My mother has a car under my name but since she hasnt been able to make payments I would LOVE to keep it since my car is really crappy! How can I make $300 payments on the car and pay $300 rent, pay other bills and still have $$ left over for my 2 kids??? All that and only on my husbands pay of $350 w/k......
2006-08-21 06:58:55 · 8 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
If you would like to keep the car that is legally in your name, talk to the finance company you got it through and see if they could help you catch up your payments, in most cases they will work with you to get everything straightned out. Just explain the situation at hand and see if there is anything you can do.
If at the least they wont work with you, volunteerly turn it in it would look better on your credit rather than them actually having to come and get it.
2006-08-21 07:07:01 · answer #1 · answered by Sheena B 2 · 0⤊ 0⤋
Get a job. I don't mean to be insulting, or anything but that's the true answer to your problem. YOu need more income and let's face it, in today's market, a two income household is almost mandatory. If your husbands's income isn't enough for what your famly needs, then its time to step up to the plate and start bringing in the cash.
Yeah, I know all the arguements about child care and cost of gas and the whole lot. BUT if you really wanted this convenience, you should be willing to pay for it or do what is necessary to get the payments made. Teaching your kids about earning your keep rather than taking money from well meaning reletives will go a long way in teaching them a healthy respect for money and a good work ethic to boot.
2006-08-21 07:05:46 · answer #2 · answered by Marvinator 7 · 0⤊ 0⤋
Ummm, the numbers dont lie. it cant/shouldnt be done.
Sell the car. buy a used car that you can afford and then take the extra $300 month and buy a house or invest that money. if you want to take care of your children, suck up the fact of not having a nice car for the time being and begin to look at your future beyond your paycheck to paycheck life. if you bought a house, it will begin to earn equity. Dont tell me you cant buy a house, because it is a buyers market right now, and you are holding more cards than you think. within several years, you can take that equity and buy other houses and rent them. now you are making money without going to work and using someone elses (the banks) money to bring money in for you and more importantly, your children.
This can be done. i've done it and know many others who have done it.
Ditch the car and change the way you think about the future.
2006-08-21 07:11:51 · answer #3 · answered by Shamus 3 · 0⤊ 0⤋
If it's above your means and you can't afford it, face that fact and sell it. Get something you can afford. You will be happier with a cheaper car and less stress about money than you would be with a nicer car and not able to make the payments.
I'll also add that in my opinion, it's so much better for your kids if you can be home with them. It's difficult to live on one income (and you most likely won't be able to afford the nicer car) but those are just "things". Your kids will only be little once, so if you can sacrifice some of the material things to be home with them I think that's more important than having a nice car.
2006-08-21 07:06:29 · answer #4 · answered by Elle 6 · 0⤊ 0⤋
Consider your monthly finances. Are you receiving any public assistance to feed those kids? If not, pass on the car because kids need food more than you need a nice car.
Also, look at the interest rate being paid, consider checking into refinancing it- I did my refi through HSBC Auto Finance and got a fairly low rate, considering my credit.
Sounds like you need to consider finding a way to supplement your income, and unless you can work around your hubby's schedule, day care expenses will probably exceed your income, but there are programs that will assist with that too.
I did a voluntary surrender with a car about 4 1/2 years ago and it shows as a repo on my credit.
2006-08-21 07:12:06 · answer #5 · answered by Kristy K 1 · 0⤊ 0⤋
Sell both cars and buy a car in better shape than the car you currently own with whats left over.
2006-08-21 07:10:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋
i might propose getting a used vehicle because of the fact countless infants get into an twist of destiny with their first automobiles, i comprehend I did. With a sparkling vehicle, you will additionally might desire to think of approximately insurance. you will need finished insurance in case you get a sparkling vehicle, and that value would be very high priced! a minimum of over $a hundred/month. i might advise get a good, reliable used vehicle for a fragment of what you're prepared to spend. you will discover reliable Toyotas and Hondas for approximately $5,000 and under! you apart from might have the call of finished insurance (that must be lots greater value-effective than a sparkling vehicle) and criminal accountability insurance. i might advise finding at: Corollas, Camrys, Civics, and Accords
2016-10-02 09:02:42 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Either renegotiate the loan or sell it and get something more affordable.
2006-08-21 07:23:00 · answer #8 · answered by retired 1 · 0⤊ 0⤋