Job Might Be Getting Moved to India, Need Advice
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From: Hockessin
Job Might Be Getting Moved to India, Need Advice
I know you guys are always giving me advice. But this time I need it, bad.
I owe $27K on my 2002 Lexus IS300. My job is very likely going to be moved to India and the way the market is right now I might not have another job anytime soon. Unfortunately I'm paying $540 a month on this damn car. And, I'm already behind on the payments due to other financial troubles. I completely over-extended myself I know, I need to get out of this car.
I'm going to buy a beater in the mean time. But I don't want to have it repo'd. I would rather have someone take over my payments, if thats at all possible?
I owe $27K on my 2002 Lexus IS300. My job is very likely going to be moved to India and the way the market is right now I might not have another job anytime soon. Unfortunately I'm paying $540 a month on this damn car. And, I'm already behind on the payments due to other financial troubles. I completely over-extended myself I know, I need to get out of this car.
I'm going to buy a beater in the mean time. But I don't want to have it repo'd. I would rather have someone take over my payments, if thats at all possible?
Joined: May 2005
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From: Tallahassee, FL
Read "The World is Flat". Great book. Talks about outsourcing and what an individual needs to do to make it in the "flat world." If your sector is getting outsourced, you must adapt to another company need. Whether that entails going back to school, or learning a new trade. I would look into non-labor intensive stuff, or government regulated professions.
I am becoming an Accountant. Alot of the general ledger stuff is being outsourced, but certain tax and financial statement processes are not allowed to be done out of the country.
As far as the car, if it looks like you arent going to have a job, you should sell it. $27k in an 02 might be hard to get, but you would be cutting your losses.
Not much you can do when it comes to outsourcing. Companies must do it to keep up with competition. If they cant compete, everyone loses their jobs.
If you own a house, and have some equity in that house, you COULD take out an equity loan to pay the car off, but that would only be a temporary solution. But it might ge you by until you get another job (sometimes you can defer first payment by as much as 45 days).
Good Luck.
John
I am becoming an Accountant. Alot of the general ledger stuff is being outsourced, but certain tax and financial statement processes are not allowed to be done out of the country.
As far as the car, if it looks like you arent going to have a job, you should sell it. $27k in an 02 might be hard to get, but you would be cutting your losses.
Not much you can do when it comes to outsourcing. Companies must do it to keep up with competition. If they cant compete, everyone loses their jobs.
If you own a house, and have some equity in that house, you COULD take out an equity loan to pay the car off, but that would only be a temporary solution. But it might ge you by until you get another job (sometimes you can defer first payment by as much as 45 days).
Good Luck.
John
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From: Los Angeles, Miami
Originally Posted by MonStar,Oct 2 2005, 06:19 PM
My job is very likely going to be moved to India
Sorry to hear that, I would sell the car quick. At worse, you can sell it to CarMax.
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From: SF Bay Area
Why are you so sure you can't find another job?
I'm not up to date on IS300 prices, but it sounds like you're going to be underwater by a few grand if you sell it. If that's the case, then you'll need some cash to pay off the difference between the selling price and the loan balance, which could be a problem if you're having financial issues.
Taking over payments is something you'd have to ask your leinholder about. I don't think it's possible with many, if not all, lenders because the current loan is to you. If someone else buys the car, then a new loan has to be issued to that person. Your existing loan can't simply be transferred over. Plus, taking over your loan would mean paying over market value for the car, so you'd have to find a sucker.
Personally, I'd say to try hard to find a new job before doing anything else. Outsourcing is a fact of life these days, but there's almost always another option out there. What do you do for a living? If your part of the country is drying up, maybe there are opportunities elsewhere?
I'm not up to date on IS300 prices, but it sounds like you're going to be underwater by a few grand if you sell it. If that's the case, then you'll need some cash to pay off the difference between the selling price and the loan balance, which could be a problem if you're having financial issues.
Taking over payments is something you'd have to ask your leinholder about. I don't think it's possible with many, if not all, lenders because the current loan is to you. If someone else buys the car, then a new loan has to be issued to that person. Your existing loan can't simply be transferred over. Plus, taking over your loan would mean paying over market value for the car, so you'd have to find a sucker.
Personally, I'd say to try hard to find a new job before doing anything else. Outsourcing is a fact of life these days, but there's almost always another option out there. What do you do for a living? If your part of the country is drying up, maybe there are opportunities elsewhere?
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