So I started financing a car about 2 years ago. My car payment is currently $588 a month and I still owe $21k. The car is only worth about $15k so I'm definitely upside down. During the last two years I've been getting by just fine but now since the whole Coronavirus thing I'm not nearly making as much money as before.
I'm barely able to just pay my rent as it is. I've cut back on all forms of entertainment except my phone bill and internet as I need it for the work I do. Even food I've only been eating rice and beans for the last 2 months to try to budget better and I already only eat once a day. I'm currently digging into my savings just to make a car payment, and I've only got about $1500 left in my savings.
I do have credit cards and they are all paid off so my only debt is my car which I highly doubt is enough for me to qualify to file for bankruptcy.
My biggest concern is that they will garnish my wages if I let the car go back to the bank. I'm a independent contractor so idk if they can still do that. At this point I'm okay with my credit being screwed.
I would be willing to do a payment plan for whatever left I owe to them after the car gets auctioned off. I could do $200 a month at most. Is this something that is possible or will they want the whole amount for the difference I owe upfront?
I will never finance a car again after this.
Thank you for any advice you may have for me.
Submitted June 28, 2020 at 06:41PM by joshtiller0420 https://ift.tt/3dDYAFb
