Might have to sell "My Bitch"

Yes you read the title correctly. My boss and I had a meeting on Friday and I received some bad news. The company I work for has finally been a victim of this bullshit economy! I'm not being let go but, I might have to take a huge cut in pay to keep my job.
Might is being kind, its pretty much guaranteed to happen. I really didnt understand because we have been so busy the last 6-7 months, but we were super slow the prior 2 yrs. Well now he is still playing catch up bill wise and will probably have to get some kind of bancruptcy protection. The last couple of weeks my boss couldnt even cover payroll!! My home and family are more important to me than my car, and my wife and I cant afford to pay 2 car notes and mortgage on the house. The only thing we could do, is cash in some of my 401k to pay off my car, but I'm not going to to that. So with this being said and if I put my car on E-Bay what do you think would be a good asking price???? I know I have at least 15k in to the car and KBB list it at 20k private seller and 17k on a trade in as a stock Charger. I know I'm not going to get anywhere near what I put in to it. I think I owe under 10k on my car. Do you think 25k would be too much to ask, or should I list it at 20k and a buy it now price of 25k?
Also anyone have any advice on how to sell something for that much money on E-Bay??? Someone mentioned asking for $2500.00 earnest money non refundable at the end of the sale, payed thru paypal. Then they can pay the balance to me by certified check. Any ideas on asking price and e-bay advice?????

i wud love to have your car. how many miles are on it?. ive seen some fucked up chargers going for more than 30k on ebay and they are not as nice as yours. .

51,000 miles

honestly Shawn... if you sold it i would start with a high price... the car is worth it and someone might pay it, you can't build that car for any price you sell it for. i would ask 30k at least just to start and work my way down.

hope you don't sell it... if you take out of your 401k can you pay it back later without penalty? sometimes they let you do stuff like that. i would hate to loose that car over 10k that you owe. you could never build it again for that price.

jontoad wrote:

honestly Shawn... if you sold it i would start with a high price... the car is worth it and someone might pay it, you can't build that car for any price you sell it for. i would ask 30k at least just to start and work my way down.

hope you don't sell it... if you take out of your 401k can you pay it back later without penalty? sometimes they let you do stuff like that. i would hate to loose that car over 10k that you owe. you could never build it again for that price.

The only problem with borrowing from my 401k is its like taking a loan out. I would still have to pay the money back a little bit each week would be deducted out of my check. I wont be able to afford it with the pay cut I'm going to have to take. Another reason I dont want to touch my 401k is thats going to be emergency money in case the doors shut at work, and I fall behind on my house then that would be a last ditch kind of thing.

Damn man I don't have any advice to offer but that sucks big time.

Shawn, have you tried talking to your bank. They may refi at a lower interest rate and extend the term for you. That would reduce the monthly payments. I did that last year and got a great int. rate. I kept the term of the loan the same, but they aske me if I wanted to extend it.

Sent you a PM but really have no words other then I hope everything works out for the best whatever way you have to handle things.

Illinois Chaos wrote:

Shawn, have you tried talking to your bank. They may refi at a lower interest rate and extend the term for you. That would reduce the monthly payments. I did that last year and got a great int. rate. I kept the term of the loan the same, but they aske me if I wanted to extend it.

Tom,
Even selling my car and just making 1 car payment would be tough. If this happens I wont have a choice, even doing a re-fi on my car wouldnt help me, just simply wont be able to afford it. When I say a huge paycut, I'm talking between $7-9 dollars an hour.

OMG bro i am so sorry... i know what this is like.... It sucks... I wish there was somthing i could do to help... FUCK why cant we open up a Fucking CAMM Shop and take all of modern muscles business.... its not like most of us that have suffered in this This downward spiral of our fucking economy dont know anything about fucking cars... i mean shit...

Shawn, this is sad to hear. Hang in there. If it turns out you have to sell your charger, Im sure one day you would get another one even cooler than the first. Good luck man.

That blows shawn I really hope it turns around for you man. I know it's a bitch but you should try looking for a new place of employment your a smart guy I am sure you can find something. If worst comes to worse I think you should go high with the price and if it doesn't go maybe piece out some of the mods and get it back to somewhat stock. Man this just sucks. Jackie wants the rims if you really have to do this though I hope it don't come to that though

That really sucks...I wish u the best.

I hope it all works out for you and you dont have to sell the car bro. I know what you are going through, I have been there a couple times these past 2 years. And like everyone else says, try a high price. KBB only tells you what a stock car is worth and your mods have increased the value for sure (to a car enthusiast).

Damn Shawn...I'm so sorry to hear this. I really hope you don't have to sell your car.

Wow, dude...I have no words...I really hope it all works out for the best!

I can't believe I'm reading this Shawn. If I were you, I would start looking for a new job immediately. This happened to me early in my career and the day I heard the company was struggling to make payroll, I started my job search. Turns out it was the best move I ever made. Like Tom said, you're a smart guy and you've built up plenty of experience in your current job. I really hope it all works out for you and you don't have to sell that beautiful car - but you're right. Family first. Good luck bro!

Shawn- so sorry to hear this....I hope everything will work out for you. This happened to me 3 1/2 years ago. I took a 40% cut in pay and lost all benefits. It's been rough, but we managed to work our way back up a little, and we were able to buy the chally. Things have a way of working out. Best of luck to you.

Thanks everyone, and I too hope it works out in the future. As far as looking for another job, that hasn't even crossed my mind. I'm paid very well for what I do, and I'm a very loyal employee. I have been here going on 9yrs I believe, and if I did take another job doing what I do, I would probably start off making the same money I will be making with the pay cut. So it doesn't make sense to me at this point, if things get worse then I might start looking.

Shawn, I'm so sorry to hear about ur job and car. I commend you for your commitment to you r family and future and not to a car. I wish you the best in getting the most for your car. and as far as looking for another job, it never hurts to look and take an interview. God has a funny way of working these days, maybe with the sale of ur car u may find another higher paying postion. Regardless i wish you the best for you n your family!

Damn Shawn... i hate this economy also.. i went threw a real tough patch last year when things really slowed down.... kinda bounced back but man.. i hope you get to keep the car. I wish you the best of luck with everything.

Shawn man that really sucks and is very unfortunate. i hope things don't get to the point of selling your pride and joy but if that is what you have to do then you have to do it. i don't have any info for ebay, but you should always go high on your price cause even the people on Barrett Jackson and Mecum do that. your car is very unique and i am sure people will see that and put on the site all the awards you go for your car and everything which then makes it even more unique. hope things work out for the best Shawn!!!!

5.7daytona wrote:

Shawn man that really sucks and is very unfortunate. i hope things don't get to the point of selling your pride and joy but if that is what you have to do then you have to do it. i don't have any info for ebay, but you should always go high on your price cause even the people on Barrett Jackson and Mecum do that. your car is very unique and i am sure people will see that and put on the site all the awards you go for your car and everything which then makes it even more unique. hope things work out for the best Shawn!!!!

There's an idea. Run it through one of Mecums auctions. It would bring a premium price. I grew up with Dana and he has an office/shop here in town yet. You should contact him.

sucks Shawn best of luck, glad I got some pics of that car before she goes. but hey family first!!

Illinois Chaos wrote:

Shawn, have you tried talking to your bank. They may refi at a lower interest rate and extend the term for you. That would reduce the monthly payments. I did that last year and got a great int. rate. I kept the term of the loan the same, but they aske me if I wanted to extend it.

He is on to something here. I would agree with some folks that it would be hard to see you sell your beautiful car. But you're right, family is more important. In working for a major bank, I would advise against extending the term on your car note....but on a personal level, you could qualify for a 72 or even 60 month term and significantly lower your monthly obligation. If you owed 10k the payment would be next to nothing and you still get to keep your ride. So when things do turn around you can just pay it off.

Agree with you also that I wouldn't touch your 401k to payoff the car. The cost to borrow money will be far more expensive than actually extending your term (in terms of short term cost).

But if you absolutely have to sell, I agree with the thought that you want to start high. If you start too low, you will still get lowballed and just have less room to work with.

Good luck bud.