Senior Contributor
Posts: 3,240
Registered: ‎04-03-2008
Re: How to cash in with Cash for Clunkers with Bad Credit?

203bravo wrote:

our credit a pretty bad blow on the face of it. The most devastating being a 30 day on a mortgage about 5 months ago—it actually hit on the 31st day and when my wife sent in the late fees in a partial payment it wasn’t applied as she had hoped, and subsequently we are showing 30 days for the last 5 months on our mortgage


Am I reading this correct --- you wife made a partial payment 5 months ago and has not be able to make full payments to include the missed amount to date?  This resulted in 5 straight months of late pays - including the most recent month?


we had some emergency expenses last year that strained an already stretched budget


Is your budget still stretched as thin or have you been able to shore it up?


A good deal is only a good deal if you can afford it... While you may need a more reliable vehicle, it may make better financial sense to save a couple of thousand and get a "newer" used vehicle.


I have serious concerns from your post that if you haven't brought your mortgage payments current in 5+ months then you don't have enough emergency funds in the event ANYTHING happens.  And this concern seems further strengthened by the fact that in your financing consideration you are using the Gment money and dealer incentives and NON of your own cash as a down payment..



I strongly agree with 203bravo on all points: it sounds to me like it would be a major mistake for the original poster to buy a new car at this time.  New cars are an expensive luxury for those who can afford them, and any car bought without hard cash from the buyer is highly likely to be a mistake.



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