painful contemplation

aerodynamic · Post by **aerodynamic** » Mon Jul 07, 2008 12:37 pm

Well, I'm thinking about selling the car. I can't believe I'm considering it, but it might be for a pretty good cause. I have a contact in Massachusettes for whom I locate cars for sale. He is usually looking for
old Mercedes and Porsches, but occasionally newer vehicles with very specific options. These vehicles typically get shipped to Poland to his buyers. I get rediculous finder's fees for this, sometimes $500 to $1000 for what amounts to a few minutes or hour's worth of work. The problem comes sometimes when a deal escapes me because I don't have the money for a deposit in time. Bottom line is, I need the capital and sometimes I need it now. I figure if I do well enough, I might be able to get something nicer in the future. I would really hate to see it go though...it's one of a kind.

1971SSP · Post by **1971SSP** » Mon Jul 07, 2008 6:22 pm

Business is business, and making money is important. Its too bad you can't use a line of credit, even from a credit card, and pay it back when the deal is completed. Really look at all your options before selling your car. I know everyone's situation is different. I started with a very small line of credit 14 years ago.

aerodynamic · Post by **aerodynamic** » Mon Jul 07, 2008 8:34 pm

Well, my credit's ok, actually. You mean a cash advance to give the deposit? I guess that's not a bad idea, as long as the money gets right back on the card when I get compensated. Hmm. The car may be saved. I never looked at my credit as a way to make money, lol. Always looked at it more as an evil thing. Very evil. Hmm.

1971SSP · Post by **1971SSP** » Mon Jul 07, 2008 8:53 pm

Yes, that is exactly what I'm saying. If you only need the money a short time, the interest charge will be so small, no matter what your interest rate is. Once you understand the system, you will pay very little to nothing to use the money for short periods. Try to put away $50 or $100 per deal, to build a revolving bank account, where you dip into it, and replace it when deals are completed...then you will always be ready. You have to start at some point. Cars I can learn more about, money I understand very well!

aerodynamic · Post by **aerodynamic** » Mon Jul 07, 2008 11:01 pm

Thank you Brian. I'm going to seriously consider it. Besides, I know all too well how it feels to drive past the car show instead of into it. Don't much care for that feeling. How do you normally get cash advances from a card? ATM? That wouldn't work in $1000 increments though.

fourforty6pac · Post by **fourforty6pac** » Mon Jul 07, 2008 11:15 pm

Don't sell it. Trust me you will regret it. Been there.

Smellslike1974 · Post by **Smellslike1974** » Mon Jul 07, 2008 11:17 pm

If you go for a loan or anything like that,read the fine print or those bastards will have you buy the balls and your wallet!

1971SSP · Post by **1971SSP** » Mon Jul 07, 2008 11:43 pm

Like fourforty6pac said, don't sell, you will regret it.

The only way to get more then what an ATM allows, is to go directly into the bank. Have your credit card and proper ID. You simply give them your card, ID, and tell them the amount you want. Make sure your cards CASH ADVANCE limit is at least the amount you need (say $1,000). Even if you have a $3,000 credit limit, you might only have a $500 cash advance limit., so check on your credit card statement, or call your credit card company and ask.

You might have to do this the first time, I know I did. But once I built up bigger limits, you will get those great "6-12month" super low to NO interest rate checks. I would use those, and simply pay them off before the great interest rate expires. The big thing, pay it off as soon as you get the money back! Yes, credit can be evil, but use it correctly, and it can be used as leverage.

AZ-Nick · Post by **AZ-Nick** » Wed Jul 09, 2008 9:58 pm

Greg - As said before "Business is business, and making money is important"..... You didn't say anything about the deal you are after but I hope and I am sure you know what you are doing. I have bought many cars saying this was the last car I will ever buy and they seem to depart because a deal came along that I needed to make. Unfortunately, we sometimes make a mistake and then we need to live the mistake made. If the deal is as important as you say it may be and it outweighs the current car, pull the trigger as fast as you can and don't look back because a better Mopar will show up sooner or later. If you sit and contiplate the decision too long, your sweet deal may be taken away from you. I am sure you already know what you want to do and you are looking for your friends that will sway you in the direction you deeply are thinking, even if it is keeping the current car. Just remember this, it is your car and your sweat that made it what it is, if the other is important enough to give you the urge to sell yours, make sure you will never look back.... Good Luck in your decision.......

Ps - tell us about the other deal, we want to know, we really do.....

fourforty6pac · Post by **fourforty6pac** » Thu Jul 10, 2008 12:43 am

I hear what your saying nick, and yes there is always another one just around the corner.
Now is a bad time to sell a classic car. There are many other ways. What about a small business loan, now is not the best time for that either but it's worth a try. You wouldn't necessarily need to get a sbl, your bank will give you a loan if you have collateral (like your car for instance). Credit cards can be costly unless you can pay it off in a hurry. try not to go that route.
What ever you do the ultimate decision is yours. All I can tell you from my experience do what you can to keep your ride. It sucks when you look back and know that you could have done the same thing, only differently. Maybe you shouldn't listen to me, I've done quite a few things ass backwards. Good Luck in your endeavors.

Hotwheelsjr · Post by **Hotwheelsjr** » Thu Jul 10, 2008 1:51 am

Holy HUGE effing picture...

1971SSP · Post by **1971SSP** » Thu Jul 10, 2008 2:18 am

These guys bring up some good points. Like Nick said, don't drag your feet too long deciding what to do, and watch things pass you by. And as fourfourty6pac said, the market is down now, not the best time to sell.

If you can get the money other ways

like a line of credit, go for it. But even if you go the credit card route, and pay a higher interest rate for a couple months (you make it sound like you only need this money a short time)....better to pay finance charges over 2-3 months and make up to $1000, then to make nothing at all. Like i said before, if you do it, pay it off ASAP, set aside a few bucks each time, before you know it, you will have yourself a little pool of cash you can keep turning to make these deals.

Again, don't let a good situation pass you by, do what you need to do. Either way, lets us know what happens

1971SSP · Post by **1971SSP** » Thu Jul 10, 2008 2:21 am

Hotwheelsjr
Satellite Sebring (RH)

Joined: 11 Mar 2005
Posts: 70

Posted: Thu Jul 10, 2008 12:51 am Post subject:

Holy HUGE effing picture...
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I thought the same thing!

AZ-Nick · Post by **AZ-Nick** » Thu Jul 10, 2008 8:53 am

it is a tough decision that is why he needs to be able to NOT look back if he pulls the trigger.....
I just realized that I need to change my signature, I just sold my 69 GTO because of a business decision I made a couple of weeks ago. Do I miss driving it, you bet, does it bother me, NO WAY.
We all have remorse for that special car we once owned and let go years ago....... Greg, good luck once again.....

Smellslike1974 · Post by **Smellslike1974** » Thu Jul 10, 2008 10:46 am

Heres an idea,sell half the car!

jk.

Just do what you feel is right,its your car,and after all youll have to live with the choice you make.