sanguines
Junior Member
So here's the deal. I'm 21, married, and in the military. I make OK money, around 36k a year. My wife works part time in retail and makes 8 bucks an hour. Now, here's the problem. When I bought my FZ, I was dumb as hell and took a big hit on the Ninja I traded in. So now, I owe 12.5k on my 1 year old 2007 FZ6, and of course it's on one of those terrible revolving motorcycle credit accounts :Flip:. The balance hasn't dropped at all over the course of this year (due to a sucky interest rate and the fact that $0 of my less-than-minimum-payments are applied to the capital). Obviously I can't sell the bike for the 5k or so it's worth and be left with 7k in debt, but then again, it's difficult to hang onto it too and have another insurance + fuel payment.
I also have a car, a 2007 Subaru Impreza with a 39 month lease for 36k miles. I've had it for a year and put 16k on it as I commute with it 3 days a week, 40 miles one-way. It's a terrible lease. I don't know how to get out from under it - I can't trade it in without sending my already exorbitant monthly payment through the roof, and I can't sell it for what it's worth because that's not enough to buy out the lease (it's 20k to buy it out now, or 11 at lease-end, but I won't make it mileage-wise and 10 cents a mile or whatever it is adds up very quickly to a lot of dough).
I live in Northern California, where the cost of living is high. I don't live near the base because it's ghetto. We are barely getting by (largely thanks to the strain of 2 vehicles [3 really, my wife has a paid-off car] and it's getting old. I don't know what else to do. We don't have good credit so it's hard to refinance anything (not that I think any bank would refi my bike with me owing so much..) and I need advice on how to dig out of this.
Any thoughts?
I also have a car, a 2007 Subaru Impreza with a 39 month lease for 36k miles. I've had it for a year and put 16k on it as I commute with it 3 days a week, 40 miles one-way. It's a terrible lease. I don't know how to get out from under it - I can't trade it in without sending my already exorbitant monthly payment through the roof, and I can't sell it for what it's worth because that's not enough to buy out the lease (it's 20k to buy it out now, or 11 at lease-end, but I won't make it mileage-wise and 10 cents a mile or whatever it is adds up very quickly to a lot of dough).
I live in Northern California, where the cost of living is high. I don't live near the base because it's ghetto. We are barely getting by (largely thanks to the strain of 2 vehicles [3 really, my wife has a paid-off car] and it's getting old. I don't know what else to do. We don't have good credit so it's hard to refinance anything (not that I think any bank would refi my bike with me owing so much..) and I need advice on how to dig out of this.
Any thoughts?