This week or next the repo man should be coming for my car. I had a choice to file chapter 7 or 13 and I decided it would be best to just start fresh.

The lawyer told me I could file 13 and keep my car for $280 a month over the next 5 years. With 4 years left on my original loan ($460 payments) that sounded very attractive.

It's been horribly hard knowing that I have decided to give her up. I'm looking to the bright side though. I'm hoping to save enough for a used 05 in a couple of years. At least a good sized down payment.

So for now I'll just be driving a purple 1997 Ford Escort Wagon. Hey, at least its a Ford. Aside from the Seat Marbella I owned in Sicily, I've always driven Fords!

 

Brian,

That's terrible man :notnice: , I feel for you.....

 

Hatea hear it. Sorry man!

 

hope everything comes up roses from now one, Brian

 

Ouch. :shock: Sorry man. I am one of those people who has nightmares about losing my job and going under. Keep your head up and carry on.

Best

 

wow, how much did you pay for that v-6? 48 months at 460 a month is over 22000! If you had already made some payments, that would almost be how much i paid for my cobra.

 

Well I've made smarter purchases in my life. I've got time so I'll give a short version of the story.

When I was still happily married I would make the 5 hour trip to see my wife and kids every weekend. I am stationed in Jacksonville, FL and she had a job in Georgia that paid well. Plus both our kids are autistic so its just not the best thing to move them around.

My 99 Escort broke down one weekend and not having enough time to wait on repairs I figured I'd trade it in. My wife had mentioned that a yellow Mustang was her dream car so I got that. I couldn't make a down payment, they would only give me $5000 on the $8000 I owed and well . . . they'd only give me 10.9% interest. I was all, "Shoot, I pay $300/month already. I can afford another $150!" The total loan was for $24,000, payments of $460.

Just in the last year or so my wife asked for a divorce, quit her job and the 2002 Escape I'd been paying for got repoed. She apparently couldn't find a babysitter that was understanding of our kids situation. They are both in school now and showing great improvement.

Things were alot easier when there were two working adults.

So for now I'll just save up to buy a used 05 or 06.

 

Brian,

Chin up Lad, it'll all turn out for the best eventually. I'm glad the kids are doing well

 

Why don't you sell your car? You probably won't get what you still own, but then you wouldn't be stuck with high payment.

 

oops

 

I would be happy to sell it but it belongs to the bank and I owe them $18,000 on it! It's only worth around $9000.

I can not legally sell it for less than I owe because I don't hold the title. Unless I trade it in and let the dealer tack on the other $9000 to the cost of my new car. That would be insane and put me in an even worse position. My financial troubles don't really have much to do with this car. Just every thing else going on around me at the moment is making things hard to keep it.

I don't want to sound like a whiner either. I just don't mind talking to "strangers" about whats going on with me.

 

Brian, sounds like you are young and will have plenty of time to own mustangs....keep loving the kids.....

 

I'm sorry to hear about it. Good Luck!

 

Brian, how goes it? pm me!!