Happenings!

"Jake - Has Bad Luck So You Don't Have To" (murdersofa) 06/19/2015 at 01:09 • Filed to: None

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My girlfriend’s dad wants to buy my civic for more than I have invested in it. In light of this I will be taking out a loan for $2200-ish to buy the nicest Miata for the price I can find, and then sell the Civic to pay off part of the loan and pay the rest off as usual with disposable income (yay having few bills). I get a Miata, he gets a pretty solid practical family car to go alongside his one-owner ‘92 Civic EX sedan, and I also build a credit score. I’m psyched. My goals are to go Civic -> Miata (and possible cheap mini-truck or Buick Regal second car) -> Honda S2000

Georgeyboy > Jake - Has Bad Luck So You Don't Have To 06/19/2015 at 01:23

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A $2000 auto loan?

Birddog > Jake - Has Bad Luck So You Don't Have To 06/19/2015 at 01:23

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I don’t think this is going to run the course the way you think.

Jake - Has Bad Luck So You Don't Have To > Georgeyboy 06/19/2015 at 01:25

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Personal loan through my work.

Jake - Has Bad Luck So You Don't Have To > Birddog 06/19/2015 at 01:27

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In what way? I’m covering my ass as best as I can by getting the loan so I can buy a replacement for the Civic before actually getting rid of the Civic (though the Murdersofa is still hanging around as a backup car). When I sell the Civic I can instantly repay most of the loan ( or keep the money in a special envelope under my pillow and make the regular payments with no worries). I can get the loan through my workplace, which reports it to the relevant credit agencies, though I’m sure the interest rate is exorbant. Still, having a good credit score is probably worth whatever I pay in interest.

Denver Is Stuck In The 90s > Jake - Has Bad Luck So You Don't Have To 06/19/2015 at 01:32

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If you wanna build credit, get a credit card. Id say, sell the civic and drive the murdersofa until you can find a miata to buy with the civic money. Youre putting the cart before the horse and that is not a smart way to build credit. Whatever interest rate they put on their loans, its too much for a $2k loan

Jake - Has Bad Luck So You Don't Have To > Denver Is Stuck In The 90s 06/19/2015 at 01:36

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“Get a credit card”

Pre-approved credit cards are sketchy at best, and with my poor impulse control and ridiculous ways of justifying things I don’t trust myself at all with “unlimited money”.

“Drive the murdersofa”

Transmission, body control module, an axle, three out of four tires are fucked. Not going to daily it.

“Interest rate is too much”

I doubt they’ll be unreasonable considering I’m one of five employees in the whole company and pretty damn important to keeping things running smoothly.

Denver Is Stuck In The 90s > Jake - Has Bad Luck So You Don't Have To 06/19/2015 at 01:44

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You dont have to get a pre approved credit card and its not unlimited money. I have a credit card through my local bank and I have a $300 credit limit. As you use it (if you do it correctly) the bank will trust you enough to raise your credit limit as time goes on. I just use it for everything and never use my debit card, then pay off the credit card from my debit account. That way Im not spending money I dont have and I build credit to boot because Im not leaving a balance at the end of the billing cycle.

You have time to fix the murdersofa as a temporary solution, its better to do that short term than to potentially screw up your financial future.

And the interest rate is probably set by their credit bureau, they likely have no control over interest rates. The number of employees likely doesnt matter.

Eric @ opposite-lock.com > Jake - Has Bad Luck So You Don't Have To 06/19/2015 at 01:45

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Pre-approved credit cards are sketchy at best, and with my poor impulse control and ridiculous ways of justifying things I don’t trust myself at all with “unlimited money”.

Not unlimited, and there is no time like the present to learn such impulse control. Beyond this, learning to use the right is something everyone needs to know.

Fix the Murdersofa before selling. Personal loans have high rates and won’t really be taken into account for future auto loans.

Why do you believe a used Miata will be better or more reliable than the Murdersofa?

Jake - Has Bad Luck So You Don't Have To > Denver Is Stuck In The 90s 06/19/2015 at 01:50

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Lol, it would cost more than a lower-mileage LeSabre just to toss in a new 4T65e.

My bank’s credit cards are all sorts of weird as shit, and again if I do this I get a Miata. If I do it with my bank I don’t even think they give me a toaster.

Dude, it’s a lease-here-pay-here dealership. All financing is done in-house by my boss, whose son is one of my good friends.

Jake - Has Bad Luck So You Don't Have To > Eric @ opposite-lock.com 06/19/2015 at 01:53

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The murdersofa is totaled. Blown transmission on a 230k mile car with huge dents, and in need of a lot of other work = fourteen degrees of not worth it. I actually already have replacement brakes and axles for it, and I might put some steelies with 40%-tread-tires on there just so it’s safe-ish to drive, but that’s the extent of the work I’m doing to it and none of that are tossing random codes with no rhyme or reason.

I found a used 97 Miata with 130k miles on it for $2000 just now on CL. Locally. Only downside is it’s black (motherfucker...). I’m probably going to text the guy tomorrow.

JGrabowMSt > Jake - Has Bad Luck So You Don't Have To 06/19/2015 at 06:33

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Why put a new trans in such an old car?

Rebuild, or have a shop do it. Costs less than the $2200 loan you want, and will be just as good.

A rebuilt trans, new brakes and CVs will do nicely, especially if you have a lot of it already.

I think the absolute most important thing is to NEVER get financially invested with your employer. You will be taken advantage of, and totally screwed. As Denver said, the best way you can build credit is a pre-approved card, and they have various restrictions, so it certainly wont be unlimited money. Its also controlled by financial institution that will keep in touch and tell you when theres an issue.

Youd be surprised what your bank will do for you, and if you never ask, you will never know. But my best advice, from experience, is to never get a loan you cant easy pay off in a very exact timeline that you personally know. Sure the bank can offer you a payment plan, you get your minimum payment, but it maximizes the interest and profit for the bank. Dont think your employer will treat you differently, especially when it cuts into potential profit.

But I would fix the murdersofa first, as you could leverage your assets as either a sale or trade rather than taking a loss just to get a new to you car. Or if things dont work, you have a car still.

But if youre being offered enough for the civic, sell it. There arent enough opportunities in life to actually pull a profit on project cars, and this could even pay to fix the 'sofa.

Tohru > Jake - Has Bad Luck So You Don't Have To 06/19/2015 at 08:27

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Your barge and Civic are both black, what’s wrong with a black Miata?

Tohru > JGrabowMSt 06/19/2015 at 08:28

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Rebuilt transmissions are for people with more money than sense. Get a low-mileage used trans and replace it.

When I popped the trans in my Escort, I took it to a transmission shop for an estimate. They said $1200.

I went to the local salvage yard, and got a 70k mile used trans for $200.

Tohru > Jake - Has Bad Luck So You Don't Have To 06/19/2015 at 08:29

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Don’t get a Miata, man. They’re all hooned out. Get the S2K.

themanwithsauce - has as many vehicles as job titles > Jake - Has Bad Luck So You Don't Have To 06/19/2015 at 08:31

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Ima sort you out the same way I sorted out K-roll

1) A loan of less than a year builds no credit. Non-repayment of a loan of ANY length ruins it. Your 2000$ loan can only hurt you, not help

2) Credit cards ARE your best credit building option at your age. Get one as part of your parent’s bank or credit card group or whatever if possible. Mine was through the credit union my mom was with and I was instantly approved because she effectively undersigned it. But I also had to pay 500$ for a 500$ credit limit. This is known as a “secured” card. It is still possible to hurt your credit score with late payments, but if something hapens, you can cancel the card with no hit, they take the 500$ (in some cases you get any remainder back, not sure if all, mine they would return unused amount) and that’s it. So if you run into difficulties, you can easily back out.

3) FIXING YOUR BUICK IS CHEAP! Sell it to me if you are going to junk it. Bear in mind I can’t give much since I have to haul it a ways, but a junkyard transmission is 500$ for a used one.

4) 2200$ does not get you much miata. At least, not one that won’t be risky. You will be looking at the cars that get hurtled about the track on weekends and driven hard during the week. These are the total beaters of the miata world.

5) And finally, if you DO want to get a loan and buy a nicer miata, here’s what I’d do - sell the civic and fix the murdersofa. Get a credit card with your leftover profit and use it for a year or two and build up your credit score. THEN take out a 5-8000$ loan from an actual credit place like a credit union or bank and buy a nicer miata. Benefit of waiting is you’ll have a better idea of your financial stability and whether a loan is in the cards or not. 2200$ seems like a small loan but at anywhere from 10-20% interest? You could easily end up paying 3000+ for a 2200$ loan.

Jake - Has Bad Luck So You Don't Have To > JGrabowMSt 06/19/2015 at 09:01

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I’m being offered blue book for my Civic, which is more money than I have into it (far more if I get my parts car sold this weekend; got offered $350 on it for scrap). This is more than enough to buy some Miata from Craigslist which, seriously, how on earth are there so many cheap decent Miatas? The reason for the loan is that I don’t want to sell the Civic and then be stuck with only the ‘sofa until I buy something else. Seriously. The sofa has 230k miles on it. The engine makes a fraction of its original power and gets a fraction of the original fuel economy. The A/C is broken, the gauge cluster is broken, transmission is quickly leaving this mortal plane, traction/abs has failed, and I have no good wheels and tires for it unless my boss donates some mediocre tires on some steelies which I would then have to get balanced anyway.

Also, the Murdersofa is technically my father’s, and he has his own ideas of what “needs” fixed. Seriously, I don’t need traction control or ABS. But no. He insists I fix it if I daily the car again, which basically means replacing every module and all four hubs. Again. Fuck that.

Jake - Has Bad Luck So You Don't Have To > Tohru 06/19/2015 at 09:02

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This is Kansas. It’s what is commonly known as “a dusty motherfucker” here. Take a look at any “just washed my car” post by JayhawkJake and you’ll see how annoying a black car can be. I want something blue. I like blue.

Jake - Has Bad Luck So You Don't Have To > Tohru 06/19/2015 at 09:03

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“Don’t get the car you can find virtually stock for $2000, get the one that’s $11k for a decent example” I’d love to, but I don’t think I feel like waiting until the point in my life where $11k is a feasible investment to enjoy decent handling and RWD. I need RWD in my life.

Jake - Has Bad Luck So You Don't Have To > themanwithsauce - has as many vehicles as job titles 06/19/2015 at 09:13

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The Murdersofa isn’t even mine. It’s my fathers. It also needs: four hubs, four wheels/tires, brakes, A/C compressor, transmission, BCM, gauge cluster, and axles. In a car with 230,000 miles already beat-up sheet metal, and that gets abysmal fuel economy.

http://wichita.craigslist.org/cto/5045903503…

Suspiciously cheap for having all those new parts.

http://wichita.craigslist.org/cto/5055103882…

I have done engine swaps. This is exactly what I did with my Civic, but would mean I’m forced to drive the Murdersofa until the swap is completed.

http://tulsa.craigslist.org/cto/5077746699…

Cosmetic work? Hell yeah. I can buy a sprayer and learn how to paint.

So two unmodified-looking offerings and one cheap project car. All priced at or below $2k.

Tohru > Jake - Has Bad Luck So You Don't Have To 06/19/2015 at 09:16

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At least the loan on an S2K would be of sufficient length to build your credit like a boss.

Also, these are your young and stupid years. This is the time to take out an $11k loan on a car, because when you’re 30 you’ll be worried about bills and maybe a mortgage and won’t be able to do something like that on impulse.

Tohru > Jake - Has Bad Luck So You Don't Have To 06/19/2015 at 09:18

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So dip it blue. Or rattlecan it blue.

JGrabowMSt > Tohru 06/19/2015 at 09:23

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I drove on a salvage yard trans for 8 months with my Neon, I’m not discounting whether it’s a good option, but let’s be honest, you could have put that trans in and found out the hard way it was trash. I talked to a trans shop about whether it was even possible to test one before installing, they said no. They could take it apart and check for wear, but until it’s bolted on, no clue whether or not it was good. The bad news? It only lasted 8 months.

A rebuild is cheaper than a new one, and it’s cheaper than potentially going through several junk yard transmissions, or having a bad junkyard trans take out the rest of the car.

Rebuilt transmissions are for people who only have the money to do a job once and know it’s getting done right. New transmissions in older cars are for people with more money than sense.

Jake - Has Bad Luck So You Don't Have To > Tohru 06/19/2015 at 09:49

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Yeah but there’s also a very high chance I’ll screw something up and wrap the S2k around a telephone pole before I pay off the loan :P

Tohru > Jake - Has Bad Luck So You Don't Have To 06/19/2015 at 10:01

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Which is why you get an AP2 instead of an AP1 - the AP1 has a nasty habit of trying to murder the driver.

Though, if you do wrap it around a pole, you won’t have to worry about paying off the loan! So it’s a win-win.

themanwithsauce - has as many vehicles as job titles > Jake - Has Bad Luck So You Don't Have To 06/19/2015 at 11:41

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Hey, your money, you do what you want. But a 2000$ loan for a used miata while getting rid of a very reliable car is a huge risk. That first miata looks good. No clue why it’s 2000$. I’d bring the police if you look at it. But the other two are unknowns. 250k miles and it “runs great”? You’ll need to do work on it regulalry to keep it running well. Nothing wrong with that but again, back to money

2000$ @ how much APR? 15? 20? 25? More? Let’s be kind and say you spend an extra 600$ in interest. That’s 600$ you can’t spend on parts. Parts you will need, and I know you know that, but then you want to do paint. A gun is 40-80$ to rent (I resprayed parts of my old buick and looked into it) harbor freight guns are similar priced so might as well do that. Primer and prep is 100$+ in supplies alone. Paint and clearcoat can easily be 200-300+ Not to mention any wasted material in practice.....

Okay, here’s a different thought. Sell the civic, buy that red miata or something similar outright where it runs but its rough. Do NOT take out that loan. Instead, use the miata and fix it up as you get time and $$$ and if it all goes wrong? Sell the miata and fix up the buick......or part out the buick and immediately invest in the miata. Just avoid that stupid debt.....It has ruined so many years of my friends’ lives because they rush it. Almost ruined mine. If you can avoid the debt and keep the buick as an emergency plan or liquidate it and immediately invest in the car you buy, you’re way way way better off than being locked into a loan.