PowerBook G4 / 500 mHz
Upgraded to 40-gig HDD (sweet super-fast IBM drive with 8-megs cache RAM) and 512 megs RAM (from stock 20-gig HDD and 256 megs RAM)
Apple-replaced DVD-ROM drive and case-top (trackpad, clicker, etc.)
External Firewire case for 2.5" HDDs / with 20-gig HDD installed
Tiny little optical scrollwheel mouse w/ two buttons
All CD's that came with it new, books, papers, etc.

Any ideas what I might get for this setup? If I can, I'd like to sell this one, pay MBNA off entirely, and then work like crazy over the summer and try to save enough money (combined with my fall student loans) to buy (outright, no more loans for me!) a new/refurb/used PowerBook G4 15" or 17"... which I could then use for my fall film editing classes.
So, again, any ideas would be really appreciated.
Thanks,
SpaceBoy

Official MLA Raconteur
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quote:

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My loan balance is just about $2,700 and climbing at 24% interest all too quickly.

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by Day: Mild-Mannered Engineer and Trapeze(tm) Artist
by Night: Colonel of Truth, Justice, and the Macintosh Way
Reserve Officer in 68kMLA Cantankerous Coot Contingent

I have to ask were you making minimum payments on the loan? 24% on a computer loan is insane, hell you could have used a vesa/mastercard and got a much lower rate. If you owe 800 more then your initial purchase peice and you have been paying for 1.5 years doesnt that tell you that a: you royally ****ed up, b: your never going to pay it off, c: its not worth anywhere near what you still owe, d: its cheaper just to get a new computer.

I assume the lown was using your computer for collateral and if you take the computer back your probably done with the loan (you lose what you paid but big deal). It might also screw your credit up a little but considering they are calling you at home to make payments its already bad.

Walk away and learn from your mistakes.

And now you're f**ked by excessive interest!

I tend to agree with G4 and Unknown. Find that loan contract and try to find a (legal) way out of it, even if it means handing the PowerBook back. Getting a credit card is also a good idea. Locally, credit cards get charged about 15% which is obviously better than 24% !! Also try getting a legit loan with a bank or credit union (as opposed to a loan shark or 'finance' company)

How old are you? Do you need to worry about your credit rating yet? A few late payments doesn't make a bad credit rating. You only get that when they (the finance company) actually report you to a credit authority - but don't let it get to that. If you are able to make a lump sum repayment, it will probably help your rating anyway.

- - - - - - - - - - - - -
A little knowledge is a dangerous thing, but it sure beats a blank stare for starting a conversation.

Most of these loans are basically setup so they **** you with crazy interest and feed off the poor people who cant afford the product to begin with (hence the 24% interest to somebody who couldnt afford it). They will threaten you with all kinds of crap, and nothing hurts poor people like the "bad credit rating" they hold over your head.

The last thing they want is the computer back, they want you to keep making minimum payments for the rest of your natural life (which means you will owe more and more every month).

Oh when you take it back rip out the upgrades, their yours.

Since you've made late payments, your chances of getting a 0% balence transfer are shot.

See if you can't find a low interest BT offer and work it from there if you really want to keep it.

Sell the iBook and get your payments current. See if you can sell your older PB 1400 (do you still have it?)

Do you use your car a lot? If not, sell it.

You must get that balence killed or under control as soon as you can -- don't f'up your credit.

quote:

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24% is totally excessive! You might be able to lower the interest rate by finding another source of credit

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Perhaps if you sell the car, you can pay down a good chunk of the loan. They use the money you would have spent on the car (insurance, gas, maintinance, etc.) to accelerate the monthly payments on the remainder of the loan.

Anyway, get more advice from others about all these issues and prepare a budget for yourself.

Good Luck!

G4From128k

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Give your dreams a chance.™ - Apple in the mid '90s

Next time you're tempted to buy the latest and the greatest machine, reject the thought entirely. Yeah, it's nice to have a computer you can brag about, but not at such a high cost (in the economics sense of the word) to you. An older machine might not get the job done as quickly, but you won't find yourself with payments you can't afford.

Dont buy a car without a nice down payment, if you cant come up with a down payment then dont buy it (same for a house). Make sure that not more then 60% of your paycheck is needed for your standard monthly bills, and save 4-6 months of paychecks just in case something comes up.

I notice alot of young people get in trouble with credit cards or loans because they have no idea how to manage money since their parents just paid for everything they got. Once you have to pay your own bills by working you quickly realise that its not as easy at it looks, especially when your not making the kind of money your parents are making.

Judging by the interest rate you got for the loan they considered you high risk anyway. The return rate for lenders is in the few percent because alot default on their loans, and the few that dont end up paying for the rest of them.

Words of advice, dont worry about bragging about what you own, if thats all you care about you will always be broke and in debt. Buy what you need and save a few buck. Once you do this you will find your interest rates will drop and your credit line will be higher. The people who get the best rates are the ones who dont need the loan to begin with. With every budget something will always come up you have to spend money on, just a fact of life.

At that point you end up with a "late" comment on your credit report, but over time as you stay current, things aren't so bad.

As for the contract you signed ... you're over 18, and were legally an adult, so ...

I'd suggest that you make sure you can get by without your car before selling it!!

for me... being only 15... outright cash and parents are my only source of things....

I wonder what would happen...

.ME walks into CompUSA with $1500
.ME walks out of CompUSA with g4 Tower.

would they actually do that???

Of course they wouldnt even try to get you credit because of your age.

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Give your dreams a chance.™ - Apple in the mid '90s

SpaceBoy, I am sure that you can fix this problem. $2,700 is not that much. Sell the car because you don't need it and I'd bet that yearly car expenses are enough to pay off the loan fairly quickly. If the money from the car is insufficient, then I'd maybe sell one or two of your 3 laptops (I'd keep the G4 because you need that for classes). Put yourself on a strict budget -- no fun and no toys until the loan is paid off.

If you do this, I am sure that you can "make ends meet" and start repairing your reputation.

G4From128k

quote:

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yeah... that's an insane rate for a loan on a computer of all things....

I'd suggest that you make sure you can get by without your car before selling it!!

for me... being only 15... outright cash and parents are my only source of things....

I wonder what would happen...

.ME walks into CompUSA with $1500
.ME walks out of CompUSA with g4 Tower.

would they actually do that???

Official 68k videographer
Official MLA TourGuide
"I'm just a normal computer geek who somehow landed a social life"

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-danny
You! What PLANET is this!
-- McCoy, "The City on the Edge of Forever", stardate 3134.0
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