- #6 of 49
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Re: Brother in law died, leaving his widow with payments [oldfarmer50]
by fezo
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Jan 07, 2009 (9:02 am)
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Replying to: oldfarmer50 (Jan 07, 2009 4:16 am)
Exactly correct. I've seen a couple of folks get car repossessed and one whose house got foreclosed. in all cases if they'd been up front about the problem they'd have survived it. The ones with the foreclosure had a bankruptcy before that. Their credit score must be in negative numbers!
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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- #7 of 49
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Re: Brother in law died, leaving his widow with payments [fezo]
by bvdj84
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Jan 10, 2009 (7:26 am)
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Replying to: fezo (Jan 07, 2009 9:02 am)
exactly, I do agree. Working with your lenders and being upfront is a better option. They will be less likely to cause you to lose things. Now, I am not sure if I told the lease company for my car, that they would work out anything for me if I needed help. The contract would be hard to work around. I would have to transfer the lease to someone else. I have seen that before. But, that could take a long time.
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- #8 of 49
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Possible layoffs looming
by component81
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Jan 12, 2009 (7:44 pm)
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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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- #9 of 49
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Re: Possible layoffs looming [component81]
by euphonium
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Jan 12, 2009 (10:02 pm)
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Replying to: component81 (Jan 12, 2009 7:44 pm)
If you can negotiate or renegotiate your loan with your bank or credit union, do it.
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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- #10 of 49
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Re: Possible layoffs looming [component81]
by qbrozen
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Jan 13, 2009 (9:50 am)
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Replying to: component81 (Jan 12, 2009 7:44 pm)
sooo... what are you down to? 3 years remaining?
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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- #11 of 49
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Re: Possible layoffs looming [qbrozen]
by fezo
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Jan 13, 2009 (12:02 pm)
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Replying to: qbrozen (Jan 13, 2009 9:50 am)
I agree completely - refinance it if you can and stretch the payments. If things work out and you keep the job you can always pay the old loan amount and shorten the loan.
Selling the car would probably cost you in the grand scheme of things plus you'd end up in a car you don't like as much.
Best of luck.
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- #14 of 49
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Re: Possible layoffs looming [component81]
by ronvpr
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Jan 20, 2009 (3:41 am)
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Replying to: component81 (Jan 12, 2009 7:44 pm)
I would sell that Subaru. You have enough to worry about let alone trying to keep one of those cars operational. My brother was a mechanic for a Subaru dealer in California. He said he would never buy one after all he has seen go wrong with them.
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- #15 of 49
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Re: Possible layoffs looming [ronvpr]
by morin2
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Jan 23, 2009 (3:08 pm)
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Replying to: ronvpr (Jan 20, 2009 3:41 am)
Previous post a little harsh on Subarus and not very specific (ok to downgrade late 90's early 00's for headgaskets, but not the entire marque - we're not talking Yugos here...). I don't think the WRX is that problematic - it sounds like you are rationally examining the level of debt in your life and trying to find a solution. Unfortunately, the big depreciation hit means the buyer of your WRX will get a good deal. The lesson here is to pay cash. We have become a society than over-finances. If you do sell the WRX (and I'm not making that specific recommendation), you only come out ahead if you buy a replacement for cash. Buy something that has absorbed a massive depreciation hit and is easy to maintain yourself. I can't think of a job that requires a WRX commuter, unlike many sales jobs that require carrying clients, equipment, etc. Of course its fun, but with competition for few if any jobs, could count against you at some companies because you could be perceived as a risk-taker.
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