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would you let your car get repo'd if it meant...

you could afford to live on your own? Im a single mom and currently I live with my friend and her mom. I have my son 4 or 5 days a week, the other days he stays with his dad. My car payment is killing me now, its $365 a month. Outrageous I know. Im seriously considering letting it go into repo just so I can afford to have my own place. I make $1700 a month, give or take a penny or two. Rent for a 1 bdrm in my area is anywhere between $525-575. Plus I would have to pay utilities and all. I want my own place, but I dont want my car repo'd at the same time. If I decide to let my car go in repo, I would just wait until income tax and buy a "beater" and pray nothing goes wrong. What would you do?

Answer Question
 
Anonymous

Asked by Anonymous at 10:03 AM on Oct. 30, 2008 in Money & Work

Answers (8)
  • can you get public housing until you pay your car off
    Anonymous

    Answer by Anonymous at 10:05 AM on Oct. 30, 2008

  • i'd try to get out of the car.... even if it meant repo!
    Anonymous

    Answer by Anonymous at 10:07 AM on Oct. 30, 2008

  • If you let your car get repoed your CREDIT will go into the BAD very bad category,,for a long time..That means their will be a lot of things you will not be able to get because of your bad credit..I would suck it up and pay off the car..

    louise2

    Answer by louise2 at 10:09 AM on Oct. 30, 2008

  • call who you have your loan from, almost all banks have a glitch in their policies, something about hardship, (you just have to ask, they don't advertise this stuff) you have to write about your money problems, your current debt, a little information and they give you two month extension basically. That way you can start making partial payments and catch yourself up. You don't want to go REPO way. You'll end up paying or owing all the money on your car and they'll sell it at auction for less then 900$. seriously. good luck, or try to trade in for a beater at a used car place and maybe they will cover the remainder of the loan? The car will follow you for years if you dont, then you might not be able to rent where you want since you wont pass there credit portion. Good Luck!!!!

    Kerinmomof2

    Answer by Kerinmomof2 at 10:35 AM on Oct. 30, 2008

  • You might be able to refinance your car or sell it and get that person to take over the payments

    louise2

    Answer by louise2 at 10:41 AM on Oct. 30, 2008

  • OMG rent for for less 1000$ on a 1 bdrm I cant even imagine, last time I saw rent even close to that was when I rented a condo more then 10 yrs and i was small!! apt style kitchen, 1 bdrm 1 bath and that was still 800$. I need to move to another state!!!! is your loan from a dealer ship or a bank? All banks have policies to help you, loose job, or have illness or things to that. you need to look over your paperwork before you throw it away and keep debt forever

    Anonymous

    Answer by Anonymous at 10:41 AM on Oct. 30, 2008

  • Don't let it repo. You will regret it for YEARS. I made this decision. Let the car go to move out. That was in 2003. My credit is just now recovering. Plus they will auction it for what they can get and you will owe the difference. And they will chase you down for it. So you will then have to deal with collectors and they won't go away unless you pay them. I owed over 7K after my repo. I am just now in a place to settle the debt with them for $1759. It's being debited today. DON'T DO IT!!! Sell it yourself. Go to your bank and try to borrow the amount you may be unside down in an unsecure loan, and maybe an extra 1-2K for a beater.
    Anonymous

    Answer by Anonymous at 11:05 AM on Oct. 30, 2008

  • If rent is that high for a 1 bedroom possibly consider moving out of area. Almost $600 is alot. Also I make over $1700 and rent here is only $300-400. That is real close to the difference in your car payment and I am on the low end of the pay scale for my area.
    Anonymous

    Answer by Anonymous at 1:44 PM on Oct. 30, 2008

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