GL Replica for sale

[Ghoste]

Was there not a place in Quebec just not to far across the border from Pembroke that was doing a lot of quick and dirty GL's, sort of a Canadian HLPAG?

[UH60L]

UH60L, help me understand this?... you file for bankruptcy and....

You lose your house!

But you don't sell your charger?  

Bought a 2011 Challenger new for way more than we should have, was immediately worth $10,000.00 less than we financed it for.  The high payment put our finances right on the verge of running out of money every month.

Six months later, my wife lost her job.

The 2011 Challenger was our only driveable car / daily driver.  Selling it would have left us with a payment and no car.

The Charger was paid for, but about halfway through restoration / rebuild, IE noone would give me nearly enough to stave off bankruptcy for it.  It hasn't run since 2008.

The house was not paid for and also had a second mortgage, making the total monthly payment almost $2000.00 for a house that was only worth about $900.00 a month.

Filed Chapter 13, IE make payments for 5 years and pay off as much as possible while still being able to live.

Wife put in over 550 applications and never got hired, then un-employment ran out.

Couldn't pay chapter 13 payments.  Allowed it to get dismissed, then re-filed for chapter 7.

Wife got hired part time working 3 hours a week...

In the process of filing chapter 7, gave up our house for a rental almost the same size for $995.00 a month (with a 40 square foot larger garage...).

Wife got a raise to part time supervisor, 25 to 30 hours a week, YAY!

Chapter 7 dishcarged 10 days ago.

Still have just over a year of Challenger payments left...

[ottawamerc]

Was there not a place in Quebec just not to far across the border from Pembroke that was doing a lot of quick and dirty GL's, sort of a Canadian HLPAG?

Yes I think I know who you are talking about, I was at his place once for a parts run. He had barns and barns of parts. He passed away 1-2 yrs ago and I'm not sure what happened to his estate. He had one GL there at the time. My friend that visited him several times nick named him $30,000 as every car he had on his farm was worth that to him

Scott

[Ghoste]

Wow, I wonder what happened to the parts stash?

[Dreamcar]

I'm about an hour away...I'd love to know about the parts stash

[VegasCharger]

UH60L, help me understand this?... you file for bankruptcy and....

You lose your house!

But you don't sell your charger?  

Bought a 2011 Challenger new for way more than we should have, was immediately worth $10,000.00 less than we financed it for.  The high payment put our finances right on the verge of running out of money every month.

Six months later, my wife lost her job.

The 2011 Challenger was our only driveable car / daily driver.  Selling it would have left us with a payment and no car.

The Charger was paid for, but about halfway through restoration / rebuild, IE noone would give me nearly enough to stave off bankruptcy for it.  It hasn't run since 2008.

The house was not paid for and also had a second mortgage, making the total monthly payment almost $2000.00 for a house that was only worth about $900.00 a month.

Filed Chapter 13, IE make payments for 5 years and pay off as much as possible while still being able to live.

Wife put in over 550 applications and never got hired, then un-employment ran out.

Couldn't pay chapter 13 payments.  Allowed it to get dismissed, then re-filed for chapter 7.

Wife got hired part time working 3 hours a week...

In the process of filing chapter 7, gave up our house for a rental almost the same size for $995.00 a month (with a 40 square foot larger garage...).

Wife got a raise to part time supervisor, 25 to 30 hours a week, YAY!

Chapter 7 dishcarged 10 days ago.

Still have just over a year of Challenger payments left...

Sad story but help me understand how a 2011 fits into your budget/life style with your financial stress going on? Glad to see you're up and running again.

[stripedelete]

Bankruptcy ain't what it used to be.

[Mytur Binsdirti]

Bankruptcy ain't what it used to be.

Unfortunately, living beyond one's means for many is the norm these days.

[UH60L]

Well, as I said, selling the 2011 Challenger would not have given us anywhere near enough money to pay it off, so we would still have the payment and not have a car.

It's the only driveable car we have, our daily driver, grocery getter, etc etc.

Surprisingly, we've gotten as high as 35mpg on the highway and do pretty well around town if we don't play around too much.  It's an R/T 5.7 automatic, with the mds that cuts off half the cylinders when cruising) Both my wife and I work less than 10 miles from home (I work less than 5).

My wife's recent pay raise plus the bankruptcy being finalized plus having a rent payment that's half what our house payment was equals were actually making extra money for the first time in a long time.

As to the living beyond one's means comment, I did flat out say we shouldn't have bought the car for the amount it was sold for......that's a lesson learned on our part, won't happen again.

[Mytur Binsdirti]

r......that's a lesson learned on our part, won't happen again.

[Ghoste]

And being within your means today can change on a dime.

[Mike DC]

And being within your means today can change on a dime.

IMO that's a big under-appreciated issue.  Sometimes incomes can change much faster than debts can be paid.  And re-fi's & reselling can be big money-losers on short notice.  People lose jobs when the economy goes bad.  But that's when everyone else is trying to dump assets too.  So all your stuff suddenly has unusually low resale value right when conventional wisdom says you should sell it.    

It's easy to say "you should have had enough in the bank to cover something unexpected" but realistically that can be pretty hard to do for major purchases these days.  Most people wouldn't take out loans in the first place if they could very practically avoid it. 

[MxRacer855]

Because of the asking price?

[stripedelete]

And being within your means today can change on a dime.

IMO that's a big under-appreciated issue.  Sometimes incomes can change much faster than debts can be paid.  And re-fi's & reselling can be big money-losers on short notice.  People lose jobs when the economy goes bad.  But that's when everyone else is trying to dump assets too.  So all your stuff suddenly has unusually low resale value right when conventional wisdom says you should sell it.    

It's easy to say "you should have had enough in the bank to cover something unexpected" but realistically that can be pretty hard to do for major purchases these days.  Most people wouldn't take out loans in the first place if they could very practically avoid it. 

That works, but, only after you eliminate "Delayed Gratification" from the equation.  A term that it is so "under-appreciated" it's virutally left our lexicon.
Medical bills aside, refi's/2nd mortgages/ credit card debt is all about the lack there of. 

[UH60L]

Another big factor in what happenned to our finances, was the way the deal for our Challenger happenned.  We were not looking for a new car, just out for a Saturday drive and stopped in to drool over the new Challegners and make fun of that other car...

Long story short, we told them up front the exact payment amount that they needed to get down to before we would even consider buying a Challenger. 

After 6 hours, they got the payment down to within 29 dollars of that and then we test drove the car.

We said ok, we'll take it.  They said the finance manager wasn't there on Saturdays and to come back on Thursday to sign the final paperwork.

On Thursday, after having driven the car for 5 days and falling in love with it, showing it off, etc, we planned on signing the paperwork that night and then driving the new Challegner to our MOPAR car club meeting.

When we showed up, the finance guy said they couldn't do the 7 year financing and couldn't get the rate etc etc blah blah blah, and the payment went up almost $200.00 a month higher than what it was on Saturday.

He knew after driving it that we were hooked and basically talked us into going ahead with it, even though we definitely shouldn't have. 

Never again.  If we ever buy another new car, we'll walk in with a pile of cash and make an offer around the msrp (or less if I know the car has been there a while...).

[myk]

Live and learn, man.  Maybe you can teach potential car buyers how to avoid crap like the stuff you went through...

[Dino]

Msrp?  People actually pay that?  The first thing I tell a salesman is that msrp and kelly blue book values are irrelevant and it is not a starting point for negotiations.  If they don't like that I'll go elsewhere.  Which is what I did when I bought my daily, well below msrp.

Sorry to hear you got taken on the Challenger.  I think they've been doing that trick when cars still hade a horse or two in front of it.   

[lukedukem]

Msrp?  People actually pay that?  The first thing I tell a salesman is that msrp and kelly blue book values are irrelevant and it is not a starting point for negotiations.  If they don't like that I'll go elsewhere.  Which is what I did when I bought my daily, well below msrp.

Sorry to hear you got taken on the Challenger.  I think they've been doing that trick when cars still hade a horse or two in front of it.   

you can take that number and subtract 20%. that's a good deal. my wife's 2012 Tahoe was 42k MSRP. i offered 32. i walked out at 34k TT&L.

they tried that same sale trick on me (financial guy inst here) when i bought my truck. it was saturday and it was the last 2006 cummins on the lot (feb. of 07 was the month i bought it) and he said come back monday when he is here and we will sign everything. i said ok, here are the keys, i'll be back monday. he said to take the truck. i knew better and saw the owner og the dealership and said" if he is here, i should be able to get someone to sign this" sure enough he got the some one to step in. turns out it was the financial manager, he was it back.

i used to work at a dealership when i was in my early 20s, now i was just a mechanic, but i know the process.

luke