QuestionMy husband and I have a toddler with another on the way. We have an unfamily-friendly car (2006 Mitsubishi Eclipse GT) with about $15,000 left on the loan. He and his ex-wife are both on the loan/registration. We need to trade-in the car for one that can handle two carseats and reduce the payments to be more affordable, so we're expecting to go used.(We live in Washington state. We've been married about 3 months.) Here's where it gets sticky for us:
-We have terrible credit. AND, when the economy hit, he lost one of his jobs and the car was repossessed. We were able to pay off the past dues to get it back, though we're close to that point again.
-My husband recently lost his (only) other job when the company he worked for went under, so his $500+ payments and insurance are a nightmare for me to handle on my salary.
With no proof of employment for him and his ex-wife on the lien - do we have a chance at this trade-in? What are steps we need to take to get there? Does his ex-wife have to be involved - and to what extent?
AnswerHi Carol
I must be very honest, when I first looked at your question yesterday I felt very sad on your part as to what is happening here, having had time to think about a way out from this mess, I am sorry, the way I see it, let go, and start fresh.
Here are my thoughts, with terrible credit it can't get worse so play it out and save a few bucks to buy a car for cash till you improve your credit score " how is another subject down the line "
Stop making payments, yes the repo man will be looking for the vehicle, hide it somewhere besides your workplace or home, after 3 months according to my calculations you will have about $1500. saved in non payments to buy a car for cash ?
And yes you can find a car in that price range to fit your needs.
I will be happy to assist you further with some ideas if interested. make your reply private and leave a phone number with best time to contact.
Ray http://www.usedcartips.org/
