Help!!!!! - Bedford, TX

If you ever want to buy another car in your name, with a decent interest rate, do not let it get repo'd.

You need to ask yourself some questions:
1. Can you live without a car?
2. Could you refinance it and get a lower payment?
3. Could you sell it & pay off the loan?
4. Could you sell it, pay off the loan and maybe have some extra money to pay cash for an older car if you needed to?

I don't know how much your credit will weigh-in on a home loan due to the fact that you don't have the majority of the income. BUT with that said, I don't think it's ever a good idea to knowingly ruin your credit and having a repo on there will definitly do that. Also, with three kids, I think it's just smart to have a car. You never know when there might be an emergency. Maybe you don't need a $400 a month car, but a car no less. Something to think about. Good luck.

Ok, I can't figure out a way to word this without seeming angry or slightly judgemental ... read at your own risk I am going to talk to you like I would if you were one of my girlfriends (I am blunt and with out a filter)

HELLOOO you have 3 kids! You need to each have your own car. What would happen if you and the kids were home and one broke his/her arm ... what you gonna call an ambulance to take them to he hospital? And at this point it seems to me that he is going to be resentful of you borrowing the car when you need to grocery shop and run household errands. You are married you should be a TEAM front on decisions that effect the HOUSEHOLD. Going down to one car for a family of 5 is insane and he should not tell you that he is not going to pay for a car that keeps you and your children safe.

My boyfriend and I have a 4month old son and a few months ago his car was parked on the street, someone slammed into it causing his car to be out of commission for 2 months while repairs were made, we rented a replacement car for a month (all we could afford) and he and his friend shared a car for the remaining month because he KNEW with out question that there are two things my son and I CAN NOT be with out ... a car and a phone.

"He feels since he works 40 plus hours a week and pays the bills I should make the sacrifice" That's nice of him to work 40+ hours a week, I beleive you have 3 kids AND part time work YOU NEVER STOP WORKING!!! Does he get THAT?

Plus the family businesses are Cars and Homes, YOU WILL NOT GET A MORTGAGE FOR AT LEAST 5-10 YEARS with a repo on your credit.
1. It doesn't show as voulentary and even if it did all that shows the lender is that you can not make good purchase choices.
2. You will have one heck of a time trying to get another car ... in 2002 I have a voulentary repo (I was 19 and thought I was smarter than my parents) I STILL can not get a car even though I have the money to back it up with out an INSANE down payment.
3. Credit rebuilding to get a house would take YEARS so, if you do not want to buy a house for at least 5 years go for it. just know that it could also effect renting a home or apartment. GOOD LUCK!

In conclusion if this were me ... I would fight TOOTH and NAIL to keep my car, for me it would get to the point of ok then I will walk out and go buh bye if you dont want OUR bills to be paid by US, we both work. Both of your jobs generate money and responsible people.

I will now step off my soapbox and wish you luck.

Ok, please listen to me when I say these words!!! "Do not let your car go back as a Repossesion" My husband and I got behind on our car payment back in 1999 and when we made arrangements to pay our car payment with this company they said everything would be fine and then after they received the payment they came and repossesed the car! This has haunted us for 7 years! It has just recently been removed from our credit report in January but the 7 years doesn't start until its been CHARGED OFF. You really don't want this to be on your credit report for 7-8 years! This will effect you when you try to get a credit card or any other loan in the future. It's not worth it! You signed your name to the papers stating you would pay for this car and believe me you will pay alot longer on this situation if you let the cars go back than you would if you just payed them off! Please take in my advice...I feel very strongly on this subject! I am 29 with 3 kids and have struggled with these issues for a long time..please find a way to hold on to the car or sell it and pay the differance! Trust me on this!

His friends who agreed with doing a voluntary repossession are idiots. Repossession is repossession. Don't do it.

Try to sell it for what you owe. If not, sell it for what you can get and then pay off the rest. Then save up to get yourself the cheap paid off car with liability.

you have to think though... with 3 kids, do you REALLY want a car with only liability? Do you want something that could be unreliable just to save some bucks? Sounds like your husband has the financial priorities out of whack...

First of all, whatever you decide with the car, why would you just wait and let it get repo'd? Why wouldn't you sell the car and pay off the loan with that? Or trade it in at a used lot. How much do you owe on the car? It is never a good idea to default on a loan, especially if it can be avoided. Places like Car Max will buy the car from you, even if you aren't trading it for another. Or you could try selling it in the paper. Don't just stop making payments and wait for the repo man to take it. THat will screw up your credit!

A.,
You have a need for credit and transportation of your own so that you can maintain that sense of independance necessary for your self worth. You are working to earn this money and it gives you a sense of accomplishment. Perhaps your husband doesnt understand how important this is. No I do not think you are being selfish. Marriage is a joint decision, sometimes we give in areas that aren't important and compromise so that everyone feels good about the decisions when they are important to us. Tell your husband that this is just one issue you want to discuss and come to a mutual decision. Also how would you be able to go to the part time jobs if you don't have a vehicle, not to mention dr appt.s groceries etc. Just a thought.
K.

I would say not to get the car repoed. That would be a big mistake on your credit, especially if you are planing on getting a home. In my opinion if finances are an issue, I would say you might be moving a little fast with trying to situate your finaces and moving into a new home. If you are having issues with your car note of $400 a new house bill and utilites could cause a bigger problem. In short keep the car and try to sell it for something less expensive (you need some kind of transprotation) and you might think about slowing down regarding buying a home. I was rushed to buy a house and it made life very difficult at that time, I was barely making it. I would recommend, whatever you do, take slow.....don't stress out. Eventually with a little time and the right planing you can get a house and other things you need. We have a finacial advisors that is helping us save and plan for our new home and future. Her name is Mary Alice Sledge with Ameriprize financial and the # is ###-###-#### x347, email is mary.a ____@____.com for a free consultaion. She is helping us get a firm foundation on our finaces. I don't ever want to struggle like I did in the past.

I agree about the repo. That would be the worst option. If you need to get rid of the car, sell it. The answer to the rest of your question really depends on your financial situation. Are you in debt? Are you able top pay all of the rest of your bills OK? If it takes becoming a one car family or driving a clunker to get out of debt or pay bills, then it sounds like a necessary safrifice that will be worth it for your family in the long run. And if you are really in a debt situation and he is driving a car with payments, maybe he should sell his too and you could just have the old car for a while.

Giving up your car would basically mean giving up your freedom! how would you go to the grocery store? Or take the kids to a doctor? OR ANYTHING?? What if there were an emergency and you needed to get somewhere fast??
And why would you want to ruin good credit?? My husband and I are also buying our first house right now. As first time home buyers, the lenders go off of the spouse with the best credit(This happens to be my husband)to decide how much we qualify for and our interest rate. If yours is better, that could end up saving you guys THOUSANDS of dollars! Don't mess it up! If you decide to get rid of your car, at least try to sell it or let someone take over payments-- don't just "let it go back". I understand the need to cut back on payments-- (we moved in with my parents to save rent money!!)Maybe you could take your car to a dealership and trade it for a less expensive one like you mentioned.
Best of luck to you guys!!

Dave Ramsey, Dave Ramsey Dave Ramsey! www.daveramsey.com and 1-4 p.m. on 570 am, KLIF. Get his book "The Total Money Makeover," & if you're ready for what he says, you'll come out a new woman on the other side of those 300 pages or so. You'll know the car doesn't matter. That repo would screw your credit royally & then you'd probably end up with a really crummy mortgage, APR% & type, that is.

Check it out!
D.