Keeping Car while in the Army? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Tritanium · 02-18-2016, 12:49 AM

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.

dmnhnters · 02-18-2016, 01:00 AM

Quote:

Originally Posted by Tritanium

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.

Just keep the car and have auto payments until you get done with basic/tech school because you're going to need a car regardless. Then you can take a weekend or leave to get it either during tech school or afterwards. If its stored in a garage you can drop your car insurance to only cover fire/theft which is about $20 a month give or take. When I was deployed I stored my car with a full tank of gas and fuel stabilizer for 7 months and when I came back everything was fine.

Welker2 · 02-18-2016, 01:06 AM

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

derek1387 · 02-18-2016, 03:37 AM

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!

PalmerGA · 02-18-2016, 04:09 AM

Quote:

Originally Posted by Tritanium

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.

$1,000 per month? Wow! That's going to be hard to swing on a E-1/E-2 salary. While I appreciate your upcoming service, I don't think I would have given up my $60K job just yet to do so... not until my auto loan was paid off. Once you are enlisted, go to USAA insurance and get rid of that ridiculous $350/month insurance rate. Either that, or store it somewhere until it's paid off. While stored, you should be able to drop the cost of insurance way down.

cowboy casey · 02-18-2016, 04:50 AM

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...

Backspin9 · 02-18-2016, 06:23 AM

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.

Phenix · 02-18-2016, 06:26 AM

If getting rid of it is out of the question then you need to refinance.

Sent from my Nexus 6P using Tapatalk

flyboy9994 · 02-18-2016, 07:04 AM

USAA +3... Best thing I ever did. Should be able to sign up with them as soon as you graduate from basic/AIT.

TX_ED_SS · 02-18-2016, 07:12 AM

Quote:

Originally Posted by cowboy casey

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...

As an Army retiree, this is great advice. Call USAA for insurance and possibly refinancing the car to get a lower payment until you are stable with your new income. There is no penalty for paying more on your loan each month once you refinance if you can.

Thanks for serving and try to keep the car if you can. Good on ya!

rberns · 02-18-2016, 07:50 AM

Quote:

Originally Posted by PalmerGA

$1,000 per month? Wow! That's going to be hard to swing on a E-1/E-2 salary. While I appreciate your upcoming service, I don't think I would have given up my $60K job just yet to do so... not until my auto loan was paid off. Once you are enlisted, go to USAA insurance and get rid of that ridiculous $350/month insurance rate. Either that, or store it somewhere until it's paid off. While stored, you should be able to drop the cost of insurance way down.

Agreed. No way would I have given up a 60K job to join the Army for the little pay you will receive. I had USAA in the past but I got rid of them when they kept jacking my rates up with no claims on my record. Good luck and enjoy.

yenkostyle · 02-18-2016, 08:28 AM

Quote:

Originally Posted by rberns

Agreed. No way would I have given up a 60K job to join the Army for the little pay you will receive. I had USAA in the past but I got rid of them when they kept jacking my rates up with no claims on my record. Good luck and enjoy.

Agreed on both points! I'm an E7 with 18 years and my base pay is only like $58k a year! I cannot imagine taking a step back to an E1/E2 pay.

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!

JDP Sales · 02-18-2016, 01:23 PM

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

Scalded Dog · 02-18-2016, 02:21 PM

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!)

02-18-2016, 12:49 AM	#1
Tritanium Drives: 2014 2SS/RS Join Date: May 2014 Location: Philadelphia Posts: 86	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, 01:06 AM	#3
Welker2 Ret AF, cancer survivor Drives: 2013 Camaro 2SS/RS & 2006 Corvette Join Date: Jul 2015 Location: Mesquite, NV Posts: 2,741 View My Garage	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 __________________

02-18-2016, 03:37 AM	#4
derek1387 Drives: 2015 1LS Red V6 Join Date: Aug 2015 Location: St Joseph, MO Posts: 1,849	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! __________________ Sponsors: 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, 04:50 AM	#6
cowboy casey Drives: 2015 Camaro 2SS 1LE Join Date: Nov 2013 Location: United States Posts: 111 View My Garage	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... __________________ My Daily Driver, 2015 2SS, 1LE

02-18-2016, 07:04 AM	#9
flyboy9994 Drives: 2015 2SS/RS Join Date: Mar 2015 Location: Milton, FL Posts: 80	USAA +3... Best thing I ever did. Should be able to sign up with them as soon as you graduate from basic/AIT. __________________ 2015 2SS/RS, M6, Crystal Red

02-18-2016, 06:23 AM	#7
Backspin9 Drives: The red one Join Date: Jan 2015 Location: Henderson, NV Posts: 317	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.

02-18-2016, 06:26 AM	#8
Phenix Drives: 2015 Camaro 1SS/RS 1LE Join Date: Apr 2009 Location: Central Texas Posts: 121	If getting rid of it is out of the question then you need to refinance. Sent from my Nexus 6P using Tapatalk

02-18-2016, 01:23 PM	#13
JDP Sales Drives: Chevys at the limit Join Date: Nov 2010 Location: SLC, UT Posts: 9,621	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
Scalded Dog Drives: 2011 1LT Join Date: Mar 2012 Location: Crestline, CA Posts: 3,029	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!)