Help and advice please!!!!

martinezjames · 08-30-2012, 10:37 AM

I have just been let go from my job and well now i have been forced to go back to work at my old job as a server. The job that let me go paid me well and great, i was getting fine really well and now that i have pretty much received a pay cut im beginning to have financial issues. My car note seems to be my downfall, it is $849.74 a month and i just cant afford it anymore, i can make 1 more payment before going into rock bottom status. i was wondering if there is any way that i can extend my loan to lower my payments i mean im willing to extend my loan up to 10 years if i need too!! the last thing i want to do is give up the vehicle because that would ruin my credit and the bank would still try to sue me for the rest of the money i owe on the vehicle. i was saving money to go back to school and now that seems to be a dream i wont be able to reach!! im just stuck in this big bubble full of problems and i need advice or help. there has to be a way out of this mess.

Joekerr · 08-30-2012, 11:23 AM

Probably first step is to talk to the finance company about extending.

If they choose not to, then you may need to sell the car to pay off the remainder of the loan - hopefully you are not underwater on the loan vs value of car? But I don't know of course.

If none of these are viable, you may need to work two jobs or take extra shifts for a little while till you can get back on your feet? Sucks, but that's it. $850/month seems like a lot for a 325 though unless its a shorter term loan? If you've been paying regularly, I suspect the finance company would be ok extending if you've proven yourself?

If the original finance company is unwilling, is there an early buyout clause - if so, go to other finance companies to see if they'd be willing to pay it out and you pay them over a longer period of time...

08-30-2012, 10:37 AM	#1
martinezjames Enlisted Member 8 Rep 40 Posts Drives: bmw 325i Join Date: Nov 2010 Location: conroe,tx iTrader: (0)	Help and advice please!!!! I have just been let go from my job and well now i have been forced to go back to work at my old job as a server. The job that let me go paid me well and great, i was getting fine really well and now that i have pretty much received a pay cut im beginning to have financial issues. My car note seems to be my downfall, it is $849.74 a month and i just cant afford it anymore, i can make 1 more payment before going into rock bottom status. i was wondering if there is any way that i can extend my loan to lower my payments i mean im willing to extend my loan up to 10 years if i need too!! the last thing i want to do is give up the vehicle because that would ruin my credit and the bank would still try to sue me for the rest of the money i owe on the vehicle. i was saving money to go back to school and now that seems to be a dream i wont be able to reach!! im just stuck in this big bubble full of problems and i need advice or help. there has to be a way out of this mess.
	Appreciate 0 Tweet Quote

08-30-2012, 11:23 AM	#2
Joekerr Banned 7922 Rep 1,923 Posts Drives: 2017 Audi S6 Join Date: Jan 2008 Location: Toronto, ON iTrader: (0)	Probably first step is to talk to the finance company about extending. If they choose not to, then you may need to sell the car to pay off the remainder of the loan - hopefully you are not underwater on the loan vs value of car? But I don't know of course. If none of these are viable, you may need to work two jobs or take extra shifts for a little while till you can get back on your feet? Sucks, but that's it. $850/month seems like a lot for a 325 though unless its a shorter term loan? If you've been paying regularly, I suspect the finance company would be ok extending if you've proven yourself? If the original finance company is unwilling, is there an early buyout clause - if so, go to other finance companies to see if they'd be willing to pay it out and you pay them over a longer period of time...
	Appreciate 0 Quote