Divorce followed by a natural disaster almost totaling my home and kid medical issues crashed my credit within 2yrs. In that maelstrom, I had a vehicle repo'd and had to purchase a 10yo used car with a solid rating. I did the carfax, had the used car checked by a mechanic specializing in the make, etc. Low miles, EXCELLENT condition... and 6wks after purchase, it has been a nightmare of major repairs. In 6 months, >7k of repairs and it's killing me financially. The bad credit caused me to have a 24.9% (i know...) interest rate. I have a dealer who can get me in a much newer vehicle (3-4 yrs old) for 14.99% - and roll in the 5k I'm upside down on the other car. I know rolling over upside down money is bad, but my mechanic had a heart to heart with me and told me I need to get rid of this car - i've got another 12-1500.00 of repairs that will need to be done soon - and that's assuming nothing else goes awry. I am in a place now, financially, where I could do this trade and make extra payments (+1 every mo/every other mo) if I trade. If I continue to have to put money in repairs, I'll never be able to replenish my savings.
I'm a remote (home) employee, though I do have to travel a good bit for my job, single, 55 and MUST have a dependable car. 5 miles from any local public transportation. At this time, I've not had a car since before Christmas - and have spent probably 8-9 weeks without a car over the last six months... Taxis and rentals are EXPENSIVE!
Thoughts/suggestions/advice?
Submitted January 08, 2018 at 05:30PM by nb98312 http://ift.tt/2D9QBzf
