michaelloll[at]hotmail.com (Mike) wrote in message news:<cba741c1.0310140801.6067bbc2[at]posting.google.com> ...
- quote -

You're right.
Speednxs

I would call up the leasing company and say you are struggling to make
the payments and want out, and ask them to propose a settlement. Its
a long shot, but it can't hurt to ask.

You might want to save up $3,000 and then use the money, together with
money from a purchaser, to sell your car.

Sorry I don't have any better ideas.

Andy

Things Planet Earth <thingsplanetearth[at]NOSPAM.CA> wrote in message news:<MSdib.78218$pl3.1002[at]pd7tw3no> ...
- quote -

- quote -

[snip much woe-is-me about $1100 plus expenses a month on 2 cars]

This really irks the shit out of me.

How come everybody ignores the simplest, easiest way out of
this mess.

Get another freaking job!

You got yourself into this mess, you can get out easily if
both you and your wife get additional part-time jobs to
pay for the mistake you've made. Nothing's free -- you'll
have to <gasp> actually *work* your way out of the hole
you've dug.

I got myself into a similar mess about 8 years ago and
simply worked two 4 hour shifts (Tuesday and Thursday
evenings) and one 8 hour shift (Saturday morning) at a
"moonlighting" job and had it under control in less than
1 year. You'd be able to make much quicker progress
with both of you picking up an extra paycheck.

It's that easy. Sure, nobody wants to go this route, but
sometimes ya gotta do what ya gotta do. We've got things
relatively easy in this life, a few extra hours of work will
*not* put a crimp in your lifestyle -- just quit watching
those Sienfeld reruns and put your time to productive-
money-earning-debt-paying-get-out-of-a-mess use.

Your choice. Work your way out or don't. Anything you
do to borrow or re-finance your way out will simply make
things much worse over the long-haul.

Get off your arse and go to work.

Hello

I just wanted to address your reply. You seem to have misunderstood who made
the statement about the car dealer "ruining you financially" . That post was
not made by me (the original poster) but it was made by someone in follow-up
of my post. I do not blame the car dealer for my predicament. I walked on
the lot and they of course went for the sale (that is what they do).
As for my reasoning for buying a new car....the same reason a lot of people
do.... after freezing your ass off on the side of the road in the middle of
nowhere with a car load of kids or being late for/missing work all the time
it drives you sometimes to say ENOUGH...I am getting a new car with a
warranty!

It is true though that it is a depreciating assett which is a bad move (next
time I will just save save save and buy a used one with cash)

thanks anyway for your post and well intentions

"Mike" <michaelloll[at]hotmail.com> wrote in message
news:cba741c1.0310140801.6067bbc2[at]posting.google.com...
- quote -

- quote -

The only thing I would say about this is that the *car dealer* isn't
the one ruining you financially. It is yourself. So if a car dealer
repoes your car and updates your credit report to reflect that, well,
that is on you (the buyer). I'm not saying there aren't bad car
dealers out there, but part of getting financially back in line is
looking at yourself and figuring out what you did wrong.

Mike

Things Planet Earth <thingsplanetearth[at]NOSPAM.CA> wrote in message news:<MSdib.78218$pl3.1002[at]pd7tw3no> ...
- quote -

Congratulations! You bought a depreciating asset with borrowed money
and a small down payment.

You are upside down.

You will have to borrow money to pay off the difference of what you
owe and what the car is worth. Car dealers sell at retail and buy
back at wholesale (auction) prices. You will have to pay this
borrowed money back when you no longer have the car(s). There is no
rabbit to be pulled out of the hat.

You do have the alternative of just keeping the cars and making all
the payments.

Borrowing isn't a choice? Miss a payment and you won't have any
choices. The car dealer will take back the car and ruin you
financially. No choice.

You have lot's of company. The payments weren't quite as "EZ" as they
led you to believe, were they?

I've made my own really stupid financial choices. It was that whole
internet day trading tech stocks thing. What was I smoking? It made
sense at the time. I paid for that (and still am) for years.
Everybody has their little blind spots.

Good Luck,
Speednxs

This may be off topic but I am hoping for some good advice as I have found
some very good advice here before.
My wife and I both have car payments.
Hers is a payment of $469 per month with $10,000 left to pay and the vehicle
is only worth $8,800 if we sold as a private sale.
Mine is a lease payment of $610 per month with a $33,000 buyout and the
vehicle would sell privately for $30,000 (stupid me for getting into a
lease!)
My wife drives her car everyday but no longer wants a payment. I no longer
want my payment either, I drive my vehicle about once every 2 weeks so it is
basically just sitting in my garage while I "rent" it for $20 a day!
The $1100 car payments and the high insurance is really keeping us down and
we really would much rather get out of the payments and just buy older
vehicles with cash like we did before we made the stupid move of buying new
expensive vehicles.
We are struggling and barely making the payments each month and we
absolutley REFUSE to miss a payment even though we are not happy with it.
I have a FICO score of 610 and my wife has a score of 630 so going to the
bank for any help is out of the question I would think.
Because of our less than perfect credit we WILL NOT choose the option of
just sitting back and letting them
get reposessed.
Our house is worth 170-180 K and we owe 126K on it
(we assumed the mortgage on the house because we could not get a mortgage
any other way).
We have no savings, it is wiped other than about $8,000 in RRSP's and
borrowing from relatives or getting a co-signer to help is NOT an option.
So here is the big question....is there any way out of this?
We thought of trading in both vehicles for one and trying for the lowest
payment possible on the cheapest car possible with the same leasing company
that I currently pay every month, then maybe there would be no early buyout
penalty with the leasing company.
The other thing we thought about was a home equity loan.
I don't think that would work though because I have heard that you can only
borrow what equity you have over and above the 70% or something like that.
Also, if we couldn't get a mortgage, how would we get a
home equity loan.
We went to the bank where we have our mortgage and tried to refinance our
mortgage with the buyout of my vehicle and my wife's vehicle on top of it
but we were turned down.
So my big question is...IS THERE ANY WAY OUT OF THIS?
Is my idea of the trading in of 2 vehicles for one low payment vehicle the
better option?
Any ideas or help would be greatly appreciated

thank you