Sick to my stomach......

iVillage Member
Registered: 03-25-2003
Sick to my stomach......
1
Wed, 04-30-2003 - 4:33pm
I am sick to my stomach thinking about what to do! My car is in the process of being reposessed but I can make the payment 10 days late to avoid it but do not want to. It's not that I just dont want to but this is a problem every month. My payments are never on time cause my income coming in is less than the bills I have going out and the car is the one big thing. Also, the car itself is an added monthly expense each month due to repairs. I just needed to vent. I hate being broke!
Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Wed, 04-30-2003 - 5:15pm
Darma - I'm sorry for what you're going through!

If you can at all avoid the repossession, and then sell the car yourself, you would likely be better off. When they reposess the car, they're going to sell it, and charge you the difference. So if you owe 10,000 on the car, and they get 7,000 when they sell it, you'll owe them 3,000. Does that make sense?

Cars really can make it difficult for all of us when it comes to the monthly budget. I agree that getting rid of the car payment can be a great way to help catch up with the rest of your budget, but reposession rarely works out to your advantage.

All my best,

Danni

All my best,
Danni