Possible Disco for Streakerfreak

[Streakerfreak]

The thing is I found a buyer for it and I get a rig out of the deal.


I can take the chance and wait. Keep the truck up for sale and in a month and a half it has not sold and he still has the LR we can do the trade/sale.

The problem there is that if he does not have the LR then, I might be screwed.

First, off I REALLY want to keep my truck, but it looks bleak. Second, I would really like it to get sold so I can find something better, but I am taking a major gamble that it will sell.

 

[tdesanto]

Phil,

May I offer another way to look at this? cash flow management vs. short-term debt reduction?

It seems like you're trying to free yourself from debt...not necessarily a bad idea on its own. But, you should probably allow a couple grand in your budget for repairs or whatever given that this is an older vehicle. At least a cash reserve for the just-in-case situations.

If you've got $5k available to pay towards the loan today, plus the extra $3k over the next few months that you estimate you'll be able to pay, that's $8k. That's a little over a year's worth of payments on the truck. (I'm assuming 10% interest (for easy math) and that the next 12 months will cost you $7380 at $615/mo.)

Would that buy you enough time to get the other medical bills paid off or to get through your move and start making more money to afford to pay off the truck?

Also, have you attempted to negotiate with whomever you're paying for the med bills? You might be able to reduce the monthly payment on those until you can afford to pay those off.

Finally, have you attempted to refinance the truck? Maybe adding another year or two could lower your payments enough to make it work.

Just some thoughts from a different angle.

I've attached a simple spreadsheet that might help with calculating payments. You can adjust the interest, monthly payments, formulas, whatever to help you with calculations.

Good luck with everything!

TD

 

[HMR]

......or $3,000 left to pay on that loan after we get this and have that payed off in three months.....

Then when we get home we will put the $20,000 into the loan plus another $5,000 and then we only have a little more left.

Phil- Slow down... Sounds like you're making an impulse buy and that's never a good idea. You say you're able to pay off $3000 in 3 months plus put another $5K into your Tacoma loan? If that's true, you've got the time and money to look for a better deal.

You're setting up to take a beating on your truck and pay too much for a maintenance intensive vehicle. If you're still OK with that, why not trade your truck in at a used car lot for a low mileage, un-molested Disco that's local and can be inspected prior to purchase? Better yet, why not trade it in at the Subaru dealer and get something practical? Do you and Jenn REALLY do that much offroad travel that you absolutely need a modded Disco?

-Jeremy

 

[Streakerfreak]

Thanks Tdesanto we will go through that and think things through.

Phil- Slow down... Sounds like you're making an impulse buy and that's never a good idea. You say you're able to pay off $3000 in 3 months plus put another $5K into your Tacoma loan? If that's true, you've got the time and money to look for a better deal.

You're setting up to take a beating on your truck and pay too much for a maintenance intensive vehicle. If you're still OK with that, why not trade your truck in at a used car lot for a low mileage, un-molested Disco that's local and can be inspected prior to purchase? Better yet, why not trade it in at the Subaru dealer and get something practical? Do you and Jenn REALLY do that much offroad travel that you absolutely need a modded Disco?

-Jeremy

I completely understand what your saying. I just need to look at what the best option is.

As far as a Subaru goes... that is an attractive prospect. Except, this is Hippie central which means Outbacks and Foresters that are in even fair condition are hard to find. If we buy and Outback it would have to be in good condition so when its time for me to get a rig Jenn could then get rid of her POS Grand Am and take the Outback.

A dealer/used car place is a no go. We looked into that and let's just say I would be screwed over even more going that route.

Don't worry guys I am taking everything you say to heart.

 

[Paul R]

I almost bought a D1 before I picked up my tacoma... I thought it would be a sweet rig. I took it out for a test drive and I couldn't stand it! It was top heavy, slow and didn't ride very good (this is very likely specific to the way the one I drove was built). But the biggest thing that got to me was the driver seat was so close to the door I couldn't stand it. I would have gone absolutely nuts if I owned it. The Land Rover just wasn't for me.

I guess my point is Land Rovers are great, but may not be for everyone... Have you driven a discovery before?

I would personally pass and hold out for a bit unless you are absolutely sure you will like it and that it has am impecible sevice record.

 

[Ryanmb21]

Hey Streaker,

Right now it seems that you view yourself it DEBT for $28K (or $40K of future cash flow) and it is looming over your head.

But this is only half of the picture, you have the truck which has its own value. So you are only REALLY in debt for the present value of your loan ~$28K vs. the value of your truck which is $24-$26K. Your financial position right now on the truck purchase is negative $2-$4K....

Your new tacoma will be bullet proof for a number of years, that rover will not. If you take $20K + a truck that is worth $2.5K you are selling your tacoma for $22.5K...plus you get a truck that gets crappy MPG and will likely have maint issues. That deal doesn't make sense

My advice, would be to not make an impulse decision. Keep the tacoma, work on your credit, write letters make payment agreements with creditors...you can improve your score. Join a credit a union, years ago I refinanced the purchase of a tacoma from ~12% with Toyota to 7% with my credit union (about 1 year afterwards) after fixing my credit.

good luck

 

[Streakerfreak]

Hey Streaker,

Right now it seems that you view yourself it DEBT for $28K (or $40K of future cash flow) and it is looming over your head.

But this is only half of the picture, you have the truck which has its own value. So you are only REALLY in debt for the present value of your loan ~$28K vs. the value of your truck which is $24-$26K. Your financial position right now on the truck purchase is negative $2-$4K....

Your new tacoma will be bullet proof for a number of years, that rover will not. If you take $20K + a truck that is worth $2.5K you are selling your tacoma for $22.5K...plus you get a truck that gets crappy MPG and will likely have maint issues. That deal doesn't make sense

My advice, would be to not make an impulse decision. Keep the tacoma, work on your credit, write letters make payment agreements with creditors...you can improve your score. Join a credit a union, years ago I refinanced the purchase of a tacoma from ~12% with Toyota to 7% with my credit union (about 1 year afterwards) after fixing my credit.

good luck

Alright...Alright... you guys have convinced me!

That is why I posted. I needed all the advice you guys could give.

 

[Streakerfreak]

But, I also need to remember that my insurance is considerably higher with a vehicle that has a loan against it. I could save about $200-$300 every six months if I go with a car that can be payed off quick.

Damn this just sucks.

 

[slooowr6]

Phil,
Have you tried part out some of the parts that is easier to remove from the truck? Like bumper, shocks, leafs. I remember you mention you don't have the OEM parts. Is there any local buyer that can do a swap and trade you the OEM parts. The money from selling these parts will not get you out of the whole situation but at least can give you a breather.

 

[tdesanto]

Phil,
Have you tried part out some of the parts that is easier to remove from the truck? Like bumper, shocks, leafs. I remember you mention you don't have the OEM parts. Is there any local buyer that can do a swap and trade you the OEM parts. The money from selling these parts will not get you out of the whole situation but at least can give you a breather.

???

 

[slooowr6]

???

I meant instead selling his Tacoma as a whole, maybe it's easier to sell some parts that is easier to sell and the money from selling those parts will be able to give him some breathing room. Sorry I wasn't clear.

 

[Superu]

I could save about $200-$300 every six months if I go with a car that can be payed off quick.

You're talking a possible savings of $400 - $600 a year that could easily be eaten up (and then some) by that Disco in one trip to the shop. The Disco is 12 years old and not one of Britain's best to begin with. As others have mentioned you can expect pretty solid reliability from your Taco.

Plus, don't forget your insurance premiums go down once you're married!

If the overall concern is a significant amount of debt that you need to find a way to manage, you may want to try contacting a place like CCCS. They offer completely free analysis and advice.

Good luck and try to take a breather for a bit and let all of your options become clearer. Many of us have been where you are in some way, shape or form. It's usually not as bad as it first appears.

Peace

 

[gjackson]

I had a long hard look at the Disco when I was shopping. $6k is too much, but it is a rare find. I'm just not sure you are in the market for a rare find. Sounds like you are going in the right direction. If the guy will give you $24k and the Disco, that would be a deal worth considering.

cheers

 

[Streakerfreak]

You're talking a possible savings of $400 - $600 a year that could easily be eaten up (and then some) by that Disco in one trip to the shop. The Disco is 12 years old and not one of Britain's best to begin with. As others have mentioned you can expect pretty solid reliability from your Taco.

Plus, don't forget your insurance premiums go down once you're married!

If the overall concern is a significant amount of debt that you need to find a way to manage, you may want to try contacting a place like CCCS. They offer completely free analysis and advice.

Good luck and try to take a breather for a bit and let all of your options become clearer. Many of us have been where you are in some way, shape or form. It's usually not as bad as it first appears.

Peace

Thanks man, were going to sit down tonight and figure this all out. Right now were just trying to mop up the mess of the past two years and it seems really overwhelming.

 

[Streakerfreak]

Sounds like you are going in the right direction. If the guy will give you $24k and the Disco, that would be a deal worth considering.

cheers

Woudn't that be nice...but I think I have given up that thought. I am sending him an email stating no thanks.