We own our home (well, make the payments to bank still) and we have a car we are making payments on. Like everyone else, we have other bills and food and a million other things that need our attention and money each month. I am in school full time (nursing program) and I am wrapping up my first year (YAY!)
But I still have another year left to go before I can be working a steady job, making some pretty good money. All we have is dh's income, which is stable and good and all, but just not enough to cover our asses.
So, we have been looking into refiniancing our home. Roll in the car and other bills and only have one payment, and hopefully a lower one.
A no go. They say from where we have been late on payments (car and credit cards) our credit is hit too hard to qualify. So, I call the car note people and explain to them. I am tired of being a month behind on payments. I ask if I can extend my contract, make my payments lower so I can be on time with the payments. They say no. Credit too bad. They say no to a refinance. I ask about just surrending the car. I am told that when and if I do, they will sell car and what they sell for will be applied to what I owed and any balance left I still must pay! WTF? I am damned if I do, damned if I dont. Then they tell me I am eligible for a two month extension. SWEET! I take it. I ask how often can a person do that. They say you must make 12 payments on time to get it. OK. But credit is too bad to extend the whole contract.
I will never buy a new car again. I told them that too. LOL
I guess I should not say I am screwed, I did get an extension of some sort at least.
Yup, I hear ya. Things are pretty sucky right now. We're trying our damnest to pay off everything--I'm gonna be needing another car pretty soon, mine has one foot in the grave--but it sure won't be a new one--I'd have to sell one of my kids to afford it! ; )
At the time we bought the car (09)...........We were living within our means. It was offered at a killer APR and price and we were both working. I wasnt in school fulltime. I am willing to do what I should, aka, give the car up but it will be put on my credit as a repo, I would still have to pay any balance. I am willing to take the hit on credit with a repo but would only do so if it meant walking away clear from a balance. There is no classes in the nursing program over the summer months, so I will be going back to my old job but will have to leave it come fall semester. :(
We never lease cars, too much hassel. We have older vehicles but at least we owe them straight out. I understand about getting in between a rock and a hard place, we were there not that long ago, we had to move out of one place, rented a small over priced aparment waiting on finding a house and ripped through our savings because of it. Now we are better, not where I would want to be, but better. Hopefully you guys can figure it out soon!