Overwhelming Debt

[Girlzilla88]

If the car is reliable I def. would NOT kick it to the curb to buy a quick buy that may cause you more difficulty trying to get your payments in order.      

[Jnbmom]

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@OmarR wrote:

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@Girlzilla88 wrote:

On a side note once you catch up the rest I would def. refinance your car or upgrade/trade out depending on what deals your local dealer offers to get that apr lowered.

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I wouldn't make this a *side note*, I would make it the main note.

OP, I would sell that car tomorrow and buy a beater. Even if you are upside down on it, at least you will only be paying 28% on the remaining balance versus the entire car. With auto insurance, that is near or at 25% of your pay. That is weighing you down heavily.

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@OmarR wrote:

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@Girlzilla88 wrote:

On a side note once you catch up the rest I would def. refinance your car or upgrade/trade out depending on what deals your local dealer offers to get that apr lowered.

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I wouldn't make this a *side note*, I would make it the main note.

OP, I would sell that car tomorrow and buy a beater. Even if you are upside down on it, at least you will only be paying 28% on the remaining balance versus the entire car. With auto insurance, that is near or at 25% of your pay. That is weighing you down heavily.

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I have to agree 28% is insane!!!!

There are plenty of quality used cars that you can buy outright.

[OmarR]

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@Girlzilla88 wrote:

If the car is reliable I def. would NOT kick it to the curb to buy a quick buy that may cause you more difficulty trying to get your payments in order.      

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Anyone can be smart about buying a car. Take a friend that is knowledgeable as a mechanic. Pay for a pre-inspection. Most of them are only $100.

This has nothing to do with reliability. This has everything to do with keeping a loan that is at 28% and almost 25% of his take home pay. Advising him to keep that car even a day longer is terrible advice.

[RSX]

let’s get the car details posted here so we can give some advice.  

Year/make/model/mileage

outstanding balance on the loan

we only know the int rate is high. But not the details 

[Girlzilla88]

If they are ok with the monthly payment it looks like they aren't paying Mortgage or another higher note if they have had that vehicle for 1 year or more they can see about refinancing BUT the main point is if they do that it will damage their credit worse and I'm pretty sure OP doesn't have 6k or so to buy a vehicle outright and you want them to do a Repo/Get rid of the car?!     To me that is terrible advice ?!

[OmarR]

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@RSX wrote:

let’s get the car details posted here so we can give some advice.  

Year/make/model/mileage

outstanding balance on the loan

we only know the int rate is high. But not the details 

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Agreed on the details.

But if the OP "only has 2 payments" left or something close to that, chances are that he probably would have mentioned it in his original post. A scenario close to that would be the only way it would make sense to keep the car.

[OmarR]

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@Girlzilla88 wrote:

If they are ok with the monthly payment it looks like they aren't paying Mortgage or another higher note if they have had that vehicle for 1 year or more they can see about refinancing BUT the main point is if they do that it will damage their credit worse and I'm pretty sure OP doesn't have 6k or so to buy a vehicle outright and you want them to do a Repo/Get rid of the car?!     To me that is terrible advice ?!

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Your first sentence negates all logic.

"If they are ok with the monthly payment".....NO, they are NOT ok with making the monthly payment. Look at:

How much the OP takes home

How much his car note is costing him

How much he has in unsecure debt

I am also not suggesting that his car get re-po'ed. He needs to turn in the car, and either break even (unlikely) or be told that he owes $X,000 at 28% (the upside down part) and drive a $500-$1000 1990 Honda Civic or Accord or similiar.

The OP cannot keep this car and survive this on his own unless he doubles (even better triples) his income with a 2nd job.

Yes, telling him to keep his current car is TERRIBLE advice. Telling him to keep doing what he is doing? Does that sound logical to you?

[Anonymous]

First off,

I would like to thank every single one of you for responding to my posts. I am not ignoring you.

Here is my situation to give a better understanding:

Yes, my vehicle's interest is a blazing, high 28% because I voluntarily repo'd my previous vehicle. (Stupidest, *censored* mistake that I've ever made.) That is why I am paying WCU $130 a month. My current vehicle has a co-signer, my mother. I do not pay INSURANCE or RENT as I live with my mom, and my S.O. 

 My unsecured debt is not MASSIVE. Just looking at the number overwhelms me to the point where I want to give up; however, my car note is the biggest bill I have and yes, I'm actually able to still spend here and there and buy a few nice things so it isn't killing me as in depressing me. My end goal is to basically refinance my car or trade in the future for a lower interest rate; however, before I can do that. My baddies are the biggest prevelant issues.

[Girlzilla88]

CLAPS YES!!!     This is exactly what I figured and "Giving it back/breaking even" is still considered a Repo I work at a dealership so yes and there is nothing wrong with living with family to get back on your feet I actually applaud you for it a lot of people don't do that so yes get your info in order like you were planning and then refinance they recommend at the 1 to 2 year mark or having your vehicle not sure how recent you got it?!    But that part work out later and in doing so you will get a lot lower apr and it will reflect on your credit as a paid off loan when you refinance or upgrade so it will help you there as well         

[Anonymous]

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@Girlzilla88 wrote:

CLAPS YES!!!     This is exactly what I figured and "Giving it back/breaking even" is still considered a Repo I work at a dealership so yes and there is nothing wrong with living with family to get back on your feet I actually applaud you for it a lot of people don't do that so yes get your info in order like you were planning and then refinance they recommend at the 1 to 2 year mark or having your vehicle not sure how recent you got it?!    But that part work out later and in doing so you will get a lot lower apr and it will reflect on your credit as a paid off loan when you refinance or upgrade so it will help you there as well        "

Yeah! It's a long story, we rather not leave my mom alone. She is a veteran and has depression. We love her too much. 

Now, the car's problem. . . MY current bank is Exeter financing, they do not do refinancing at ALL. I do want to pay off my collections but I am honestly leaning towards simply rebuilding new history?