GenVibe - Community for Pontiac Vibe Enthusiasts

the school i am attending is an online school, so they don't have a traditional school year. you just go till you graduate. because of this reason, the school is sending me all of my loan checks at once. which amounts to $29,990. i owe 10,000 payoff on the vibe and 9,000 on my wife's 2006 focus. but. i have convinced her to let me take 15,000 pay her car totally off, and put the remaining 6000 towards the vibe. now a few weeks ago i delivered to this guy who had a NICE porche 944 sittting in his drive but i could tell it had not been moved in a while ( the tag went out in 99.) it was also under a little porch so it was not getting rained on. i jokingly asked him did he wanna sell it. he said "well it's my wife's car but she hasn't drove it in years, because she burnt out the clutch and its just too exspensive to get it replaced. she only drove it once or twice a month before that. so i think that if someone had about 5000 dollars cash, i could talk her into letting it go." that got my attention. i asked him how many miles? he said "about 28k i think."!!!!!!!! i was like holy crap a basically new turbo porcshe for 5k$!!!! i took a good look at the car which honestly looked brand new. white, turbo mtx, sunroof, and black leather.!!! so as soon as the check comes in from school im going to pick up the car. im going to replace the clutch, and stick it on ebay. i have see 944s with almost 50k miles going for 20-25k, so i hope to at least get 25k. if i do i will have about 40k in the bank, i won't owe another vibe note for 2 years, and a fully paid off car. so im gonna let the wife drive the vibe, trade in the focus, pay the rest cash for a nice used rx8.....! im not getting my hopes to built up for this, cause with my luck something will come up, and it will not work. but im wishing and praying for the best.. so what do you guys think? sound like a good plan or not.... give me some feedback. seeya

An engine that has not been run for nine years will likely have some troubles. You should hear it run before you decide to pay money for it.Don't lose track of the fact that the student loans are still loans, and need to get paid back, even if have friendlier terms than the car loans, so if you can pull off the profit from the porsche, use it to come out of the deal with the lowest amount of debt

Ever heard of Murphy's Law? And you did say "with my luck". Just as soon as you do this deal, Murphy and his brother will move in with you and your wife. Use the student loan money the way it is supposed to be used, finish school and pay the student loan ASAP.

so let me get this...Basically if I understand is this... your going to school, the loan company is mailing you all the money needed to pay for your schooling in advance. You then are going to gamble and buy a car, possibly fix it, sell it and try to make money off the deal, o, and pay off your current loans on cars?What are your back up plans to paying for school if you don't do the flip?What money are you going to use to pay for school after you pay off car loans? Tip money? from deliveries? If you got the loan for schooling why aren't you using it to pay for the schooling?Maybe I am missing something... I say use the money for what it was intended for... school and nothing more!

I agree with the other 2 guys.. use the money for school.. Don't gamble with your future.. use it and when done school use your new job for the toys. Get your RX8 when you are done school

the school it self is paid off in the form of grants and scholarships. i.e. pell grants, high act score scholarships,etc.. the only thing i could possibly spend the money on for school is books... i really dont think im going to need 30,000 dollars worth of books. i got the loans so i would not have to work so much. and i dont think you guys got the math of the situation, if i have 40,000 in the bank and a paid off 2006 ford focus st with 24,000 miles on it that means i could trade the focus in for 10800-10000 (according to kbb) and have a balance owing on the rx8 of about 7-8k, possibly less, because ill bring my friend mr benjamin and he speaks awefully loud. there are 2 used rx8s at the local mazda dealership around here both under 20,000. which means i would come out of the deal with more money than i got in the loan in the first place. and im not worried about the porsche, the guy said he starts it up at least a few times a year and lets it run for a while, to make sure the motor is fine. plus it's not like i cant fix what ever is wrong with the car. i have been working on cars pretty much everyday since i was 5. changed my first transmission at 6 and rebuilt my first motor at 8. and i would like to know who started the notion that if an engine sits for too long it just "goes bad" yeah maybe if it is sitting out in the elements, but one that is under the closed hood of a car that is sitting out of the rain will be just fine i promise. i might have to replace some vacuum, and and other various rubber hoses, then change all the fluids, but its not like the engine seizes by just sitting there. my chevelle's motor had not turned over in about 25 years.... so i replaced all rubber hoses, changed the oil, and coolant, poured a dab of oil on top of the cylinders, turned the motor over very slowly with a pull bar for about 20 revolutions, rebuilt the carb, then fired it up. it ran like crap for about 5 minutes while the engine burned off the oil, and years of gunk. today it started up the second i turned it over. and to answer the question about how am i gonna repay the loan by tips from deliveries? (and you would be suprised how much i make delivering) i am pretty sure im not going to school to keep driving for domino's.

We've done the math. The reason you have 40K in the bank is because you borrowed it, so therefore you are in debt to the tune of 40K. Since your in school, talk to a economics prof and see if he/she thinks your plan is sound. Better yet take some economics, financial investmenting and money management classes. While your at it, go to the library and check out the book "The Millionaire Next Door". What you will learn can be applied and used everyday for the rest of your life. Like Dave Ramsey says "broke and in debt is normal, dare to be different".

djb i totally understand what you are saying. but i think you are misunderstanding me. i know that i will be in debt. and i dont need to go look into those classes... my major is business, with an emphasis in financing. again i know im going to be in dept, but i am borrowing the money so i can not work so bleeding much. i honestly work 7 days a week, about 9 hours a day. my boss sees the overtime i get and flips out. i dont have a mortgage, as i bought a new trailer right out of highschool and paid it off early. so im looking at it as i am getting a loan for 30000$ using a little of that money to make a profit, trading in a car, getting the car i wanted, and still having the same, or maybe a little less, money that i started with, and being able to take the time off that i need to finish my schooling.. im serious, even dropping back to 40 hours a week would be awesome for me. and yeah i have listened to ramsey, and he offers really good advice. in fact, i have my ira and a money marketing account because i started listening to his show. but i also know that if you are scared to get in dept a little then you should be prepared to have a very modest life. btw. looked at your profile and says you like to build chevy strokers. my 66 has a 350 right now, but i have built a 383/w h beam rods, summit racing stage 2 400 crank, drag lite plasma ultra low drag rings, lightweight wristpins, edelbrock heads, intake, and 750 cfm demon carb, just sitting on the stand waiting to be put in my car. that is if i ever get time for it..

djb383,I never knew you built chevy motors,you learn something new everyday.Injun-josh,what year chevelle do you have,I have a 70' LS6(454).

I'm just hoping you don't make the same mistakes I, and so many others, have made at your age. I changed my way of thinking many years ago and today I am much better off for it. Again, once debt starts to pile up, Murphy and his brother will move into your spare bedroom. Since you listen to Dave Ramsey, I presume your are on track to be a millionaire by age 65 with just spare pizza money and your age......gotta pay yourself first. There is nothing wrong with living a modest life and one of Dave's favorite sayings is "you've got to live today like no one else, so tomorrow, you can live like no one else. Be sure to check out the book and remember, this world is full of $1000/month millionaires and anybody can get financing. Besides, getting financed just means you can't afford it.....if you could afford it, you don't need financing.With regard to you're engine, it sounds pretty stout to me. One word of caution about the low tension rings, keep close tabs on your oil level and have a engine oil analysis done maybe twice a year to check for blow-by contamination. What are your cam specs, lobe separation, etc.?

Not Chevy motors, Chevy smallblock STROKER motors. Arh, Arh, Arh, Arh, more power.

Hmmm.I have an LT1 sitting in my garage.Maybe I may hit you up for some pointers.

Quote, originally posted by kevera »Hmmm.I have an LT1 sitting in my garage.Maybe I may hit you up for some pointers.Are you talking GEN I or GEN II LT1?

It's out my buddy's 70' vette.I traded him for a L88 and some cash a few years ago.Now I wish I kept the 427.But the LS6 is very motivated.

fialchar, is that you? (genvibe veteran joke)