Posted on 03/23/2024 6:49:10 PM PDT by nickcarraway
With a $650 payment for 72 months, this is going to be one expensive Toyota Camry
Your twenties are the perfect time to screw up and try to get your xxxx figured out. Sometimes it takes getting to the rock bottom before you can dig yourself out of it. For the sake of everyone involved here, I hope this young woman on Caleb Hammer’s Financial Audit show has reached her bottom and will find a way to get her life turned around. Right now, it seems like the best first step would be to sell her car and find her way into something less expensive. At 23-years-old, there’s no reason to owe $31,000 on a Toyota Camry. Especially when you can’t afford it.
This young woman’s financial situation is a real mess, and she’s going through some rough stuff with a pending divorce from an abusive military man. Her short-lived marriage stuck her living with her parents, driving a car she can’t afford, and working part time. Unfortunately, this downward spiral came with a bunch of self-destructive coping mechanisms, including hundreds of dollars of in-app purchases, lots of fast food, vaping, and over-drafting her bank account.
It seems like she’ll be headed back to college, so she will definitely need some good solid reliable wheels. Living in Texas means public transit isn’t really an option, but spending 30 percent of your income on a car payment isn’t really an option either. This 2021 Camry came with a 72-month note at nearly 12 percent interest.
At the end of the day (er, month?) the payment runs her $646.33, despite only working 33 hours a week at $15 an hour. She has to work more than 43 hours at her retail job just to afford the car payment. No wonder she’s drawing too much on her accounts and racking up credit card debt!
To make matters worse, it doesn’t seem like she and her former paramour spent much money on the car’s down payment, as she still owes $30,656 (the equivalent of 2,044 hours at her current job) on the note.
Saving up for a couple of months, or borrowing from her parents, and buying a cheap-but-reliable beater would give her a lot of opportunities that this Camry just isn’t delivering. I hope she gets it turned around. This was a rough one to watch.
“...with a rust hole in the floor big enough to drop a baseball through....”
That’s why they make pop rivets and sheet metal shears so one can round up some galvanized sheet metal and fix that sort of thing for a few years. [some sealant required]
Bin there, done that.
No tainting the water here and painting the military as scum, is there?
Unfortunately, this downward spiral came with a bunch of self-destructive coping mechanisms, including hundreds of dollars of in-app purchases, lots of fast food, vaping, and over-drafting her bank account.
Idiot shouldn't have bought a car she couldn't afford nor wasted the money on the *self-destructive behaviors*.
Sounds like the husband is coming out ahead in spite of the alimony it's going to cost him.
I’m actually planning to do a couple of those things, along with seeking extra work. A $25/hour salary at 40 hours/week still is not enough, thank to Joe Biden and his Uniparty minions.
Looking back, perhaps I should have bought a smaller truck.
No way. That truck is perfect. Your neighbors will hate you when you park on the street! :)
“This 23-Year-Old is an idiot.”
Her ex was wise in divorcing her. Or did she divorce him over his not putting up with her craziness? Or with her bad impulse control, was it because of her infidelity?
That’s one dumb broad.
I was thinking the same thing. Perhaps a used model for 1/2 the cost would have alleviated the onerous payment.
My God! That is insane.
I've never owned a new car though at times I could have afforded a very nice one. It never made sense to me to purchase something that depreciates in value by ~10% when you drive it off the lot and then continues doing so until it's a worthless, troublesome pile of junk. I've always bought older, solid cars. Most served me very well and cost me very little money to insure and maintain.
I once worked for GMAC and have read probably 100,000 repo paperwork packets.
Someone will soon be reading hers.
I predict a 16k deficiency balance
You’d be better off with a 20yo Camry that would be all yours and paid off.
The best thing about Toyota is that they last—and if you are just leasing it, you aren’t getting any of that advantage.
Interesting. Sounds like planned obsolescence for gas vehicles via the parts market.
I paid 12% interest on an ‘89 Toyota Canry in 1990. I think payments were $265 for 60 months.
No sympathy for stupidity. If you’re going to be stupid you have to be tough.
She’s fat and ugly so no...
She could already be $10K underwater on the loan. If she ran up the credit cards and her credit score has tanked she won't be getting another auto loan at 12%. Let's say she sells her car for $20K and buys one for $10K, the new loan will be $20K at maybe 20% interest. She won't be any better off. She needs to be working 60 hours a week while living at home..
Man I just spit my coffee out, don’t care who you are that’s funny(esp to anyone who has ever owned a pickup truck)
Many of us have stories like that
My first car was a ford wagon followed by a ford maverick and an amc rambler.
First new car I bought was shortly after I got married a ford escort, 4 sped two door 5000 out the door. As an aside I also had a house built and a new child all on 10.05 an hour. Put wife through nursing school and made sure she always had a nice car.
Bought a Mazda 323 off friend at work, perfect shape for 100& with 128k had 298k on it when it was stolen and taken for a joy ride. It was on its last legs burning oil, but wanted to get 323k out of it, regardless I still drove it to the scrapyard and got 300 for it
At least it’s a Toyota that has a chance of lasting a few years. Besides a few payments on an 88 4-Runner, I never financed a car. It’s time to go warm up my 2,000 Camry.
Yup—the most important thing she needs to do is what nobody will tell her these days.
She needs a total body makeover.
That means a one year diet and fitness regimen to get her in shape.
Then she can attract a guy who can handle her car payments.
Really, the dealership saw her coming... ConservaTeen ‘s first car was a F250 an older model that was 2012. He still has that. He changes the oil every 2750 miles and wash it. A few dents in the truck. His girlfriend’s car is an used:Ford Escape. Again, it is taken care of.
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