Car Loans and COA

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
20130804
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Car Loans and COA

Postby 20130804 » Sun Apr 07, 2013 4:33 pm

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Last edited by 20130804 on Sun Aug 04, 2013 4:20 pm, edited 2 times in total.

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A. Nony Mouse
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Re: Car Loans and COA

Postby A. Nony Mouse » Sun Apr 07, 2013 4:39 pm

At my school, COA expressly excluded car expenses. If they were going to bump your COA over what the school estimated, I don't know if you could get additional loans or not (I think if, for instance, you had kids, you could get more loan money to cover costs associated with the kids, but I don't know how flexible they were about other kinds of additional expenses).

20130804
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Re: Car Loans and COA

Postby 20130804 » Sun Apr 07, 2013 11:08 pm

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Last edited by 20130804 on Sun Aug 04, 2013 4:20 pm, edited 1 time in total.

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rinkrat19
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Re: Car Loans and COA

Postby rinkrat19 » Sun Apr 07, 2013 11:16 pm

You should really not be buying a car while living off loans. That's just common sense and being a grownup. If you absolutely MUST, figure out how to fit it in your budget. Get a roommate, live somewhere cheap, etc.

You could take it with you and sell it when you get to law school.

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A. Nony Mouse
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Re: Car Loans and COA

Postby A. Nony Mouse » Sun Apr 07, 2013 11:23 pm

naboma wrote:
A. Nony Mouse wrote:At my school, COA expressly excluded car expenses. If they were going to bump your COA over what the school estimated, I don't know if you could get additional loans or not (I think if, for instance, you had kids, you could get more loan money to cover costs associated with the kids, but I don't know how flexible they were about other kinds of additional expenses).


Thanks for the response. Do you know what people who already have cars do to pay for their loans? I think I could probably work it into my budget if I were especially frugal, but I don't want to risk it.

Sorry, I don't know (I had car payments when I started but my spouse covered COL and I just took loans for tuition). I'm assuming they probably worked it into their budgets - I looked again, and my school, at least, is clear that financial aid cannot exceed cost of attendance, and that car payments don't count as educational expenses. You can appeal and get extra funds for child care, medical expenses over and above your budget, and expenses relating to a disabling condition, but not for car payments or credit card payments (this is based on Dept. of Education guidelines).

20130804
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Re: Car Loans and COA

Postby 20130804 » Sun Apr 07, 2013 11:28 pm

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Last edited by 20130804 on Sun Aug 04, 2013 4:20 pm, edited 1 time in total.

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rinkrat19
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Re: Car Loans and COA

Postby rinkrat19 » Sun Apr 07, 2013 11:30 pm

naboma wrote:
rinkrat19 wrote:You should really not be buying a car while living off loans. That's just common sense and being a grownup. If you absolutely MUST, figure out how to fit it in your budget. Get a roommate, live somewhere cheap, etc.

You could take it with you and sell it when you get to law school.


Perhaps I didn't make it clear in my first post, but I already have the car. I bought it when I had a grownup job because I needed it. Law school wasn't in my plans at the time or I would have done something differently. I am asking about how people who already have a car loan deal with it, not asking for advice on whether I should buy one before I go.

"buying" = making payments on. I knew exactly what you were asking. My answer stands.

romalee
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Re: Car Loans and COA

Postby romalee » Thu Apr 18, 2013 1:59 am

You can apply if you don't have bad credit in previous status, there are tow types of auto loan directly and indirectly. The loan which you applied through any car dealer as an intermediary between the bank or financial institution is called indirectly applied. The direct term is that you apply on your personal details and guarantee.
Last edited by romalee on Thu Apr 18, 2013 2:10 am, edited 1 time in total.

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dr123
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Re: Car Loans and COA

Postby dr123 » Thu Apr 18, 2013 2:09 am

I dont understand whats stopping you from selling it...

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bizzybone1313
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Re: Car Loans and COA

Postby bizzybone1313 » Thu Apr 18, 2013 2:20 am

If it is a sporty car like a 350Z, i wouldn't want to sell it either. What car do you have?

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jbagelboy
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Re: Car Loans and COA

Postby jbagelboy » Thu May 02, 2013 1:08 pm

FWIW, I'm selling my car in August before I move to law school. I owe about $7,500 on mine right now, hoping to pay it off within the next 3 months and sell with the title in hand. However, if I can't swing it, I'll make payments in the fall and sell it in December when I head home over winter break.

So long as you're in a location with good public transport, I really don't see the need to have a car. I would keep one in a college town area like AA or Durham, but not in NYC/Chicago/SF. Also, consider that its not only the cost of making payments to the loss payee, its also insurance payments, registration, parking, and gas or ticket fees you may accrue, all of that is not in your budget and not an advisable scenario.

If I can't manage to sell before december, I'm cutting the insurance and leaving it at my parents house (although I haven't lived there in 5 years they still would have space for it). I recommend you do the same.

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mewalke1
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Re: Car Loans and COA

Postby mewalke1 » Fri May 03, 2013 11:06 pm

rinkrat19 wrote:
naboma wrote:
rinkrat19 wrote:You should really not be buying a car while living off loans. That's just common sense and being a grownup. If you absolutely MUST, figure out how to fit it in your budget. Get a roommate, live somewhere cheap, etc.

You could take it with you and sell it when you get to law school.


Perhaps I didn't make it clear in my first post, but I already have the car. I bought it when I had a grownup job because I needed it. Law school wasn't in my plans at the time or I would have done something differently. I am asking about how people who already have a car loan deal with it, not asking for advice on whether I should buy one before I go.

"buying" = making payments on. I knew exactly what you were asking. My answer stands.


WOW over 10,000 posts. Don't you have anything better to do than douche up the already over douched TLS?

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A. Nony Mouse
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Re: Car Loans and COA

Postby A. Nony Mouse » Fri May 03, 2013 11:38 pm

mewalke1 wrote:
rinkrat19 wrote:
naboma wrote:
rinkrat19 wrote:You should really not be buying a car while living off loans. That's just common sense and being a grownup. If you absolutely MUST, figure out how to fit it in your budget. Get a roommate, live somewhere cheap, etc.

You could take it with you and sell it when you get to law school.


Perhaps I didn't make it clear in my first post, but I already have the car. I bought it when I had a grownup job because I needed it. Law school wasn't in my plans at the time or I would have done something differently. I am asking about how people who already have a car loan deal with it, not asking for advice on whether I should buy one before I go.

"buying" = making payments on. I knew exactly what you were asking. My answer stands.


WOW over 10,000 posts. Don't you have anything better to do than douche up the already over douched TLS?

Well, I suppose she could go around snarking about month-old posts.

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bizzybone1313
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Re: Car Loans and COA

Postby bizzybone1313 » Tue May 28, 2013 2:51 am

I just bought a Chrysler Crossfire for $10K cash. If I end up in NYC, DC or LA, this might prove to have been a dumb decision. I really needed a new car though. My last car has been hit twice in 30 days by other drivers; the engine blew on it 6 months ago due to overheating and I had to buy another one from a junk yard; and it is leaking fluids. Plus, the Chrysler Crossfire will be a nice way to pick up ladies for dates. :lol: For those of you guys that are currently driving an OK but not flashy car, you would be surprised the difference a car like this makes. The day I bought it and drove it 6 hours back to my hometown. When I would stop to put gas or eat somewhere, the looks some girls would give me. They are programmed that way. They can't help it.

helfer snooterbagon
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Re: Car Loans and COA

Postby helfer snooterbagon » Tue May 28, 2013 6:45 am

I drive a Dodge Stratus

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jbagelboy
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Re: Car Loans and COA

Postby jbagelboy » Wed May 29, 2013 3:32 am

bizzybone1313 wrote:I just bought a Chrysler Crossfire for $10K cash. If I end up in NYC, DC or LA, this might prove to have been a dumb decision. I really needed a new car though. My last car has been hit twice in 30 days by other drivers; the engine blew on it 6 months ago due to overheating and I had to buy another one from a junk yard; and it is leaking fluids. Plus, the Chrysler Crossfire will be a nice way to pick up ladies for dates. :lol: For those of you guys that are currently driving an OK but not flashy car, you would be surprised the difference a car like this makes. The day I bought it and drove it 6 hours back to my hometown. When I would stop to put gas or eat somewhere, the looks some girls would give me. They are programmed that way. They can't help it.


Lol, you always provide the most illustrative and least on-topic anecdotes

I bought a nice car (used) last year too and now I have to sell it in august to move to NYC. Pretty bummed about it but the $ will stretch to pay one years CoL at CLS.




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