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Smart Shopper Making Car Payments in Hard Times
49 messages, Last post on Mar 01, 2009 at 10:26 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Have you been "downsized?" Do you have friends or relatives who have lost their jobs? There may be light at the end of the tunnel but we still need to get from here to there. Let's use this space to discuss coping strategies and methods for keeping up with car payments as we weather the economic storm. tidester, host SUVs and Smart Shopper |
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that she couldn't afford so she immediately went to the Credit Union, explained her case and they rewrote the debt into a more comfortable handling package. BIL didn't buy the Credit Life option when he purchased the F250 and didn't have any life insurance at all. When buckled, communicate with the financial institution with hat in hand attitude.
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Replying to: euphonium (Jan 06, 2009 9:26 am) tidester, host SUVs and Smart Shopper
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Replying to: tidester (Jan 06, 2009 10:13 am) I had a couple of things that slowed payments due to health problems several years back and I was mostly favorably impressed with how it was dealt with. The one I remember most was American Honda Finance who let me skip a month and tacked it onto the end of the loan. That accomplished all I needed and they got their money. That said I will say that things are a little meaner out there these days. It's good to hear the credi union doing the right thing.
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Replying to: fezo (Jan 06, 2009 6:48 pm) I think they have an enlightened self-interest in these matters. The last thing a bank wants is your car. They would much rather have you be upside down with it than them. When you consider the cost to the bank of repoing and selling your car combined with the depreciation they are motivated to work with you. The secret is to call the lender BEFORE you default on the loan. It amazes me how people in financial trouble will bury their heads in the sand until it's too late.
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Replying to: oldfarmer50 (Jan 07, 2009 4:16 am) A friend's daughter found out about how things work when they towed her Civic right out of her driveway in the middle of the night. She ended up getting it back but her mom had to work it out with her. If she'd told her mom in the first place it never would have gotten towed. Banks don't want houses and cars. They're not in that business and especially now are depreciating assets. Work things out.
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Replying to: fezo (Jan 07, 2009 9:02 am) |
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I might be unemployed by the end of March. This will be the third year in a row the company has done layoffs. I survived the first two rounds, but I could be on the chopping block this time. On the the point. I have an 18,000 balance on my loan, payments are 468 a month. I bought the car new, and am almost even with the private party value. (06 Subaru WRX) With no guarantee of walking into a job with the same pay, I would like to have a lower payment. Best idea I can think of would be to sell and buy a car around the 9-12k range. Am I thinking right, or should I be looking at another option? |
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Replying to: component81 (Jan 12, 2009 7:44 pm) You keep your WRX, continue to make payments, and the credit union won't have another vehicle on their list to sell or auction. Talk to them now and see what they will do to help you. Good Luck. 
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Replying to: component81 (Jan 12, 2009 7:44 pm) refinance it now while you still have a job. It will extend the loan (let's say refi for 5 years), but if you still have a job, you can keep making larger payments and pay it off early.
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