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Broke-down, upside down, car loan scenario...little more info in Original Post Login/Join 
come and take it
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I would not sink $4k into a Korean car that is out of warranty. I would get a quote or two to replace the engine from a good mechanic, that is not a dealership. Once a car is out of warranty it is essential for me to have a good, honest, independent mechanic. If you can get an engine swap somewhere for $2k or less, I would consider it, otherwise dump it for salvage and move on.

In about 4 weeks the car market (really every market) is going to change dramatically and deals will be easy to find.




I have a few SIGs.
 
Posts: 1581 | Location: Texan north of the Red River | Registered: November 05, 2003Reply With QuoteReport This Post
Do No Harm,
Do Know Harm
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quote:
Originally posted by sjp:
I've got a truck that needs to be driven, you're more than welcome to it for as long as you need it.

Of course you'll have to figure out how to get it to you. ...


Let me talk to her about that. We weren’t planning to get her a new car until next year. She’d be happy to drive the Jeep, and I could putz around in the truck.

Still leaves us with the 6k problem though. But we are strongly considering selling the beach house, so that would free up a lot of immediate capital. No tenants since October due to renovations/repairs (they walked out on their lease and left it in horrible shape). I’m over that GD thing too. 6 months of double mortgage payments. Another reason we have no desire to take on any debt. But now we’re worried about the stupid housing market.



Does that thing have a tag on it currently?




Knowing what one is talking about is widely admired but not strictly required here.

Although sometimes distracting, there is often a certain entertainment value to this easy standard.
-JALLEN

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Posts: 10679 | Location: NC | Registered: August 16, 2005Reply With QuoteReport This Post
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Yes, NC tag &insurance till May, will tag it in AK after that. Mom's been driving it here and there.

Email me info on the beach house, ill see if i can pass it around to fellow coasties that might need housing
 
Posts: 545 | Registered: August 23, 2009Reply With QuoteReport This Post
That rug really tied
the room together.
Picture of bubbatime
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Trade it in for a used car. Dont bother with a new engine. Your engine should NOT be dead at 120K miles. Most cars can go 400K miles with just oil changes.


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Posts: 5684 | Location: Floriduh | Registered: October 16, 2004Reply With QuoteReport This Post
Go ahead punk, make my day
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Ah, the second home rental that works out so well until it doesn't. BTDT, seen plenty of friends do it as well. Unless you are really making $$$ when it's occupied and / or are local to watch it/DITY repairs, it usually ends up like that.

The car? I'd fucking dump it. Take the hit as sunk costs of driving the shit out of it and buy something more reliable. We have a 16yr old Honda Pilot with 180K on it - only oil changes and some periodic MX - looks almost brand new and has been paid off for 10+ years; however I had to cut bait on a VW Passatt that wasn't worth what I owed, so the Honda dealer took it in at cost but I paid more for the Pilot. Still 100% worth it than driving some POS.
 
Posts: 44940 | Registered: July 12, 2008Reply With QuoteReport This Post
Green grass and
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Picture of old rugged cross
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quote:
Ah, the second home rental that works out so well until it doesn't. BTDT, seen plenty of friends do it as well. Unless you are really making $$$ when it's occupied and / or are local to watch it/DITY repairs, it usually ends up like that.


Roll Eyes

Just can't help yourself, can you?



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Posts: 14510 | Registered: September 21, 2005Reply With QuoteReport This Post
Do No Harm,
Do Know Harm
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quote:
Originally posted by old rugged cross:
quote:
Ah, the second home rental that works out so well until it doesn't. BTDT, seen plenty of friends do it as well. Unless you are really making $$$ when it's occupied and / or are local to watch it/DITY repairs, it usually ends up like that.


Roll Eyes

Just can't help yourself, can you?


It's ok.

When my wife and I moved from the beach (before we were even seriously dating, and at the BOTTOM of the market) I sold my house (at a $15,000 LOSS), she kept hers. Hers is about 2 blocks from the ocean and above the Cat 5 storm surge line. Great spot.

After countless, unbelievable headaches over the last 5 years, we're tired of the extra stress. The whole plan was to hold on to it until retirement and either sell it or renovate it and live there. Damn thing is practically new now though *rolleyes*

The last tenants (deputy and his wife) sublet to their son without our knowledge and moved out. Son got locked up for domestic assault and trafficking drugs.

Shit.
Show.

I suggested we just park the Hyundai in the carport and light the both of them on fire. She thinks that would be a tad too obvious.

Fortunately we live well below our means. It's the stress of not being there to actually manage things that is so annoying. We were planning to use a management company after the repairs are done, but after discussing different scenarios we are strongly leaning towards selling it and either buying a vacant lot or eating the taxes and doing something conservative with the net (CDs or something stable).




Knowing what one is talking about is widely admired but not strictly required here.

Although sometimes distracting, there is often a certain entertainment value to this easy standard.
-JALLEN

"All I need is a WAR ON DRUGS reference and I got myself a police thread BINGO." -jljones
 
Posts: 10679 | Location: NC | Registered: August 16, 2005Reply With QuoteReport This Post
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Picture of downtownv
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quote:
Originally posted by chongosuerte:
I think our current plan is to pay cash to fix it, then pay the stupid thing off as fast as we can and then either keep it until it goes tits up,

Sounds like it already is TITS up. Is the block cracked? Why can't the existing moter be rebuilt?


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Posts: 7008 | Location: 18 miles long, 6 Miles at Sea | Registered: January 22, 2012Reply With QuoteReport This Post
Go ahead punk, make my day
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Just saying I've seen it Chongo and I know it sucks. My frank delivery isn't for everyone. But we had lots of absentee landlords in the military as you'd bounce from town to town, duty station to duty station - works great for awhile, usually when you rotate back to that area and take possession again or are at least local. Out of 10+ guys I knew who did it (myself included), long term everyone but 1 of us came to the "fuck this, not remotely worth it anymore" and did any number of things to get out from under the weight.

Some broke even, some shorted & walked away when the market tanked, some made a 'lil bit of money, but usually not very much. Occasionally the oddball who had 3-4 houses in different locations and knocked it out of the park money-wise, but only because they were the ones taking time off and traveling to DITY renovations between tenants instead of vacations, yelling on the phone all the time about stuff with tenants, repairmen, etc. And lots and lots of market luck in the end is usually the main factor.

Good luck, I'm still of the opinion sometimes it's not worth throwing good time & money after bad. Sometimes its better to take the hit and feel free of the weight of it.

Re the car - maybe see if you can do one of those "destroy may car with a sledgehammer for money, $20 a swing..??" Or maybe someone steals it, starts drinking everclear grain alcohol, while smoking, and crashes into the house, before escaping scot free... of course the car and house... up in flames... sadly... maybe the virus depression made them do it?
 
Posts: 44940 | Registered: July 12, 2008Reply With QuoteReport This Post
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Dump the Sonata, whatever that costs. Paying $4k for a motor on a car you owe $6k on and is only worth $4k best case scenario and then getting a new car a year later is not worth it. What if something else major goes on it, like the batteries? Pay $4-5k on the loan, sell it for $1-2k.....Go lease a cheap new Toyota for $200-250 a month with a full warranty and then when the lease is up, either buy it for the residual or turn it in. This way, You're guaranteed that your monthly insurance and lease costs are about the only vehicle cost you will have for 3 years or so. You'll never be negative in a lease, if it get's totaled lease gets paid off...….

As far as the house, fix it up. How about VRBO and/or AirBNB'ing it? IF this virus goes away before the summer, and it's in a somewhat touristy area, it will do well on Airbnb. I managed a vacation house that would rent for $4k a month annually. We took in $100k a year, doing week or longer vacation rentals on VRBO instead. Same situation, walking distance to the beach not at the beach, had a nice pool though and was a very nice house, 3/3...……
 
Posts: 19207 | Registered: June 12, 2005Reply With QuoteReport This Post
thin skin can't win
Picture of Georgeair
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quote:
Just saying I've seen it Chongo and I know it sucks.


Jesus man, let's just focus on the questions the man asked. That's not a bad plan is it?

Georgeair: What AR would you recommend to defend wife and I from the COVID zombies?

Rhino: Your wife is probably a bitch like my ex and they all are. Get a new wife or get single!



You only have integrity once. - imprezaguy02

 
Posts: 10280 | Location: Madison, MS | Registered: December 10, 2007Reply With QuoteReport This Post
No, not like
Bill Clinton
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Now that's funny


*********************
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Posts: 2318 | Location: GA | Registered: September 23, 2009Reply With QuoteReport This Post
Do No Harm,
Do Know Harm
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A little more info in the original post...none of it good...




Knowing what one is talking about is widely admired but not strictly required here.

Although sometimes distracting, there is often a certain entertainment value to this easy standard.
-JALLEN

"All I need is a WAR ON DRUGS reference and I got myself a police thread BINGO." -jljones
 
Posts: 10679 | Location: NC | Registered: August 16, 2005Reply With QuoteReport This Post
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That sucks, but I think you already know the 'best' solution. Pony up the cash to fix, pay off ASAP and drive it.
You might look at getting a personal loan to cover it, I haven't looked lately but I know rates have gone down.
We used lightstream.com for my wife's car - 1.8% 3 years ago & no lien. It's about paid off, but if we decide to trade once we see the end of the current shit, we'll keep the loan & put the total value of the car towards the new(ish) one.
 
Posts: 2645 | Location: IN | Registered: January 12, 2007Reply With QuoteReport This Post
Go ahead punk, make my day
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quote:
Originally posted by Georgeair:
Rhino: Your wife is probably a bitch like my ex and they all are. Get a new wife or get single!

Bahahah, I think your SWMBO is calling you... take a deep breath before you stroke out and have a heart attack!

Sounds like you and the boys here have it all figure out Chongo, good luck and have fun storming the castle! I'll depart the pattern and leave y'all to it!
 
Posts: 44940 | Registered: July 12, 2008Reply With QuoteReport This Post
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