We were planning on letting it go back, because it doesn't fit our needs anymore and it had a ridiculously high interest rate, but we thought we had a little more time or would at least have a little more notice.
They literally knocked on our door at midnight last night and already had it hooked up to the tow truck. They said the only reason they knocked was because they saw the three car seats in the back and thought we might want to get them back and the rest of our stuff. Which I'm really thankful for because the bag with my youngest medicine in it was in the trunk.
I had just talked to the finance company last week and they said they could redo the loan if I could give them at least half of the past due amount, which was $1200. I told the loan officer that the most I could give her was one payment which would be $400. But they weren't willing to accept that since we were so far behind. When I talked to her she didn't say anything about reposing soon.
We were hoping we could hold off until we got our taxes back so we could pay cash and get something decent.
Now we are having to buy something with less than 1K. We need a midsize SUV or a van. DH found a few things that he is checking out today.
I feel terrible about it and I hate that I'm going to have to drive a "junker" but I know it is a good decision. We will be saving about $500 a month once you factor insurance and the payments.
The car I had was pretty nice. It was only a few years old, but it was too small for our family and just too much money every month.
I guess I would rather have an eye sore car and have food on the table and diapers on my babies butts than a nice car. As long as my family can fit in it and it doesn't break down on me and can get me around town than it is all I need.
Eta due to medical bills we acquired while without insurance we are going to have to file bankruptcy anyways. My DH is self employed and everything he makes is either cash or 1099 so we aren't worried about his wages being garnished.