Wednesday, September 15, 2010

Page Finish!!! - Dragons

Yep you read that headline correct. I got the dragons page finished a few weeks sooner than schedule! So that is awesome. One more page to finish for this year to meet my goal which shouldn't be a problem (I hope). So that is exciting. (even if all my other goals won't be met b/c of it, dragons is the 'focus' project)
Here is the page area I just finished:


And here they are to date: (there is starting to be dragon looking items in there)


In other news... we had a bit of a mess on our hands yesterday (and it continues to be a mess).
(you can skip this to the last paragraph if you only want to read about stitching)

My car had gone in as scheduled (last week) to get the hail damage from the huge storm two months ago done. It had been quoted on and approved by insurance for the repairs.
So a week after dropping it off I get a call (yesterday) that the car is now a write-off because their estimator totally botched what it should have been double what they said it would be. (so essentially it would cost more to repair the car than to just pay me out for it).
So here's where it gets messy, we have 2 options:

1) Give the car to insurance and get a payout. (about 75% of what the payout will be has to go on the loan against the car, so we'd see 25% of the money)

2) Keep the car, and get 70% of what they offered above (almost all of which would go immediately towards the loan against the car). The car is drivable, a 2005 Corolla with 106,000 kms. It's mechanically awesome. Just has lots of dents from hail. However if we do this we can't have collision insurance. Which means if I hit someone or someone hits me I won't get anymore money for the car, it's value is $0.

So... what it really comes down to is this:
Option 1: means that we essentially have to refinance a new car almost from scratch as the 25% of money we keep from my current car is about 1/6th of the cost to buy a new one. So then have to pay each month a chunk of money to have new car. However in this case you have new car so no problems, warranty, insurance etc.

Option 2: Keep the car with no insurance, but pay off loan as well. This means I would have no payments to make on the car, and my insurance would be dirt cheap. Which puts money in my pocket right away. (I can gain back the 25% that they would have give me in option 1 in a year just on car payments alone).
So that would mean that so long as the Corolla doesn't get smashed up and keeps running we have extra money in hand. (maybe to buy a house, or you know more stitching stuff, lol).

I'm very torn on the issue... it's a tough call. So anyone that wants to chime in their thoughts by all means.
However this is the main issue that is stressing me out this week. But what can you do.


Coming up in my stitching, I am working on my autumn/fall ornament exchange for ILCS. As it's meant to be a surprise there will be no pics until my partner has received it.
Also gonna get some stitches into Rose and Cheryls Bouquet this weekend I hope!
Thanks for reading and your lovely comments.

16 comments:

Denise said...

With this economy and not knowing your financial situation - I think I would still opt for 2. All the money you save from the loan could go into an account to buy a new car. If you wreck it or it dies - then you have a NICE down payment for a new one. Just continue to put the monthly payment back. If you do option 1 - more insurance and a larger monthly payment. Good luck with your decision - let us know what happens. And also, CONGRATS on the dragons!

Smiles - Denise

Silverlotus said...

Your dragons are looking great!

As for the car, with winter coming, I'd be worried about driving anything without collusion insurance unless you can afford to replace your car and pay for someone else's repairs. The Old Farmers' Almanac says it will be colder than normal with more precipitation where you are this winter. Just something to keep in mind. (I want you to be safe! ;) )

Emily said...

Another page done, yeah Mel. Have no idea what to say about the car except what a hard choice you have to make.

Kelly said...

Congrats on finishing another page, it looks awesome!

Babs said...

Congratulations on the dragons page :D

Vicky L said...

Your dragon looks great! Congrats on getting it finish early.

Daffycat said...

So keep the ugly, dented car...pay it off and be diligent about SAVING the money you were spending on payments to save up for a new car when the old one gives up the ghost. Ugly & runs great is awesome when your end goal is a brand-new car free & clear!

Rene la Frog said...

Congrats on finishing another page on "Dragon", it looks awesome

Nancy M said...

Congrats on another page! I know the feeling, I just finished page 5 on my current Mystic. They are like mini finishes, although they aren't that MINI!!!! LOL

Blu said...

Dragons is looking great!
Can't help you regarding the car. I just borrow my dad's when I need one.

Carolyn NC said...

Congrats on finishing your page!

Meari said...

Congrats on finishing another Dragon page.

I'd go with Option 2 on the car since it still runs good, albeit ugly. You can set aside the car payments you would've made and put it toward a new car when it's necessary.

EvalinaMaria said...

If I would be in your shoes I will definitely go with option #2. Talk to your insurance agent because you need insurance in case that you hit somebody and you have to pay for his/her car or any liability issues. (I think that's called liability insurance) And save money on the new car!

Congrats of the lovely stitching.

Shelleen said...

Dragons looks great. I , personally, would not drive without the insurance as you never know what will happen and may cost you more in the long run than a new car.

Shelley said...

Mel, Dragons looks fabulous. Congrats on another page complete!!

I'd talk to your insurance agent to make sure that if you go with your Option #2 that if you are in an accident you'll have insurance to pay for the other cars damage. If so, then I'd go with Option #2 and save the money you would normally pay to your current insurance premium and build a car savings account for the future.

Pumpkin said...

Truly amazing Mel! I just can't get over how stitchers can stitch these designs.

Sorry to hear about your car troubles :o(