How should I pay off my car while having outstanding student loans?

I am currently a college senior who is studying economics, so I expect my income to increase within the next year or so. However, prior to my sophomore year, I was forced to get my own car in order to get to school. On top of this, I was promoted to assistant manager at my job (only a $12 an hour pay rate at a gym). I thought I had the ability to buy a two year old car that was fully loaded with 60,000 miles on it for $15,000 with only $500 down at 3.39%. My payments were $230 and insurance was $230 with about $30 a week on gas. Following this, I thought that I would have been able to afford an additional $150 per month for a motorcycle payment and insurance. I left the gym a couple months later for a job at a car dealership making $15 an hour as the lot attendant. I made a lot of money doing that, but the combination of the car, motorcycle, phone payments, and eating out took up all of my pay checks. I understood the terrible situation I was in with literally no more than $1,000 in my account at a time, but I didn't know what to do to get out of it. I was in a motorcycle accident on a wet road and I totaled the bike, wiping out the loan so I no longer had that. After getting my mother a job at the car dealership, she decided to walk out and quit on the spot only 3 weeks after she was hired. This caused a lot of the managers to look at me differently and I felt uncomfortable working there so I quit (with 2 weeks notice) and began to drive for Uber. I Ubered over the next nine months and now I have a car with 108,000 miles on it. The car is only worth at most $4,000 and I owe $10,000. The car is out of commission currently with a transmission issue ($1,500) and I was hit by a drunk driver while working who hit and run so I didn't get his information. Now I have a car with $6,000 in negative equity, no solid job (it is impossible finding a full time job with a school schedule), and a bad credit score. Should I get a loan to pay off my car or would that not make sense with a student loan rate of about 7%? Keep in mind I graduate in one or two semesters. Also, my parents are both not financially able to support me and my expenses, so borrowing money from family isn't an option.

College Tuition, Debt
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October 2017

Sorry about the unlucky stuff you are going through. However, I believe this is a great learning experience for you. I hope you will learn from it.

To answer your question, there isn't anything that you can do at this point to make the situation better outside of getting a job you can manage and paying your car off slowly. If you don't work, nobody will give you a loan anyway. 

I think the biggest lesson you need to learn here is that life happens. It is so easy these days to get financing and since interest rates are so low, most Americans live with a lot of debt. Going forward, I recommend that you plan to pay cash for all your big expenses except for your home. Living within your means will help you build wealth much faster.

What you should have done in the first place was to buy a car worth maybe $2000 and avoid car payments. Same thing for your motorcycle. Warren Buffet has a great quote about this. He once said that: "It is when the tide goes out that you see who has been swimming naked". And the tide went out on you. You got unlucky and you are now suffering financially...

I am sorry I don't have a magic wand of an idea to help you fix everything, However, I see this as a blessing for you. People normally realize these types of mistakes when they have a couple of car payments, a boat payment, a mortgage and a family to take care of. Learn from this and start to control your money.

I hope this helps.