Should i give up my BMW Z4 now or ride it out till i have money?

I bought a BMW Z4 2 months ago. I have yet to make my first payment on it after a downpayment of 1500. i don’t have good credit(low 600) and i have a few charge-offs and i applied for more than several cash advances just to pay my bills and i don’t even remember i owe who and who and i never answer the calls from them or from collections. I figure sooner or later i will either file for bankruptcy or let it row for 7 years. I do have a second car(my mom’s car) that’s paid for and in her name that i use. coz my mom got her own camry(also paid for).

I am wondering if i should just keep driving that Z4 for a few months without paying till they eventually repo it. (to make my downpayment 00 worthwhile) and when they sold it and ask for the difference, my payday loans and others will be over 90 days and i will include everything i owe and file for bankruptcy.

or should i keep paying for it even though i might eventually give up the car anyway after one year? my credit is already pretty damaged(low 600).. what should i do?

P.S. if i do decide to just don’t pay.. i can use the money for my horse-riding lessons and other fun stuff..and get my laptop back from my pawn shop which i will do eventually anyway.
For all before you start judging me(and i know you guys will) i owned a biz at the age of 21 and I used to the luxury of things i had money for… and never care much for credit. since i had enough cash. after the biz ran to the ground, i have been trying to figure out my next biz venture. (i hate to work for ppl).

Technorati Tags: bankruptcy, bmw, bmw z4, camry, cash advances, charge offs, collections, downpayment, fun stuff, horse riding lessons, laptop, mom, money, pawn shop, payday loans, ppl, second car

Posted May 15th, 2010 in When To File Bankruptcy. Tagged: bankruptcy, bmw, bmw z4, camry, cash advances, charge offs, collections, downpayment, fun stuff, horse riding lessons, laptop, mom, money, pawn shop, payday loans, ppl, second car.

3 comments:

lindervish:
First of all, the ‘letting it row’ for 7 years is no longer true. I’m pretty sure it’s 10 years now. And filing for bankruptcy no longer forgives your debts. You still have to pay your creditors (and where are you going to get the money to file bankruptcy?)

If you ran one business into the ground, what’s to say you’re not going to run your next one into the ground. Pay what you owe.
May 15th, 2010 at 11:49 pm
Steve D:
Either way, I doubt you will get anything from the repo and sale of the car. The car most likely depreciated $2000 or more the minute you drove it off the lot (it is now used, not new), and when it is sold, you will owe the balance of the loan plus interest for however long it was between when you took out the loan and the car got sold at auction. Also, don’t expect anyone at auction to pay full retail price, which will cut down the receipts even more. Plus there will be fees to pay (late charges, pay for the repo guy, court costs to get the court repo order, etc.)

The odd are that you will still owe money on the car after it gets repossessed.
May 15th, 2010 at 11:49 pm
Markey:
If they repossess the car, it will be sold at auction for whatever they can get. It won’t fetch what even a dealer would pay for it. You will also find various fees and charges from the finance company added to the price. I doubt you will see anything.

Also with the price of gas, not exactly an economical car either, so another reason to lower the price.

You would possibly get a better price by selling it privately, but the finance company own it, so no go.

"Horse riding lessons and other fun stuff"….are you serious!?!
May 15th, 2010 at 11:49 pm