Single Mom/kids with car debt
Donation protected
Hi, my name is Carrie. I’m a working, single mom raising 2 children ages 10 and 7 on my own without ever receiving any financial assistance from their father. My husband left me and our two children five years ago and he hasn’t been heard from since the day he left. His whereabouts are unknown. I have been drowning in a large amount of debt he left me to handle. The biggest problem debt is a 2003 Ford Focus note of $365 per month purchased in 2012 that still has a balance of $9,000 owed with 130,000 miles and counting.
The $9000 comes from another poor conditioned car that he stuck me with when he left to pay notes on. That car was eventually used as trade in for the 2003 Ford Focus but the loan amount on it was attached to the current loan.
The 2003 Ford Focus is in poor condition and not very dependable and is my source of transportation to go back and forth to work approximately 25 miles one way each day. Recently I had it evaluated for repairs and the work needed would cost more that the value of the car itself. I also recently tried to trade it in and buy a lower mileage vehicle and lower my note by about $100. However, that didn’t go as well as I was hoping. The trade value was appraised at $200! So with a the $200 trade in if accepted and the rolling balance still due of $9000, the new note would go up to $500!! In addition, the lending company was requiring an additional $10,000 down payment. I’m worried the car won’t last much longer and having it repaired is not cost effective at $4200 since the value of it is only $200. In addition, to not being able to afford the repairs and/or the required $10,000 down payment to get another car. What I need to do is pay off the $9000 loan as quickly as possible and find a dependable car without refinancing the $9000 debt that is burdening my children and myself.
The $9000 comes from another poor conditioned car that he stuck me with when he left to pay notes on. That car was eventually used as trade in for the 2003 Ford Focus but the loan amount on it was attached to the current loan.
The 2003 Ford Focus is in poor condition and not very dependable and is my source of transportation to go back and forth to work approximately 25 miles one way each day. Recently I had it evaluated for repairs and the work needed would cost more that the value of the car itself. I also recently tried to trade it in and buy a lower mileage vehicle and lower my note by about $100. However, that didn’t go as well as I was hoping. The trade value was appraised at $200! So with a the $200 trade in if accepted and the rolling balance still due of $9000, the new note would go up to $500!! In addition, the lending company was requiring an additional $10,000 down payment. I’m worried the car won’t last much longer and having it repaired is not cost effective at $4200 since the value of it is only $200. In addition, to not being able to afford the repairs and/or the required $10,000 down payment to get another car. What I need to do is pay off the $9000 loan as quickly as possible and find a dependable car without refinancing the $9000 debt that is burdening my children and myself.
Organizer
Carrie Green
Organizer
Brusly, LA