Where will the car be when you are in basic? If it is parked the entire time, you may be able to lower the cost of your insurance. That should give you some extra money to make up the difference.

Have you even tried to sell it yet? Try. Based on the KBB values you posted, it’s entirely possible you break even. Don’t hold the car for 7 more months while it depreciates because you assume you’ll get under 18k now. You said KBB goes as high as 22k. It doesn’t cost you a dime to take it by Carmax or Carvana and at least find out.

Make your decisions with facts, not assumptions

Please don’t turn around and buy another sports car you don’t need at some absurd interest rate when you finish basic. I’d hate to see you on r/justbootthings next year. The days of the $5K used Civic are over but get something sensible and focus on building up some savings.

Do you have anyone at home who could sell it for you? You're about to have some very stable income and be spending next to nothing for the next 10 weeks and then still spending very little in technical training.

You might be able to save up enough to pay the difference between what you bought it for and what you'll likely have to sell it for in short order.

If that's a possibility you may want to see about getting a power of attorney written up so this other person can sell it for you but you need someone you can trust.

Edit: Also, start contributing to your TSP ASAP and ensure it's not just going into the G fund. If you don't want to research or manage it manually, pick a target date fund in line with your projected retirement date.

If you can’t afford to pay the difference on the loan and can’t get $18k for it in private sale, then this is probably your only option.

Would yall recommend making payments through basic, and then sell it when I have my enlistment bonus to make up the difference, it'll be 7 months before I get time to sell it.

Can you find a side job there teaching English? That typically doesn’t actually require you to be proficient in the language your students speak, oddly. I’ve had many US students support themselves for a year or two in Asia by teaching English as a foreign language

No you cannot.

You can’t just stop paying it, especially if you need more school money from them down the line.

It sounds like you may have just jumped into this without much research. Do you have anybody at home that can float you the money?

It’s going to be hard for an American bank to justify loaning you money to fix this situation.

I had a similar issue when I applied for a credit card JUST AFTER MOVING. If you just moved out of the state there is likely no public record of your new address in the new state. For AMEX they just asked for some bank statements with the new info. These other companies seem to want to outright deny you

Sell it.

That’s not a desirable car so it will not hold its value if you wait too long.

If there is a difference between the loan pay off and the sale amount, you will need to find a way to come up with that money.

Nope.

You’d need a personal loan for the difference if you can’t come up with it in cash.

Maybe ask family to borrow it and pay them back?

That isn't how it works. In order to be able to transfer the title the loan must be paid in full.

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Discover

Japanese language and East Asian cultural studies

I’m aiming to live in Japan, it’s very difficult to land a career if you are not physically in Japan, and graduate programs are much cheaper here than in the states

It's not possible to come up with that difference, could I sell it back to the dealer and make up the difference through my normal payment with auto pay? I won't have access to my phone in basic.

Never said I CANT speak the language, I meant my current language proficiency is not good enough for high paying side job. I can speak the language just not at the highest level yet

You need to sell it. If it sells for less than the $18,000 you owe, you will need to come up with that difference right away to pay off the loan and get the title to give to the buyer.

Maybe if they're knocking off $100 a month.

What’s the long term realistic plan here?

If you can’t have a job because of language proficiency, what is the purpose of continuing a foreign masters program?

Who is the loan servicer?

Side note, what is the degree in? All my friends with humanities undergrads really seem to regret it.

Why did you want to get a foreign degree opposed to a domestic one?

Wait, is her current car leased or financed? You're mixing up terms here and it would make a big difference

Yeah bad idea. Like Deluxe said. Open an account. Make an initial deposit. The just transfe the full amount.

There's a difference between having your account frozen and having it reported to the federal government for suspicion.

The former you'd immediately feel. The latter not so much. Most likely you won't be frozen (too many legal hoops for the bank for that).

More likely they'd ask you to explain why you're doing it and how you got the money. And if it's a suspicious explanation or unclear banks are obligated to report the activity to the government and maybe rate you as more risky as a client.

Like another poster said, I'd be more worried about Wells Fargo 😅

Guess I didn't even think of the prospect of minimum deposits PER MONTH. This is why I'm glad I asked on this reddit, I can see I still have a lot to learn.

The only time I’ve ever seen this happen is with people going through rough divorces where they want to sequester as much money from their spouse as they can. Sometimes it works, sometimes the attorneys get wise and ask about pre-paid expenses.