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  Posted to group - Money matters    <<Previous    Next>>

Slowly Sinking from Car Payments

 I co-signed for each of my two daughters (college bound) to have a car while they're in college -before my divorce.  Payments were not an issue since he paid a majority of the bills and I bought the food.  Now that I'm on my own, I'm am  going nuts trying to handle all three payments alone.  My ex has finally refinanced the house and I'm expecting my half within two to three weeks I'm told. But until then,  I feel like I'm drowning.  I've called the lenders and explained my situation but they want their money.  One daughter surrender her car without my knowledge and the other got married, followed her husband (military) and left me the car.  I don't want to mess up my credit but it's getting to be to much to handle.  I've tried selling but with no luck.  Any words of advice/wisdom will be welcomed.

by MsCLK48   4 Posts 
Posted on 10/15/2008 10:32 AM
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Tags: money , budgeting


Answers for "Slowly Sinking from Car Payments"  (6) (You must be logged in to answer)




what about the car that your other child surrendered without you knowing - do you now owe the difference on that one?

selling the car on your own, unless you get a real sucker you won't get more than BB...so you are going to owe either way..if i were in your position I'd surrender the car and hope they can get it off your hands for less out of your pocket than you trying to do it yourself.

If you have a carmax in your area, they buy cars without you having to purchase a vehicle from them - they will let you know what they will give you for the car w/o any obligation to you - that is a last ditch effort you can try if there is one in your area before surrendering it.

by spaznskitz   4803 Posts
Posted on 10/16/2008 4:15 PM
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do you intend on keeping the car for yourself? If you are, then maybe you could make a partial payment on it until the other money comes in.  If you want to sell it, maybe you could list it on craigslist in your area?
by deborah-trevino   716 Posts
Posted on 10/16/2008 7:25 AM
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It's more that BB price.  I 've talked with the lender and they've explained that the impact would be less severe if I voluntarily surrender the car rather than let them repossess it.  I haven't sleep in three nights worrying about what to do at this point.  If I surrender and they sell, I'll still be liable for the remaining balance.
by MsCLK48   4 Posts
Posted on 10/16/2008 6:54 AM
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how much do you owe on the car? more or less than blue book value?

what you can do largely depends on that question.
by spaznskitz   4803 Posts
Posted on 10/16/2008 1:26 AM
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It's funny that when my family/friends needed from me in the past I was always the giver with no questions asked.  Now, that I have a need everyone has a story.  My married daughter had the nerve to tell me that she "didn't ask for the car".  That really hurt bad considering her wanting the car was adding to the problems between me and my ex.
by MsCLK48   4 Posts
Posted on 10/15/2008 10:40 AM
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don't ruin your credit.  do you have family or friends who can give you a short time loan to help you out?  what about the kdis here?  if they are old enough to get married, they are old enough to understand this....can you ask them to pay a few payments?
by paula1   6917 Posts
Posted on 10/15/2008 10:35 AM
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