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flowerbutt00 t1_j6iswxi wrote

Reply to comment by octotron3000 in I have a financed car and less than 30 days before navy basic training. by octotron3000

Were you drafted?

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octotron3000 OP t1_j6itfww wrote

I can't tell if this is serious or sarcasm, but no I volunteered but the reality of it didn't set in until I got my ship date after meps, I just think this car is going to be a waster of time and money once I start my life somewhere else, plus I won't need a car in a submarine.

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flowerbutt00 t1_j6itz9r wrote

You didn’t need a new car at your age, period. A great thing about the service is the financial counselling — take advantage of it. Learn from the mistakes of millions of servicemembers who messed up before you.

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CookieAdventure t1_j6iuysp wrote

You won’t need a vehicle when you’re on a sub but you won’t be at sea for the entire 2 years. You do get a break. You can store the vehicle. Yes, it was a stupid purchase but, if you can’t afford to sell it now, your option is to store it and pay down the loan. The upside is once you get access to it again, it’ll be really low mileage for its age.

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KDBurnerTrey5 t1_j6ixa1q wrote

This is why I’d tend to keep it. Especially if you have someone who you can trust keep it in their garage and get it out and running every now and then the car should be mint, with good value still when you return from basic training.

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octotron3000 OP t1_j6ivtao wrote

Good points, thank you for your feedback, I have a hard time seeing the bright side something, I just didn't want to be tempted to waste my enlistment bonus, it just seems like insurance is always a rip off, I know I need it incase something happens but nothing ever happens.

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CookieAdventure t1_j6iwqm2 wrote

I don’t know which deployment port you’ll be in, but all sorts of things can happen while it is in storage, especially if you’re on the gulf or east coast. Your insurance should drop because you won’t be driving it but it still needs to be covered for damage. Ask a mechanic what you have to do to store it properly if you can’t leave it with someone who can drive it occasionally.

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octotron3000 OP t1_j6ixqni wrote

The only problem is the gap insurance will not cover another driver.

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CookieAdventure t1_j6iy7h4 wrote

Your other driver should own their own vehicle and have their insurance. If they cause damage while driving then their insurance covers the car.

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octotron3000 OP t1_j6izedt wrote

Even if it's only their car in their insurance, or do I need to put them on my insurance and they pit my car on theirs???

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CookieAdventure t1_j6j069r wrote

Auto insurance covers you as a driver … any car you drive is insured if you cause damage while insured and auto insurance covers damage to your car.

You don’t need to do anything except let your insurance agent know that the vehicle is in storage. If the car is going to be in storage (garaged) in another state, they need to know, too. Vehicle insurance doesn’t usually move states.

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octotron3000 OP t1_j6j1zt3 wrote

Does it make a difference if it needs full coverage because its new?

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CookieAdventure t1_j6j2q6u wrote

Not really. Your vehicle isn’t “new”.

Your vehicle has comprehensive on it. That part of your insurance policy pays to repair your vehicle if it is damaged. You need that even if it is in storage. If a tornado goes through while you’re deployed, the vehicle is covered (more or less).

Then there is liability coverage. That is the part of the policy that covers you and damage you cause. Talk to your insurance agent for more details.

The gap insurance is an add-on to your policy that helps you to pay off your loan if the vehicle is totaled. Soon you won’t need to keep that.

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TheVaneOne t1_j6jfski wrote

Are you with USAA? Most of their customers are service members and they can advise you as to what to do as far as insurance. When we shipped our car, they had us drop the standard insurance and we only payed a fraction. You could do something similar for the months you're not driving it, during basic and when underway.

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octotron3000 OP t1_j6jlljp wrote

I'm with geico and I'm still a young male so my insurance is normally expensive.

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TheVaneOne t1_j6jmfk4 wrote

I don't know when you can join USAA, but I'd try them. Because they work with service members they can probably get you a better deal, also look at refinancing through them, I think you mentioned a 14% rate? They might be able to beat that, and knowing that you'll have stable income for the next few years makes a difference in rates.

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octotron3000 OP t1_j6kkgm9 wrote

So once I refinance with someone else, they take over my loan all together?

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TheVaneOne t1_j6ma2gk wrote

Basically, you call up the new place, say hey I've got a shitty loan, can you beat it? They say yes or no. If it's yes, they basically pay off the old loan, and you pay them now, hopefully with a better interest rate. Might cost a fee, but if you can't sell it right now, then this will at least save you money in interest and lower your monthly payment. You could still pay it down enough to sell it, but it's up to you. Doesn't hurt to call.

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