My truck was repo’d a week ago. Got the truck in May 2007 a ford f-250, 2005, it’s financed through Chase Bank for $31,009.45, at 19% with a down payment of $3500. I got the truck for my business, I’m a landscaper. I have never been late on my payments always on time until recently. Due to the economy here in Ms not much new construction is going on and what you do bid on, someone is always their under bidding you where they only make a couple of dollars themselves. Before the economy got in this predicament, I had money saved for emergency, always been a budgeting person. In January got this huge job offer for a low-income development. Started in Jan and finished in March, everything was going well until the last check for me to draw, which was a total of $26,500. All my employees had been paid off, because I had to go into emergency money to get all of them paid. I am in litigation process now, having the guy’s company sued. This is what put me in a down spiral financially. I moved to save money, turn off a lot of things (cable, internet, home phone), keeping my utilities to a minimum. I have gotten behind so much, I’ve looked for a second job, the McDonald’s is not hiring. I have a daughter who just finished massage therapy, I owe her school $7000. and that’s only the beginning.
Received a letter from Chase today, telling me that my truck will go up for private auction on the 11th of this month. The truck has sat in my drive for a month, not knowing, what’s wrong with it, because I didn’t have the money to get it fixed. I worked out of town a month ago, and was waiting on that pay check to get my truck fixed and catch up the notes.. Got the check and my truck is gone. Now a year after I got the truck I have had motor problems, for almost two months straight, but it was under warranty, because ford warranty the motors in their truck up to 100,000 miles. So everything that was done only cost me $100.
I don’t know what to do. I don’t want to destroy my credit; I have been on this site for about to years, working with my credit but yet, I get my truck back, it could be the motor and it could not be. Anybody have any advice, it would be greatly appreciated.
Thanks
