Help with current HHR situation
11-18-2007, 10:37 AM
#21
Banned
Join Date: 08-25-2007
Location: Myrtle Beach SC
Posts: 488
Firist my disclaimer. I don’t know what I am talking about and even if I did it’s just my opinion.
She has signed a legal contract and she is on a very costly way to establishing a credit record. Reading between the lines (always dangerous) it sounds like the previous credit rating for wherever reason wasn’t established. Tough situation, tough decision. A seconded mortgage and pay off the loan gains nothing or little. My advice (worth nothing) is to have a lawyer write a letter offering to renegotiate the loan with the carrot being that she will default and let the car be repossessed if necessary. There goes the credit rating but no payments. In my province (state) it is either seize or sue but not both.
R CA HHR has the right idea, but don’t get hung up about how much the total paid will be, that’s just the way it is.
Any ideas Mr. Kingfrog?
She has signed a legal contract and she is on a very costly way to establishing a credit record. Reading between the lines (always dangerous) it sounds like the previous credit rating for wherever reason wasn’t established. Tough situation, tough decision. A seconded mortgage and pay off the loan gains nothing or little. My advice (worth nothing) is to have a lawyer write a letter offering to renegotiate the loan with the carrot being that she will default and let the car be repossessed if necessary. There goes the credit rating but no payments. In my province (state) it is either seize or sue but not both.
R CA HHR has the right idea, but don’t get hung up about how much the total paid will be, that’s just the way it is.
Any ideas Mr. Kingfrog?
My advice in your situation is get another job at night until you pay off the car or at least get right side up and get rid of it and buy a 6 year old car for $3000 or less until you can afford what you want. Repairs on a 6 year old car are a lot less expensive then $400 a month for 72 months. You can try to go to the bank and discuss the issue as was advised but you may put your credit at risk and you want to protect your credit at all costs especially if you cannot come to terms or your personal situation gets worse. do what you have to do to PAY DOWN THE CAR FIRST.
I do not believe anyone should buy a car they cannot afford. Whats "afford"?. A car should not cost over 1/2 a weeks income per month. RENT or mortgage should not be more then a week and a half's income a month. For me I always used ONE week for Rent and eventually my house payment (even if that meant having room mates or renting a room or buying a smaller house than the "bank said I could afford"). This way one can save a ton of money and/or pay off a home or car in 1/2 the time fairly easily. The problem comes when people purchase on a long term basis based on current events at the limits of current afford ability. 72 months is FAR too long to pay off a car. Too much can happen in 6 years!! If you lose a job, change jobs or another life altering event takes place you are screwed.
There is nothing more important then a good credit rating. Nothing. The difference between poverty and comfortable is usually a credit rating. All the extra money used to pay just the interest penalty can be saved and COLLECTING interest. That money can be used to buy a car for cash or put a huge down on one.
Everyone lives by the rationalization of "May as well live...What if you die tomorrow"? The problem is you usually do not and have to wear the golden handcuffs for a long long time.
In order for me to decide make a $400 a month car payment I would have to earn $1000 a week. I don't, and never did...so I will never have a BMW. Big deal. I could "afford" one if I wanted to make the payments technically but I don't earn enough and we bank the wife's income so that's out. I have said it before. Everyone has a choice in life. One can collect interest or pay interest. The former is far more fun....but takes much more sacrifice in the early years of adulthood.
11-18-2007, 11:05 AM
#22
Senior Member
Join Date: 06-23-2007
Location: British Columbia, Canada
Posts: 419
Quote Mr. Kingfrog: “There is nothing more important then a good credit rating. Nothing.”
Yes there is, your health, the difference being that you probably have more control over your credit rating then illness.
Yes there is, your health, the difference being that you probably have more control over your credit rating then illness.
11-18-2007, 11:07 AM
#23
Banned
Join Date: 08-25-2007
Location: Myrtle Beach SC
Posts: 488
Nothing can kill credit like bad health. NOTHING. A good wife is more important and of course God.....
11-18-2007, 12:00 PM
#24
Senior Member
Join Date: 11-14-2007
Location: Planet Earth
Posts: 1,240
Good credit is important for your financial well being.
Good health is important for your overall well being.
And a good relationship with the Living God is important for your eternal well being.
PEACE,
Good health is important for your overall well being.
And a good relationship with the Living God is important for your eternal well being.
PEACE,
11-18-2007, 01:58 PM
#26
Platinum Member
Join Date: 05-09-2006
Location: "Upland" Mesa, Arizona
Posts: 6,805
Sweet Satan (that's for the Captain
) people.....
The original poster is asking for some suggestions on how his girlfriend can "get out of" or reduce her auto payments. He is NOT asking for a criticisms, or life stories (except if they could be related to "how") on HOW she got into that situation.
MWG2....I THINK, you posted a valid suggestion. If I may paraphrase what you stated, " it wouldn't hurt to try".
) people.....The original poster is asking for some suggestions on how his girlfriend can "get out of" or reduce her auto payments. He is NOT asking for a criticisms, or life stories (except if they could be related to "how") on HOW she got into that situation.
MWG2....I THINK, you posted a valid suggestion. If I may paraphrase what you stated, " it wouldn't hurt to try".
11-19-2007, 05:10 AM
#29
Senior Member
Join Date: 05-22-2007
Location: Huntington Beach, CA
Posts: 318
