car most likely being repo'd

[Anonymous]

OMG, i am at a loss as to what to do. long story short: we are in financial dire straits due to me not being able to work due to a disability (i was turned down for SS disability) and the fact that my husband's wages are being garnished for child support for $1000/month. we're in the process of getting a modification on that and on our mortgage, but in the meantime, we're up a creek. we are 2 months behind on our car loan, and unless we come up with the money by Oct. 31, they are repo'ing the car. we've already used the deferment that they allow this year. do we have ANY other options? if we lose this car, not only will we have the major ding on our credit, but we can't be without a car!!! we have 2 kids and they have needs! help!!

[Anonymous]

We've been without a vehicle for nearly 3 years.  Similar situation, I am on my 4th Appeal trying to get Social Security Disability.  My husband's truck (our only transportation) was reposessed because my health problems cost money that went beyond our health insurance, beyond our 6th-month emergency-fund money we had saved, actually, beyond anything we ever, ever, could have imagined. 

The fall comes quickly, but the road back up --- takes years! 

We've learned to use public transportation which, in our area, is unreliable and sometimes quite dangerous but, you have to do what you have to do.  We have learned to live on a very meager income and be very thankful for it.  We learned, first hand, the real meaning of humiliation and shame. We also learned what is truely important and what is not. We realized that we had built a good life once before, and we could do it again. 

Maybe you will be blessed to have friends or family that will rescue you.  We didn't but, that was okay.  We just trusted God!  And, little by little, we ARE making a good life once again.  Praying that you will too!!! 

[RobertEG]

While I sympathize with you, creditors are, above all, capitalists who have responsibilty to their accounting ledgers.

Aside from finding a temporary, alternate source of funding to bring your installment account back into good-standing, I dont have any magic advice.

I would just suggest that you try to minimize the further damage to your credit. Repos are bad, but so are charge-offs, lawsuits and referral to debt collectors.  Each of those paths taken by a creditor could potentially magnify your credit score woes in addition to your current financial woes.

If the vehicle is repo'd, keep your eye on how their process progresses.  If they take the vehicle and sell it, that will offset your remaining unpaid debt.

Have they given you any indication of whether they report their actions to the CRAs?  If you can avoid that, then scoring damage can be lessened.

Best of luck to you!

[Booner72]

There are some AMAZING posts here that people have written that give ideas on how to make ends meet by cutting costs such as cable, cell phones, going down to basic internet (or none), getting rid of any subscriptions to anything, eating cheaper food (rice, beans, ramen noodles) cutting out all entertainment, knowing the difference between a Need and a Want. Does your school offer free/reduced lunches for the kids? Going on craigslist and selling things you don't NEED is also a good option to get some fast cash. The searchbox is a good feature to look for posts that are relevant to your situation. Credit aside, are there other bills you can put off paying so you can get the car current? Good Luck to you and your family. Hopefully if the car does get taken, you live in town where transit is available. I know that seriously sucks but you do gotta do what you gotta do.