stuck with a car I don't want

[Justyntym]

My Daughter is in college studying to be a teacher.

About a year+ ago, our "family" car was on it's last leg.
Newly divorced as I was my daughter and I went car shopping.

So we agree (my daughter and I) that I will buy her a car, we picked out a Nissan Altima 2006 (it was almost new) and I would pay for it till she graduated (which would have been this comming may) at which time she will assume everything, car payment and insurance. I told her a wise thing to do would be to continue to pay on it for a year maybe two, establish a work history, some credit, some equity in the car and then trade it in on something she really wanted.

Well...she's getting married in December to a good guy and moving to Texas (I'm in Fl). They decide or tell me...they can't afford the car and are basically shoving it up my

So after trying to buy her a car to be safe in...I'm left with 5 years of payments for a car I don't want. I was hoping to free up about $600 a month, maybe even a 2nd bike but noooo...I'm stuck with a car I DO NOT WANT

As they're a young couple, don't want to force the issue...they probably can't afford it but neither really can I at this point.

I can't just sell it cause the reverse chinesse fkn math the banks use on loan (which I'll never understand other than they use the bendoversliderule) I owe more than it's worth at this point in the loan. Don't have any spare cash to make up the difference and even if I did...I got a wedding to help finance

Any magical financial wizardry on tap...maybe a bike dealership that will take a car...I'm just whinning.....waaaaaaa.

 

[runeight]

Kids. Don't ya just love them?

r8

 

[BusaWhipped]

No good deed goes unpunished.

 

[heavybusa]

What rate are you paying, in most cases with cars if you cut that interest rate down you can get ahead.

Maybe a refinance or a personal loan. Then you can sell it cut the payment

 

[forceofnature]

Damn that sux. I bought a Chevy cobalt for my son and now that he is out of state in school I got rid of it and bought a new mustang for my wife. I am glad we paid down on the cobalt early so we were not upside down.

 

[twotonevert]

I think Heavy is on the right track. Refi and cut it loose.

 

[Projekt]

Drive to the wrong side of town and have a long cup of coffee whilst forgetting the keys in the ignition.

 

[Justyntym]

Drive to the wrong side of town and have a long cup of coffee whilst forgetting the keys in the ignition.

I thought about that...have check my gap insurance coverage

 

[05 Busa LE]

If you own a home, maybe you can get a home equity line of credit for less and pay off the loan?

 

[Wag]

This will solve your problem: Don't pay for the wedding.

There you go!!! I'll send you a bill.

--Wag--

(Well hell, nobody paid for our wedding! )

 

[GoldenChild]

If she agreed to the deal of getting the new car tell her she needs to get it taken care of or your not gonna be able to help with wedding as it will cash strap you.

 

[Busa_Nick]

Get a loan, pay off the ride, then sell the car and pay off the loan with the money received from the new buyer, your going to lose alittle but not alot and in the end you won't be stuck with a unwanted car. As for the wedding, you don't need to go all out, smaller private weddings are just as good as massive ones.

 

[thrasherfox]

The only response that comes to mind is...

 

[Mrs.Rubber2Burn]

I am with the others when I say: Tell her that since you are burdened with the car you can not afford a wedding.

Hubby and I have been married 13 years now and we WISH that we had the money that was spent on our wedding to put into a house! We would have been just as happy eloping! Plus now I have this dress that cost almost $1,000 dollars in my closet. It was worn once for a couple of hours and that's it....useless!

The wedding does not make the MARRIAGE!! My parent's neighbor spent around 50k on his daughter's wedding, only to have them divorce 3 months later!!

 

[UrbanKnight]

Time to welcome her to the adult world.. Where real adults have real responsibility. Sorry, but even as her father, your contribution to the wedding should be limited to the burden on that car.

 

[Justyntym]

Wonder if I should even bring up the $1,700 cell phone bill

 

[MO-BUSA]

Drive to the wrong side of town and have a long cup of coffee whilst forgetting the keys in the ignition.

 

[landmissle]

Make her keep it and pay for it if possible. If she made a promise to pay for it then help her keep it. A lesson will be learned for both of you!!

That is why (IMO) you don't buy kids new cars. I never understood why parents do this.

 

[HillsRider]

wonder if i should even bring up the $1,700 cell phone bill

ouch!! ::11

 

[tbonebusa]

600 a month on a 60 month term.....that is a high dollar Altima.....