02-18-2016, 12:49 AM | #1 |
Drives: 2014 2SS/RS Join Date: May 2014
Location: Philadelphia
Posts: 86
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Keeping Car while in the Army?
Hi guys, I'm preparing to join the army in the next month or so. I am kind of worried though about what to do with my car. I'm 23(24 in April) and I have a 2014 2SS with basically every available option. I was making about $60,000 a year when I bought it and I feel like it's going to be very hard to keep it on military pay. I still owe $15,000 on it and my insurance is $350 a month.
I recently quit my job to really focus on preparing for the army which I plain to join in April/May. I saved up about $10,000 before I quit but my car cost me close to $1,000 a month(although my next payment isn't due until August). I don't really have any other major expenses, but depending on how long it takes me to ship I could run into trouble. I know a lot of people are going to say sell the car, but that's not happening. I bought this car planning to have it for the rest of my life and I intend to keep it that way. Does it seem possible for me to keep it? I mean from what I understand you start out in the army at around $1,500 a month. |
02-18-2016, 01:00 AM | #2 | |
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02-18-2016, 01:06 AM | #3 |
Ret AF, cancer survivor
Drives: 2013 Camaro 2SS/RS & 2006 Corvette Join Date: Jul 2015
Location: Mesquite, NV
Posts: 2,741
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You will have to really budget, but it's possible. If you're single, your 'housing' will be taken care of (i.e. no rent/mortgage), you can eat in the dinning/mess hall for free and you initial set of uniforms will be provided free of charge. Additionally, if you get stationed overseas, you can store your car for free (or at least you used to be able to, might want to check on this). Regardless, if you store it you should be able to work with your insurance and lean companies to minimize your coverage.
Thanks for serving; I spent 29 years in the Air Force and it was great adventure and career ... best of luck to you
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02-18-2016, 03:37 AM | #4 |
Drives: 2015 1LS Red V6 Join Date: Aug 2015
Location: St Joseph, MO
Posts: 1,849
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Thank you for serving!
Now...I would be checking on your insurance for sure...$350/mo is insanely high. Like...liter bike for an 18yr old high. You should be able to find something a little less pricey! I hope you figure it out, good luck, and stay safe!
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Overkill Motorsport BCS Auto JacFab Machining APDEG Dream Gear Mobile Audio Thanks to Will @ Overkill Motorsports, Jason @ JacFab, Jim @ Ohio Speed, Brandon at Dream Gear, and the boys at Randy Curnow Chevrolet 5th Gen V6 Performance Facebook Group |
02-18-2016, 04:09 AM | #5 | |
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2013 1SS/RS Coupe L99, Stainless Power Works LT Headers, SCT X4 Custom Tune from RDP, CAI Inc. Air Intake w/ Apex Scoop, VMAX CNC Ported Throttle Body, Solo Axle-Back Exhaust w/ J-pipes, Apex Catch Can, Husky Splash Guards, Heritage Grille, 3D Carbon Rear Spoiler, Oracle Chrome Turn Signal Bulbs, GM Reverse Light Trim Billets, Gorilla Black Locking Lugs, Emblem Pros Retro SS Badges/Custom Retro SS Kickplates/Under-hood Bowtie, 35% window Tint, Nitto Motivo Tires (6-8-18)
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02-18-2016, 04:50 AM | #6 |
Set up auto pay to take care of both payments once in.. You might be able to get USAA once you sign Call them, they are great...
call your loan company and ask what coverage you need for the 2/2.5 months in storage, explain you will be in basic... Remember these words Right place Right time Right uniform be 10 minutes early for everything and your life will be good...
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My Daily Driver, 2015 2SS, 1LE
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02-18-2016, 06:23 AM | #7 |
Drives: The red one Join Date: Jan 2015
Location: Henderson, NV
Posts: 317
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What is the length of your loan? Maybe you could extend the term and lower your payments? With that and reduced insurance it might be more affordable.
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02-18-2016, 06:26 AM | #8 |
Drives: 2015 Camaro 1SS/RS 1LE Join Date: Apr 2009
Location: Central Texas
Posts: 121
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If getting rid of it is out of the question then you need to refinance.
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02-18-2016, 07:04 AM | #9 |
Drives: 2015 2SS/RS Join Date: Mar 2015
Location: Milton, FL
Posts: 80
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USAA +3... Best thing I ever did. Should be able to sign up with them as soon as you graduate from basic/AIT.
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2015 2SS/RS, M6, Crystal Red
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02-18-2016, 07:12 AM | #10 | |
Drives: 2010 2SS/RS Inferno Orange Join Date: Mar 2013
Location: San Antonio, TX
Posts: 628
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Thanks for serving and try to keep the car if you can. Good on ya!
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U.S. Army Retired |
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02-18-2016, 07:50 AM | #11 | |
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2011 Camaro 2SS/RS, Circle D 3200, ADM Transmission Cooler, BTR Valvetrain, Cam Motion .621 .595 228/244 113+4, ARH 1 7/8 full exhaust, Cold Air Inductions, Katech C5R TC, Melling HV, BTR SLR lifters, Trunion Upgrade, LS2 Dampner, LS9 head gaskets, Bo White PTB, MM can, GFX, Subs, B&M Deep transmission pan,
Holley fuel rail, Proform valve covers, relocated coil packs |
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02-18-2016, 08:28 AM | #12 | |
Drives: 2015 1LE Join Date: Nov 2013
Location: SE Florida
Posts: 311
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USAA sucks! I had the same BS you did. when I switched to GEICO (Government Employee Insurance Company ) my rates and my service was better. They have there own military servicing department and I can't say enough good about them. OP I think the advice about refinancing is a good one. You can always pay more on the loan if you want, but ultimately your payment is lower and in line with what you can afford with the huge paycut. Good luck! Last edited by yenkostyle; 02-18-2016 at 09:25 AM. |
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02-18-2016, 01:23 PM | #13 |
Drives: Chevys at the limit Join Date: Nov 2010
Location: SLC, UT
Posts: 9,621
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You'd be surprised how much you don't spend while in basic/AIT. Make a budget and stick to it. No need to pay for food, mess hall food isn't horrible and you don't have to pay for housing. Keep it simple till you are used to the pay cut. Autopay is great while you are in. Get that set up ASAP, it will save you the stress of having to do it while your focusing on training. Just my .02.
Be safe and remember to not lock your knees!! Thanks for your commitment to this country Kayla L. 801.545.4215 |
02-18-2016, 02:21 PM | #14 |
Drives: 2011 1LT Join Date: Mar 2012
Location: Crestline, CA
Posts: 3,029
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Your salary might look low in the military, but come on... everything you need is paid for. When you are not paying for rent, food, health insurance, work uniforms, etc., that salary is pretty much for puttin' in the bank. I can say that: I served. The wage is not so bad.
One word of warning: I entered basic at age 22. The other newbs called me "Methuselah," because I was so freakin' old. I'd seen lots of military movies, and thought that I was joining an army of men... but, basic is made up almost entirely of kids, fresh out of high school and Mom's house, never having lived on their own, had jobs, etc. I had... this made it difficult for me. Having BEEN independent, free, and able to make all of my own decisions made basic difficult. I eventually adjusted, but it was not so easy. Prepare yourself to be told (often by those much younger than you) when you will or will not do every single thing you can imagine, and exactly how you will do it... but rarely why. Just do it. And don't plan on meeting any other old farts like yourself in basic, Methuselah... you are going to be the father figure to a bunch of kiddos! (That said... I thank you for your service!) |
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