Loosing my Porsche
04-09-2009, 05:16 PM
#46
Be positive, you got to experience what most only dream.
In the end you will likely do what you have planned as you are probably too far upside down for your car to be appealing to anyone especially with current Porsche prices & financing at all time lows. I wish I could say some mentally challenged queer pot smoking Massachusetts Congressman would wave his magic wand and do for you what Congress is SO irresponsibly doing to kill this country by encouraging more personal debt, and accumulating unprecedented debt for us all. However, that could only happen to people who buy Hybrids.
Anyway, stay positive, weather the bad time, we all have them at some point in our lives, and you will bounce back and have another 911 soon enough. What you are doing now is actually very responsible, stopping the bleeding so it does not cause more problems for you.
Good Luck & God Bless!
In the end you will likely do what you have planned as you are probably too far upside down for your car to be appealing to anyone especially with current Porsche prices & financing at all time lows. I wish I could say some mentally challenged queer pot smoking Massachusetts Congressman would wave his magic wand and do for you what Congress is SO irresponsibly doing to kill this country by encouraging more personal debt, and accumulating unprecedented debt for us all. However, that could only happen to people who buy Hybrids.
Anyway, stay positive, weather the bad time, we all have them at some point in our lives, and you will bounce back and have another 911 soon enough. What you are doing now is actually very responsible, stopping the bleeding so it does not cause more problems for you.
Good Luck & God Bless!
04-09-2009, 08:06 PM
#48
Please tell us what we can do to help. life is definately more than a car, for sure. TimK, sobering post...I am truly sorry about your loss and your job loss. I, too, have 2 homes for sale and it is not at all easy juggling 2 big mortgage payments, car payments, practice finances and supporting 3 good employees. I, personally, haven't had debt, but now, I do and lots of it. I am working my tail off! If I win the lotto, I'll pay off your car for you! If anyone has any good ideas to help, please speak up! The terrible economy has been a wake-up call for many. I am, however, blessed. We, who own some expensive toys, have alot to be thankful about...
04-09-2009, 09:53 PM
#50
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What sucks is when everything was good, I put down a heavy cap cost reduction to keep the lease payments low and to keep the residule low as well.
It's like I just put a pile of cash on the ground, squeeze on some charcoal lighter fluid and put a match to it.
I should have rolled it into the mortgage so I'd only have to deal with one payment and living expenses. I do not have a big mortgage at all, so that was the idea, but never followed through. Got too busy and it slipped out of my mind for the time.
Now, with the wife out of work, all investments in the crapper or worse, I may have to do the unthinkable and file 13 or 7 if I cannot negotiate terms with other creditors.
Never in my life would I even have a thought of that as everything was going well. Even with a good reserve, it's frightning how fast that went as well even with limited expenses.
Just trying to hold on to her as this was my first Porsche, and my first spec car to the way I wanted it, not something off a lot. A dream I finally could do without any issues. My, how fast times can change and how rapid the economy has effected all of us in some way or another.
Boy oh boy this sucks!
Deanski
It's like I just put a pile of cash on the ground, squeeze on some charcoal lighter fluid and put a match to it.
I should have rolled it into the mortgage so I'd only have to deal with one payment and living expenses. I do not have a big mortgage at all, so that was the idea, but never followed through. Got too busy and it slipped out of my mind for the time.
Now, with the wife out of work, all investments in the crapper or worse, I may have to do the unthinkable and file 13 or 7 if I cannot negotiate terms with other creditors.
Never in my life would I even have a thought of that as everything was going well. Even with a good reserve, it's frightning how fast that went as well even with limited expenses.
Just trying to hold on to her as this was my first Porsche, and my first spec car to the way I wanted it, not something off a lot. A dream I finally could do without any issues. My, how fast times can change and how rapid the economy has effected all of us in some way or another.
Boy oh boy this sucks!
Deanski
04-09-2009, 10:12 PM
#51
I love the calls and comments from other people outside our forum and our Porsche community saying I was living beyond my means etc. I guess they have a crystal ball on the economy and how much it can impact people.
Now, if I can only win Powerball
I only wish the wife understood what it means to me, but I get the same "you're more in love with the car than me", or "you are choosing the car over me or our marrage etc" They just never understand. The only thing that makes me happy when things are bad is that car. I can forget all problems when I'm driving it.
What is also killing me is that I was never late on any payments on any car, now of all the cars I've had, I now have issues is this one. I just never can get a break. Damn I hate this economy.
Time to refill the Woodford Reserve soon! It's gonna be a really crappy week!
Deanski
Now, if I can only win Powerball
I only wish the wife understood what it means to me, but I get the same "you're more in love with the car than me", or "you are choosing the car over me or our marrage etc" They just never understand. The only thing that makes me happy when things are bad is that car. I can forget all problems when I'm driving it.
What is also killing me is that I was never late on any payments on any car, now of all the cars I've had, I now have issues is this one. I just never can get a break. Damn I hate this economy.
Time to refill the Woodford Reserve soon! It's gonna be a really crappy week!
Deanski
04-09-2009, 10:23 PM
#52
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Another problem... my beater car is in bad shape and only have a company car to use once the Porsche goes. Now I have to see what it will take to get that beater to at least be road worthy enough. It was my former company car that I purchased when I had to turn it in for another. Ford Escort wagon!!
My 8 year old neice was in it one day and asked "what are these for?" as she was looking at the window crank handle!
She's never seen hand crank windows!
If my company takes the current car, which the thought has come up seeing the new company we merged with is not big on company cars. And, here's the kicker, they expect you to expence for mileage at .41 cents per mile?
Below what goverment offers. They don't live in Fairfield County, CT and have to pay personal property taxes on a vehicle, high insurance costs and fuel costs etc. NICE!
Deanski
My 8 year old neice was in it one day and asked "what are these for?" as she was looking at the window crank handle!
She's never seen hand crank windows!If my company takes the current car, which the thought has come up seeing the new company we merged with is not big on company cars. And, here's the kicker, they expect you to expence for mileage at .41 cents per mile?
Below what goverment offers. They don't live in Fairfield County, CT and have to pay personal property taxes on a vehicle, high insurance costs and fuel costs etc. NICE!Deanski
04-10-2009, 01:08 AM
#53
Hope you get your dream back soon enough.
Having said that if people followed the advice of living well beneath their means and seriously saving for the future things like this would rarely happen. But people want to live at or beyond their means with no contingencies for the future.
And those unwilling to learn from history are doomed to repeat it.
Having said that if people followed the advice of living well beneath their means and seriously saving for the future things like this would rarely happen. But people want to live at or beyond their means with no contingencies for the future.
And those unwilling to learn from history are doomed to repeat it.
04-10-2009, 01:43 AM
#56
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Hope you get your dream back soon enough.
Having said that if people followed the advice of living well beneath their means and seriously saving for the future things like this would rarely happen. But people want to live at or beyond their means with no contingencies for the future.
And those unwilling to learn from history are doomed to repeat it.
Having said that if people followed the advice of living well beneath their means and seriously saving for the future things like this would rarely happen. But people want to live at or beyond their means with no contingencies for the future.
And those unwilling to learn from history are doomed to repeat it.
this country does not understand "saving". so dont preach. if USA understands saving then we wont have the recession.
this country is build on credit.
so once in a blue moon, credit blows up.
some ppl get wiped out. some get lucky.
in the great depression some EXTREMELY wealthy ppl went belly up and not b/c they lived extravagantly. it's the market and it's the american culture.
1/3 of your income on mortgage is considered good in this country. do you know that in some country, we dont spend more than 10% of salary on housing and saving rate is 70-90% of income?
401k is not saving. 401k is a fk'g govt trick
i can go on and on...
finally, the mortgage blow up. many ppl dont understand mortgage, amortization blah blah. they are being swindled by mortgage brokers, real estate brokers. and some times mortgage brokers dont even know what they are selling and underwriters dont know enough about credit. just today, i chewed out no less than 10 underwrites who work for me. they help contribute to the **** we are in.
is it really about saving?
if you saved in 401k or stock market, you are very much fk'd right now.
it's moronic mba like myself who created cmbs, mbs, cdo, credit swaps that no one understands and fk'd up the economy.
it's a system problem not an individual saving prob.
would ANYONE ever dream that RE will drop this much?
would ANYONE ever guess stock would drop 50%?
you can save all you want. you are still fk'd.
i have many friends facing bad situation, and they live in normal condo's driving hondas, dont eat out, they are as frugal as can be and put everything in savings, stocks, bonds, 401k... they are still fk'd.
of course, if you make $10m a year. you lost 60% of your networth, you are ok.
but most ppl do not have that luxury.
04-10-2009, 02:06 AM
#57
Deanski I feel for you man...I myself am having some financial problems. I am in Real Estate and my income is a 1/3 of what it used to be, although things are picking up. I let my brother take over my lease payments on my 997 for almost 10 mos. He is in the hotel industry and they got hit around Oct. 08 as reservations are only 60% of what they were before. I got the car back in early Oct. and I have been having to make the payments again. The good news is he only put 120 miles on the car in 10 mos.
If there is one thing you will learn especially about leasing is you want to come in with the bare minimum to get you into the car.
In my situation I would have to come in with close to $10k to get out of the car and I am trying to keep my credit remotely reasonable-it has taken a hit, but nothing that can't be recovered in a year or so. My wife had to go back to work, she used to be in the travel industry for a Japanese company. She ended up working as a hostess at a Japanese restaurant after not having to work for 7 years. It kills me to see her going back to work and she hates my car. My payment is almost half the amount of money she brings home a month.
Just keep in mind that you will get one again as things will turn around..and as you can see you aren't the only one going through this right now.
Keep your chin up and be strong and you will be riding high again. I remember the line from Fight Club.."get rid of all your material possessions as they possess you." Something of that sort..yet it is true no matter how it is said.
Dave
If there is one thing you will learn especially about leasing is you want to come in with the bare minimum to get you into the car.
In my situation I would have to come in with close to $10k to get out of the car and I am trying to keep my credit remotely reasonable-it has taken a hit, but nothing that can't be recovered in a year or so. My wife had to go back to work, she used to be in the travel industry for a Japanese company. She ended up working as a hostess at a Japanese restaurant after not having to work for 7 years. It kills me to see her going back to work and she hates my car. My payment is almost half the amount of money she brings home a month.
Just keep in mind that you will get one again as things will turn around..and as you can see you aren't the only one going through this right now.
Keep your chin up and be strong and you will be riding high again. I remember the line from Fight Club.."get rid of all your material possessions as they possess you." Something of that sort..yet it is true no matter how it is said.
Dave
04-10-2009, 02:09 AM
#58
are you american?
this country does not understand "saving". so dont preach. if USA understands saving then we wont have the recession.
this country is build on credit.
so once in a blue moon, credit blows up.
some ppl get wiped out. some get lucky.
in the great depression some EXTREMELY wealthy ppl went belly up and not b/c they lived extravagantly. it's the market and it's the american culture.
1/3 of your income on mortgage is considered good in this country. do you know that in some country, we dont spend more than 10% of salary on housing and saving rate is 70-90% of income?
401k is not saving. 401k is a fk'g govt trick
i can go on and on...
finally, the mortgage blow up. many ppl dont understand mortgage, amortization blah blah. they are being swindled by mortgage brokers, real estate brokers. and some times mortgage brokers dont even know what they are selling and underwriters dont know enough about credit. just today, i chewed out no less than 10 underwrites who work for me. they help contribute to the **** we are in.
is it really about saving?
if you saved in 401k or stock market, you are very much fk'd right now.
it's moronic mba like myself who created cmbs, mbs, cdo, credit swaps that no one understands and fk'd up the economy.
it's a system problem not an individual saving prob.
would ANYONE ever dream that RE will drop this much?
would ANYONE ever guess stock would drop 50%?
you can save all you want. you are still fk'd.
i have many friends facing bad situation, and they live in normal condo's driving hondas, dont eat out, they are as frugal as can be and put everything in savings, stocks, bonds, 401k... they are still fk'd.
of course, if you make $10m a year. you lost 60% of your networth, you are ok.
but most ppl do not have that luxury.
this country does not understand "saving". so dont preach. if USA understands saving then we wont have the recession.
this country is build on credit.
so once in a blue moon, credit blows up.
some ppl get wiped out. some get lucky.
in the great depression some EXTREMELY wealthy ppl went belly up and not b/c they lived extravagantly. it's the market and it's the american culture.
1/3 of your income on mortgage is considered good in this country. do you know that in some country, we dont spend more than 10% of salary on housing and saving rate is 70-90% of income?
401k is not saving. 401k is a fk'g govt trick
i can go on and on...
finally, the mortgage blow up. many ppl dont understand mortgage, amortization blah blah. they are being swindled by mortgage brokers, real estate brokers. and some times mortgage brokers dont even know what they are selling and underwriters dont know enough about credit. just today, i chewed out no less than 10 underwrites who work for me. they help contribute to the **** we are in.
is it really about saving?
if you saved in 401k or stock market, you are very much fk'd right now.
it's moronic mba like myself who created cmbs, mbs, cdo, credit swaps that no one understands and fk'd up the economy.
it's a system problem not an individual saving prob.
would ANYONE ever dream that RE will drop this much?
would ANYONE ever guess stock would drop 50%?
you can save all you want. you are still fk'd.
i have many friends facing bad situation, and they live in normal condo's driving hondas, dont eat out, they are as frugal as can be and put everything in savings, stocks, bonds, 401k... they are still fk'd.
of course, if you make $10m a year. you lost 60% of your networth, you are ok.
but most ppl do not have that luxury.
I think you nailed it...also I hear about putting large down payments on RE...well talk to the guy who put down $100k on a property only to watch it evaporate. $100K on a 6% loan over 30 years is $599 per month...ask that borrower now if he would rather have his payment higher by $600.00 per month or that $100k he put down on the house.
I think the main issue was the CDS's...AIG and such insure MBS's with a CDS when they are leveraged 100:1 and such...complete madness.
dave
04-10-2009, 02:50 AM
#59
I really don't know what you're rambling about.
I'm not the one who has to sell my house. I'm not the one having my cars being repo'ed. The reason is simple: I choose to live within my means. That means paying cash for everything. If I can't pay cash then I can't afford it. So what if my retirement account is down 20% over the past 18 months? I was only half invested in stocks to begin with and some of the income from my fixed investments have buffered my loss in the stock market.
People borrowing and living well beyond their means is what caused the collapse in the real estate market to begin with. Wall street buying mortage backed securities is what doomed the financial institutions. Inability to cover loses on these securities is what sunk the insurance companies. It all goes back to people who insist on living well beyind their means by surviving on mounting debt.
I'm not the one who has to sell my house. I'm not the one having my cars being repo'ed. The reason is simple: I choose to live within my means. That means paying cash for everything. If I can't pay cash then I can't afford it. So what if my retirement account is down 20% over the past 18 months? I was only half invested in stocks to begin with and some of the income from my fixed investments have buffered my loss in the stock market.
People borrowing and living well beyond their means is what caused the collapse in the real estate market to begin with. Wall street buying mortage backed securities is what doomed the financial institutions. Inability to cover loses on these securities is what sunk the insurance companies. It all goes back to people who insist on living well beyind their means by surviving on mounting debt.
04-10-2009, 03:03 AM
#60
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i paid cash for everything, including most of my real estate.
but to keep US economy going, the public has to borrow. if everyone paid cash, we would be in deeper crap than we are now.
if your retirement account is only down 20%, you didn't invest correctly unless you are over 70 years old.
"Wall street buying mortage backed securities is what doomed the financial institutions."
==> no, if financial institutions didn't buy mbs, we would have credit prob long ago. it's the content of the mbs that's the problem.
Inability to cover loses on these securities is what sunk the insurance companies.
==> easy for you to say. no insurance or financial institution is designed to cover total loss. if CA sees 10+ earthquake, most of the world's insurance will be wiped out. they run a business. they do calcs with probability. the likelihood of this blow up is small. so they gamble. every business gambles. sometimes they lose.
while it is true some have lived beyond their means, that in itself is not caused all these prob.
ppl plan, ppl may expect salary losses, but one doesn't plan for suddenly loosing 1/3 or 1/2 of their income. it's like we all die. we plan for our own death, estate, life insurance. but we dont plan for our kids' death, their life insurance do you? b/c the chance of them dying, hopefully, is not as big as our older folks. one can only plan so much.
never mind. i am wasting my time.
but to keep US economy going, the public has to borrow. if everyone paid cash, we would be in deeper crap than we are now.
if your retirement account is only down 20%, you didn't invest correctly unless you are over 70 years old.
"Wall street buying mortage backed securities is what doomed the financial institutions."
==> no, if financial institutions didn't buy mbs, we would have credit prob long ago. it's the content of the mbs that's the problem.
Inability to cover loses on these securities is what sunk the insurance companies.
==> easy for you to say. no insurance or financial institution is designed to cover total loss. if CA sees 10+ earthquake, most of the world's insurance will be wiped out. they run a business. they do calcs with probability. the likelihood of this blow up is small. so they gamble. every business gambles. sometimes they lose.
while it is true some have lived beyond their means, that in itself is not caused all these prob.
ppl plan, ppl may expect salary losses, but one doesn't plan for suddenly loosing 1/3 or 1/2 of their income. it's like we all die. we plan for our own death, estate, life insurance. but we dont plan for our kids' death, their life insurance do you? b/c the chance of them dying, hopefully, is not as big as our older folks. one can only plan so much.
never mind. i am wasting my time.