Crazyace718

I'm in a bit of a predicament and I can use some help. I'm going to have to choose between my baby and "my baby". My girl just told me that she is 2 months pregnant. I have bills out the a#@ and have to trim the fat somewhere. I currently make 44K before OT. My job is decent but I pretty much hit the ceiling whatever raises I get from here on will be minimal. I enlisted with the police department and will start in July. The academy is for 6 months and the starting salary is 40K. It moves up to 91K before OT after 5 years, so this is a move I have to make.

I am currently paying about 380 a month for my TL and another 340 for car insurance. Rent is 800 and about to jump to 1,200 for the new place. Plus my girl lost her job about 2 months ago so I'm carrying the load alone.
I have only 2 options, eventually auction my child to the highest bidding gay couple.... Or downgrade my ride.After much thought I decided to lose the TL.

I'm looking to downgrade to a more modest ride for the time being. I have been making payments on my TL for about a year and have great credit. Does anyone have any options for me?

scotterson

iTrader: (4)

Just get an accord or something haha. Or a fit!!

Crazyace718

Yeah I'm actually planning to get an accord. The problem is I dont know what to do with the TL and what I'm going to get for it. Do I bring it to a dealership will the bank let me sell it privately? I already invested like 9K, should I just keep it?

I have already thrown plenty of fits. Damn my potent sperm!

csmeance

invest 9K... Mods? If yes you can part out and get quite a bit of the money back. Also you then you can open up the car to more potential buyers since it's unmodified. My advice to you would be to first see if you can find cheaper insurance, 340 a month is pretty high, 16 yr olds pay less than that. also how many month loan is the car loan and at what percentage?

1. Part out the TL a little bit if it's modified, you get to keep it, but you loose looks/power to an extent
2. Insurance, if you can get the insurance down, you can save a bunch of money a year
3. See where else you can trim the fat, like cutting down on eating out, no more movie rentals, get rid of HD TV package, HBO, etc.
4. See if you can make smarter financial decisions somewhere, like on the car loan, if you can find a lower rate for the same term, etc.

marmaladedad

iTrader: (5)

$340 a month for car insurance? That's insane. (cs beat me to it)

Keep the TL. Making any car moves at this point, unless it's for a Kia Rio, will cause you to lose money twice (once when you sell the TL, again on depreciation after the purchase of another vehicle).

Your girlfriend should apply for unemployment. That will be of some financial help.

And be sure you are on the path to making 91k in 5 years - I'm almost 100% sure that is not the case for everyone. But I hope, for your family's sake, I'm wrong.

Congrats on the baby.

And hey, mr potent sperm, you could always try donating at the local "bank."

chairguru22

How much do you have left on the TL? You could try refinancing. Sounds like you are on a decent career path but will be tight on money with a new baby. Accords or Civics are nice.

chairguru22

Geico has low rates. Brooklyn (in the city anywhere) would jack up rates though.

Crazyace718

No mods, thats really not my thing. The only thing I added was a peripheral ipod integration kit.

Thats the cheapest rate I saw anywhere. Hell some places quoted me for over 800 a month.
I already had plenty of BS car insurance policies going to fake addresses through insurance brokers. Never again.
I have 2 and a half years of driving experience, no moving violations, 1 accident 2 years ago, 24 years old and I live in Brooklyn, N.Y.. I guess those are the ingredients which make an individual damn near uninsureable.

60 month loan 7% Apr.

Crazyace718

Believe me I thought this thing out for a long time before I made this post.

I have about 16K left on my TL. My bank already offered me to refinance but it would only really save me about $30 a month. (I financed with the dealers bank. The rate wasnt bad so I really didnt see a problem). I have a $1000 dollar deductible right now and I would have to change it to $500 for my bank to refinance so my savings would pretty much go out the window.

Geico charged me the highest rate of any car company.

I really dont want to cut out other things in my life because my car is probably the least important expense. I would rather have cable TV than drive a TL.

xen-cuts

If you move to Massachusetts you can make over $200k as a cop.

http://www.boston.com/news/local/mas..._200000_in_04/

Auctioning the kid seems like a good idea to me

chairguru22

True. Seems like you know what to do. An Accord is a great car as well. I'm sure in a couple years you'll find yourself in a TL again.

vinnier6

iTrader: (1)

find a different job...

TLNinja

I had the same insurance problem (note that I'm the same age as you and also have a few tickets), I found a company called Unitrin Direct and they got me a much better deal than I was paying before...plus everytime you're up for renewal (every 6 months) they lower your rate with a loyalty discount. I started out in the high 200's and am now down to about $180. Hope that helps...GL!

JD TL-S

iTrader: (1)

Your insurance is almost as much as your car payment. And an Accord wont be much less on insurance or payment unless you get a beater.

I say GET MARRIED and your insurance will go way down, keep the TL.

Crazyace718

They quoted me at 700 a month.

Crazyace718

What if she gets the TL after the divorce?

RC51Ryder

That is a death sentence to most people especially during football season.

Dayum!!! That is a hella lot for insurance. Like most said, even if you downgrade to an Accord like you say, you will still loose money with the trade. If you are really in a bind, see if someone you know can take over the payments or get a loan from family or friends. Other than that, it is tough but make cuts where you can.

LaCostaRacer

It would help if you provided the details of your car and loan term so this is general adivice:

I estimate that you may have about 2500-3000/month net income after taxes/deductions so there's maybe 1000 to 1200 disposable income once the car and current rent is paid. You mention bills so that too eats into what's left over. A $380 payment seems very reasonable for a TL providing the term isn't insanely long so the actual car payment may not be your biggest problem here.

The most cash you will save is the equity you now have minus whatever you wind up spending on a downgraded car. Since you have only made payments for a year and the car has depreciated it's unknown how much actual equity you have though. You do have a practical 4-door car suitable for transporting a child in so it's not like you're driving a 2 seater and actually need to change vehicles.

If you need payments to buy a cheap car, you'll find that the interest rate might be higher than you have now have and that distorts things where a payment may be just a little less than your current payment. There's always a risk buying used (even CPO as someone found out a few days ago with the Bondo on a car with a clean CARFAX) car in that if you get a lemon you'll have a many unplanned expenses and those will kill your budget big time. I would much rather have a planned $380 payment than a $250 payment on a high maintenance vehicle any time.

Your insurance seems very high like others have mentioned. You could try raising your deductibles for collision & comprehensive and save a bit depending on how low the deductibles are. Also note that your insurance rates will drop significantly once you become 25 as well as become a daddy. You might also consider waiting on the new place too which could save $400- mommy will be with baby a lot the first few months anyway so you could get by with a 1Br in a pinch. Don't forget you will be able to have another tax deduction this year? as well so you can adjust the W2 withholdings and get more after tax income.

Use the next 6-7 months SAVING now and see how you do. I found our kids weren't too expensive the first couple of years except for the child care issue which might be resolved by your GF not working for a while or by some close and happy grand parents. Hopefully a baby shower will provide lots of diapers and a stroller, crib etc. so your initial expenses aren't super high. After 10 years it's a different story: college savings, IPODS, wii's clothes etc. but hopefully you'll be making the big coin then when it actually really hits.



Good Luck!

Bearcat94

Crazy insurance.

Other than what's been suggested so far, I'd say after you and the GF have the kid, get her back inshape and put her out on the street. We already know she puts out. Few extra bucks for "expenses".







Grats on the kid; GL on the finances.

Crazyace718

Thanks for the advice Lacosta everything you stated sounds very reasonable.

LMAO at the comment under*
No I'm not putting my lady on the strip... but uh hypothetically how much would you pay for a night?

Seriously thanks for the comments guys. I got some sound advice and good laughs. Believe me, I needed both.

acura_dipset_tl

iTrader: (40)

+1 on the find cheaper insurance im only 22 and i pay $218 for full coverage.
My advice is to keep the tl im sure you can find a way.

nfnsquared

How long before you turn 25? Unmarried males under 25 are assessed the highest rates. Your rate should go down when you turn 25, don't know how much. Have you asked your insurance company what your rate will be once you turn 25?

Bearcat94

AND avoid accidents and tickets. After 1 year trouble free my daughter's (21 year-old) rates went down by ~1/3, IIRC.

50pennies

Family comes first. Which means you probably gotta downgrade your ride.

I suggest a Honda civic si sedan around 04-08 one , which gives you sporty mixed with practicality.
plus pretty good gas

adrian_04tl

i too am insured through them but, DAMN!!! seems like you guys are paying out the a**

i have 3 cars in my policy and we only pay $324 TOTAL!!! FULL COVER!!!

sorry to hear they quoted you $700 thats just insane!

ray-ban

If you'd consider an accord, you really might as well keep the TL dude...

I wouldn't consider losing the car over something thats not too far off in price. For a Civic or Jetta, diff story

RonJonTL757

First Off man Congrats on the
I have been in your boat before about a year ago. I wanted to sell my TL because of financial hardships. I put it on ebay and craigslist and sold off lots of my mods. Today im really glad that It didnt sell because I would have regretted it and you will do the same. They are just great cars all around and its a 4 door sedan.

A few things that alleviated the burden for me that might help you out is:
1. Getting married ( if you know she is the one) Insurance rates go down if the policy is for a married person.
2. You can put her on the policy and put her driving the TL and the rates will go down a lot.
3. Your 24 so when you turn 25 your rates will most likely be cut in half (mine were)
4. ITS tax time so filing single is okay but filing married is a huge difference. I usually got 800.00-1500.00 single now married I got 6500.00 last year ( I got 2 kids BTW) but you see my point.
5. If you haven't already buy a home. I have been throwing money away in rent for the past 8 years. I have a mortgage that is cheaper than my rent and you build equity. There is also a 7500.00 tax credit being given from the govt if you purchased a house from jul08- jun09 (dont quote me on the dates btw) That is going to help me out tremendously.

My moral of the story is if you know that you want to settle with her take that big step and financially you will have a better chance than if you were single doing all this. Take care man

luckyAKAhappy

At least you're thinking about the future of your child. Living in Bklyn, you don't really need a car. If you can't afford having both, sell the TL and if you must, buy an old used car (10+ years) and get only liability insurance. That'll save you on the monthly expenses.

And as others have mentioned...think about getting married.

vinnier6

iTrader: (1)

how about a civic....even an accord is too expensive for your pay grade...

andrew070489

civic si ? manual?

vinnier6

iTrader: (1)

hell, i even thought about getting one of thoes for a daily work driver....that car looks like a hoot to drive...

265 ssi

I'm an agent from upstate - you need to be patient
less than 3 yrs driving experiance 20% surcharge
chargable accident 20% surcharge
under 25 yrs old factor goes from 2.25 to 1.65 if you do get married that factor goes to 1.1 it looks like in the next yr your prem will drop barring any new probs

TeknoKing

Dude, you have a $4000 a year car insurance???!?!

Sorry, bro, unless your license have been suspended before I do not see how you can arrive at this amount, considering that I live in 11235, the highest insurance rates in the nation. I pay $2600 a year for my TL-S, and the insurance includes all the bells and whistles via Geico.

Change your insurance company fast. Get all the discounts that apply to you, example: auto-headlights, day time driving lights...etc..etc...

Keep taking the 5 hours course every year to lower your rates.

And to answer your main question, BABY vs CAR... did you really needed a thread on this?!

TeknoKing

You've got issues. Pisses me off in fact.

At least use red text to show that you are joking....

luckyAKAhappy

+1. Hopefully it was a joke. Sad if it wasn't.

stillhere153

iTrader: (1)

trade it in for a tsx

ps. tekno... nyc humor

Crazyace718

I tried plenty of insurance companies. I don't know whats going on, its like they are trying to blackball me. Hell I even lied on a couple of the quote questionnaires and the rates were still through the roof.
I would have never bought my TL if I know I'd be throwing so much money away just to insure it.
I'm like an insurance nomad. I get new quotes every week and switch companies every 3 months.

Blazing GT

If you have to downgrade, do it.

Time to take care of your family. Do what you feel is the best thing.

TeknoKing

Yeah, if you are Andrew Dice Clay.. you know what Im sayin, yeah bada bing bada boom, f' u all. I'm outta here.

Piotr_W

hi find out what is wrong with your record, maybe try advance driving school it costs about $100 you will get insurance discount certificate this gives you 10% discount on your car insurance and it is good for 3 years