I bought a BMW Z4 2 months ago. I have yet to make my first payment on it after a downpayment of 1500. i don't have good credit(low 600) and i have a few charge-offs and i applied for more than several cash advances just to pay my bills and i don't even remember i owe who and who and i never answer the calls from them or from collections. I figure sooner or later i will either file for bankruptcy or let it row for 7 years. I do have a second car(my mom's car) that's paid for and in her name that i use. coz my mom got her own camry(also paid for).

I am wondering if i should just keep driving that Z4 for a few months without paying till they eventually repo it. (to make my downpayment $1500 worthwhile) and when they sold it and ask for the difference, my payday loans and others will be over 90 days and i will include everything i owe and file for bankruptcy.

or should i keep paying for it even though i might eventually give up the car anyway after one year? my credit is already pretty damaged(low 600).. what should i do?

P.S. if i do decide to just don't pay.. i can use the money for my horse-riding lessons and other fun stuff..and get my laptop back from my pawn shop which i will do eventually anyway. Plus A car will eventually be outdated.. and if i keep on making payments 5 years later... it won't even worth a dime for all the money that i paid. and for what?


For all before you start judging me(and i know you guys will) i owned a biz at the age of 21 and I used to the luxury of things i had money for... and never care much for credit. since i had enough cash. after the biz ran to the ground, i have been trying to figure out my next biz venture. (i hate to work for ppl).

I don't think you understand the seriousness of your mismanagement money.

I can't stress this enough...You do not want a re-possession on your record! Do not simple return it to a finance company because that counts a voluntary re-possession and has the same implications. Sell the BMW privately. If you didn't overpay, you may get the amount that you owe on the car since you did put money down. At least try to do the responsible thing.

Good luck with everything.

alls i have to say is that you cant just NOT pay...if you continue to get further and further into debt your just making more trouble for yourself. and taking the money for horseback riding lessons? thats ridiculous! you have outstanding loans and payments, and your going to use the money for luxuries and get into more debt..? you need to take a personal finance class, or get an accountant. your priorities are way off kilter.

I say ride it out. It don't sound like you are gonna be able to pay for it long term, so why bother trying to get it caughtup. I say park it somewhere that's not at your house so they can't come repo it. this guy I know got his leased car painted so the repo man couldnt find it. also, always make sure someone parks behind you so they can't get it out with a toe truck. Enjoy your $ when you have it. Life is to short too give it all away to your bills.

You have no idea of the mess you are in do you? You can't just not pay for a car and drive it. You're obviously not a very good at business either because you ran your last one into the ground. I don't think you really understand bankruptcy, it's not as easy to file as it used to be. Basically by filing bankruptcy you're a thief, you don't think you should have to pay, so you want the easy way out. I wouldn't start a new business if I were you, if you file BK no one will want to touch you with a ten foot pole, or give you the time of day. You're FOS.