There is simply no way around it, we can't keep our vehicles. That is, we can't unless I go back to work FT which neither I nor my husband are willing to let happen.

They eliminated all OT at DH's work, which we were dependent on. He already works a second job and does eBay on the side, and I'm doing some work-from-home, too. But we still do not bring in enough to cover the car payments. Repossession is inevitable.

We're going to try to sell the car, and we should be able to get enough for it to cover the amount we owe, but we have negative equity on the pickup truck. It is really going to stink if they come, take it away, auction it off, and then hand us a bill for $4000 to cover the deficit. Ugh.

And we don't have enough money to buy even a beater car right now. That is something that we are committing to the Lord in prayer. But oh this royally stinks and I just want it to be over. We have really great credit at the moment, which we were really protecting. Now to take a hit like this is painful.

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Call the bank and try and work something out. It is more of a hassle for them to have to repo it. They would rather you keep paying.
BEst of luck

I'm sorry you're in this situation. It's hard when you feel like there's no way out. But... Absolutely call the bank and explain your situation. When you're upfront, honest, and proactive, most creditors will be happy to work with you. Especially in a repo or forclosure situation because of the cost and hassle involved for them. For example, they can extend the length of your loan to get your payments lower. Good luck!

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Jennifer
dd Sarah 1/4/02
ds Brady 1/15/07

I agree w/the above, and if indeed you do have to lose it, offer to turn it in to them, rather than get it repo'd, which will incur worse credit, hassle, possible embarrasment and worst of all, extra fees tacked onto the loan and your credit record. It automatically goes to collections when the repo kicks in, I believe.

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they will see your history of good credit, and maybe they can refinance to lower your payments. definetly contact your bank!!!

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I have to agree. I was watching a tv show about mortgages and banks. The people said call the bank .... let them know the situation (before you get behind) and see if you can work out a new payment plan. I do not see why this wouldn't work with cars as well.

If the bank will not work with you, consider going back to work for just a small period of time to get the money you need. You wouldn't have to do something permanent - just long enough to get your payment in good standing and save a little for once you quit. You've worked SO hard to maintain such good credit. It would be a shame to have it ruined. Sometimes you have to do something you don't want to do for the betterment of the family (I doubt your hubby loves working a second job). Can you take in a child? Check your paper for jobs such as activities coordinators for nursing homes (where you don't need NA experience, but you do crafty things with the residents) or receptionist jobs. Take on a nanny job (you could ask to bring your child with you - check on enannysource.com for jobs) --- some of the jobs pay VERY well. I know you said you'd have to work FT to bring in what you needed to cover the car costs, but if you got a job, the bank may be more willing to work with you, as they may feel that you are an able body that could work but aren't, and therefore aren't trying hard enough to pay off the debt (I know you are trying, but they may not see it that way).. Best of luck. I hope you get everything squared away as painless as possible.

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~~Amanda~~ Mommy to one Little Man (3 1/2 yrs old), TTC #2

WE'RE ADOPTING!!!

call the bank at least try to negotiate on the car since you don't have negative equity that would be your best option plus a car payment is usually cheaper than a truck payment.. what about a pt job in the evenings(if your dh is not working) or on weekends. i understand that may not be an option if your dh is working 2 jobs or has wierd hours(that our problem) plus it would not be feasable to pay daycare for your kids....good luck i know it sucks but at least try to call the bank so you don't get stuck without a car unless you can use public transportation.

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I agree with everyone. Call the bank.

And about going back to work...I know you are both against it, so I really don't need to say this, but for every hour I was at work, I was paying $1 to our daycare--none of my wages counted because of that. For us the only logical thing was for me to quit working. Sometimes not working is the better option financially.

I do hope you get this worked out!

I agree...try to work something out before it is repoed. My sister's car was repoed...no negative equity and they billed her $15,000. I think they must have given the car away for that much to be left.