paying ether one off,he owes 1500 on the wheeler and 5900 on the tahoe,I told him to put new fenders on the tahoe and sell it for what he could get for it,or just let the bank repo the damn thing and do like wise with the four wheeler...But he says he cant get anuff money to pay off ethier one... So what would you do...? Oh and he's 18,if that makes a diffrence... Link to comment Share on other sites More sharing options...
OldSlowReliable Posted May 13, 2010 Share Posted May 13, 2010 My sister has to learn the same lesson, and people like that never learn! Tell him to get a GED if he doesn't have one, and join the army. Seriously, give everything back to the bank and such, and do it. Link to comment Share on other sites More sharing options...
nismothunder Posted May 13, 2010 Author Share Posted May 13, 2010 He's in school still,and you cant join the army with a GED now... Link to comment Share on other sites More sharing options...
OldSlowReliable Posted May 13, 2010 Share Posted May 13, 2010 He's in school still,and you cant join the army with a GED now... I've been talking with recruiters (on behalf of my sister AND myself) and quote: "We have ways of getting around that in order for people to be able to join" Their "rules" are mostly guidelines...I'm 270lb [and strong still with asthma] got a 90 on the asvab, and the navy recruiter told me "for people with scores like yours we can waive the physical requirements" to join the Nuclear program... Where are his parents in all this? how did he get loans w/o cosign, how did he get CREDIT!@? Seriously, he should declare bankruptcy (i know a kid who got 200k in debt in highschool and did) and after highschool join the military, he will have cash to pay bills, more respect for these situations, money for COLLEGE and not have to get loans to get into college.. Link to comment Share on other sites More sharing options...
Precise1 Posted May 13, 2010 Share Posted May 13, 2010 Borrow enough money to pay the 4 wheeler off, sell the 4 wheeler, pay back the person he borrowed from, take the rest of the $ and apply that to selling and paying off the Tahoe. Back to square 1. Get a second job, save some cash and buy a $1500 pathy. Life automatically improves at that point. i know a kid who got 200k in debt in highschool and did That kid should not be able to file bankrupcy, he should have to pay it all back. What an arse!! B Link to comment Share on other sites More sharing options...
nismothunder Posted May 13, 2010 Author Share Posted May 13, 2010 I told him,look at pathfinders when he was looking for a suv,there good trucks...He thought they where to little,he a big guy,not tall maybe 6 foot but like 320 pounds...He doesnt want to work is the point I guess,he thinks just going to college will get him a job that pays him 200k a year for sitting on his ass... Link to comment Share on other sites More sharing options...
GrimGreg Posted May 13, 2010 Share Posted May 13, 2010 I'd sell the toy and pay it off, then put what is left into the Tahoe. Link to comment Share on other sites More sharing options...
nismothunder Posted May 13, 2010 Author Share Posted May 13, 2010 He says he couldnt get 1500 for the four wheeler,because he broke the little plastic grill off it when loading it on a trailer... Link to comment Share on other sites More sharing options...
nismothunder Posted May 13, 2010 Author Share Posted May 13, 2010 Well I'm going to go talk with the idiot in about 10 minutes,I'll let you know what he says... Link to comment Share on other sites More sharing options...
Soccerstudd5 Posted May 13, 2010 Share Posted May 13, 2010 I don't see how people get into these situations, how do you get a loan at that age and with being that far in debt? And I agree, sell the toy, put it into the tahoe, sell it and get something cheaper (doesn't HAVE to be a pathy, but is a great idea!). Not to take shots at the guy, but I don't see how some people want so much and don't know how to work for it. Repo isn't the best idea probably as they won't get what he owes out of it and he'll have a payment with no vehicle and still need a vehicle to drive around in. Link to comment Share on other sites More sharing options...
Toby Posted May 13, 2010 Share Posted May 13, 2010 If the bank repos it and they sell it at auction he will still owe the difference on what they sold it for. He's pretty much screwed unless he gets another jobs or sells one off. I'm guessing he doesn't know what it's like to work for a living? Link to comment Share on other sites More sharing options...
GrimGreg Posted May 13, 2010 Share Posted May 13, 2010 Not to mention the gash in his credit history a repo would leave. Link to comment Share on other sites More sharing options...
nunya Posted May 13, 2010 Share Posted May 13, 2010 I don't see how people get into these situations, how do you get a loan at that age and with being that far in debt? Sign your name on the line... anything is possible (we used to do GMAC repos, you would be amazed the people whos names would come up multipule times, ant they wern't plain bare bones Prizms either) he is still responsible for any balance that there is after the repo/auction if it comes to that +reposession fees (as Toby said) plus that shows on his credit for (I think) 7 years... Sell the quad to at least break even (theres a seat for every azz, someone will pay it) and scrape and save to make the Tahoe dissapear in a less credit harming way (not burn it, pay for it or sell it as well) and buy a beater until he gets a real job and can PAY for what he wants to buy... Link to comment Share on other sites More sharing options...
nismothunder Posted May 14, 2010 Author Share Posted May 14, 2010 Well I went to talk with him last night and he looked at me like I was retarded,And said,'Thats the diffrence between me and you sal,I'm not affraid to get a loan for something I want...'Um,ok,thats not it at all,whats the point of going out and getting a car or truck thats used for 7500 when you can get a 3000 truck that will last just as long...And now he's bitching because his parents made him sell a Ice fishing house he just bought like a week ago...for 6,000 dollars...or some out ragese amount.I really cant believe his parents co-signed for the truck,thats how he got it... I dont now he got himself into this,and I dont know why his parents didnt beat him in the head a few times when he bought the four wheeler and fish house... Link to comment Share on other sites More sharing options...
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