[cbr1100xx]

Originally Posted by mekirk2

Ohh, I get it now, since I need to work with the bank and get their signature to release their lien (their interest in the car), I dont own the car.....

Ohh man, I messed up. My wife is listed as an owner on my vehicle titles - listed as me AND her so it requires both signatures to sell it.

Since I, personally, can't do anything with it (sell it, trade it, etc) without her signature I guess I dont own it.

But then again she dont own it since she cant do anything with it without my signature.

Oh crap - what to do what to do.....

You own sh!t unless you've paid off the vehicle to the lienholder. If you get a boner seeing your name listed as "Owner" on your title, enjoy the false narrative. Most lienholders hold the title and don't release it until you paid off the loan.

Yeah you can sell the car being upside down. They'll pay off your loan and roll your negative equity into a new loan. It's also completely stupid.

[DenverTaco07]

It's all just symantics...everyone is right...you are a car owner even if you finance it...and yes, if you stop making payments it will no longer be your car, nobody is saying otherwise.

If a guy who is financing a car gets the compliment "hey dude, is that yours? nice ride", should the response be "it's my banks's ride, but thanks."

Oh, and another thing...i'm not sure of as i've never not paid a bill, but let's say you owe 10k on a car worth 20k, and lose your job and stop making payments...does the bank get to keep the equity...

I doubt it.

[ChefBorOzzy]

Wut is going on here?

You're an owner if financed just as you are with a mortgaged house.

[mekirk2]

Everyone can think what they like - but don't just believe what you've heard or even what your daddy taught you. Don't even believe what I am saying.

Get up tomorrow morning, call your bank and ask them if they own the car you are paying on.

Ask them if they own the car until you pay it off.

I'm willing to bet they explain it the same way I have.

But don't take my word for it, give your friendly banker a call. Or just keep thinking what you want. Either way - no skin off my back.....

[mekirk2]

Originally Posted by DenverTaco07

Oh, and another thing...i'm not sure of as i've never not paid a bill, but let's say you owe 10k on a car worth 20k, and lose your job and stop making payments...does the bank get to keep the equity...

I doubt it.

This question has a sad answer that many people fail to realize until its too late.

Lets say your car is worth 20K and you owe 10K, but you let it go back to the bank.

Well, the bank has someone auction your car at wholesale, where it might bring 5K or 10K, depending on the day and how many buyers are there, but it sure isnt going to bring anywhere near the value of 20K (what you could sell it for). And you have no input in that sale.

So, if the car is worth 20K, you owe 10K and the bank sells it at auction for 5K, they are going to come after you, and garnish your future wages, for the other 5K you had left to pay on the loan.

If, by chance, they sell it for more than you owe, you do get the difference. But getting you more than you owe is the least of their goals in the process.

[OddJack]

mekirk, seems like there are more trolls, and you are still responding.. that's not good.


BTW, your sad answer is correct. You have no control.

:^)

[ChefBorOzzy]

Why wouldn't you sell the car that is worth 20k and you owe 10k on?

[mekirk2]

Originally Posted by ChefBorOzzy

Why wouldn't you sell the car that is worth 20k and you owe 10k on?

That example is somewhat extreme, but I have seen folks let cars go back that they could have sold for a couple grand more than they owed had they just tried. Losing a job can cause people to make dumb decisions. Or causes them to wait until its too late.

They could have made a couple thousand and paid it off but it would have taken some legwork with the bank and a buyer, instead they let the bank repo it and it was sold for a little less than what they owed. The bank then charged them fees for the repo and sale, as well as the remaining amount owed on the note.

[jake_the_snake]

Im a self employed personal trainer. I spend approximately 13% of my annual income on my Camaro! Is that alot? Relatively speaking, I dont have many bills. Im 25 with a girlfriend, no kids and a few bills like student loans and insurances.

What do ya'll think?

[jake_the_snake]

Originally Posted by KemoWithDaSS

Teacher here. I make close to 40k so I know I'm splurging but I'm thankful to have a lady that makes more than me. I'm only 25 so I know it will come in due time. Ever since I bought this car I've been thinking about if I over did it but life is too damn short to think about it. I rather regret doing it than not doing it all. I love every second of it.

Nice! lol alot of guys are so afraid to be with and even more so afraid to admit their lady makes more money than them. I'd be proud if my girl made more than me! Enjoy your ride. I make a similar income and was second guessing my purchase. But, like you, im loving every second that I spend in my Camaro. Just wish my girl made more than me too lol

[cbr1100xx]

Originally Posted by jake_the_snake

Nice! lol alot of guys are so afraid to be with and even more so afraid to admit their lady makes more money than them. I'd be proud if my girl made more than me! Enjoy your ride. I make a similar income and was second guessing my purchase. But, like you, im loving every second that I spend in my Camaro. Just wish my girl made more than me too lol

I wish my girl made 1/3rd of what I do! Half and I'd be thrilled!

[Marine Corps]

I think the question is a personal one that I won't answer. I retired from a very good job and have a great 401k balance. I paid cash for my 2016 Camaro 2SS, but I don't own a home and am currently not married. Life is good if you have the right attitude.

[Hekate1]

I have a hefty monthly payment but it makes my hour long commute to work soooo much better and I think it's worth it. It all depends on what is important to you.

[monkeychops]

Originally Posted by mekirk2

Everyone can think what they like - but don't just believe what you've heard or even what your daddy taught you.

My daddy read this whole thread.....he thinks your all idiots for even talking about your financial situation with anyone other than your accountant or financial advisor.

ironic how this thread draws pages and pages of posts....