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Financial/Car Issues
tbwb24
Registered User new member
Registered User new member
Posting on an alt.
My wife and I ran into money trouble last year, and we got behind on my car payments. We ended up working out some payment arrangements and had no trouble up until this last month. I got really sick, was hospitalized and missed almost two weeks of work. The double dip of missing work and paying for the hospital bills put us behind again and we missed a payment.
That has now basically defaulted on us on the car, and they want the full balance, about 1500 dollar immediately.
Here's the catch. Just before I got sick the car broke down. There is a hydraulic problem with the clutch. It's either the Master or Slave Cylinder. The car is at my father in laws right now and he's going to replace the Master Cylinder for us. The part is about 100 dollars, and he's going to do it for free. If that doesn't fix it, he's going to do the Slave Cylinder as well, which is another 200 dollars for parts, and about 150 for labor because he has to take it to a friends shop to drop the transmission to get at the part.
So here is my dilemma. They want to take my car which requires about 500 dollars worth of work, unless I pay the full back balance of 1500 dollars. If I dump 500 dollars into the car, and it doesn't fix it, I'm even further in the hole.
We do have another car, and carpooling is a viable option for us, but I can't get over the fact that having them take away my car is a really bad thing.
My wife and I ran into money trouble last year, and we got behind on my car payments. We ended up working out some payment arrangements and had no trouble up until this last month. I got really sick, was hospitalized and missed almost two weeks of work. The double dip of missing work and paying for the hospital bills put us behind again and we missed a payment.
That has now basically defaulted on us on the car, and they want the full balance, about 1500 dollar immediately.
Here's the catch. Just before I got sick the car broke down. There is a hydraulic problem with the clutch. It's either the Master or Slave Cylinder. The car is at my father in laws right now and he's going to replace the Master Cylinder for us. The part is about 100 dollars, and he's going to do it for free. If that doesn't fix it, he's going to do the Slave Cylinder as well, which is another 200 dollars for parts, and about 150 for labor because he has to take it to a friends shop to drop the transmission to get at the part.
So here is my dilemma. They want to take my car which requires about 500 dollars worth of work, unless I pay the full back balance of 1500 dollars. If I dump 500 dollars into the car, and it doesn't fix it, I'm even further in the hole.
We do have another car, and carpooling is a viable option for us, but I can't get over the fact that having them take away my car is a really bad thing.
tbwb24 on
0
Posts
Yes, having a car repo'd is bad. You've already defaulted on it but "defaulted and paid in full" is still better than "defaulted and repo'd."
Can trade TF2 items or whatever else you're interested in. PM me.
To be honest, I'm not that worried about my credit. It's bad, but we already have a Mortgage (which we're about 100k upside down on) so we won't be making any major purchases for a while.
Right now we're living paycheck to paycheck as we try and get everything caught up.
i assume you already sunk a lot of money into the loan, and walking away if you have positive equity would be wasteful... this way,you can pay it off, fix it, and sell it for profit
if it's a junker, and you're not worried about your credit, then i'd walk away