[CalgaryDrummer]

Hey Gang,

I have not been around in some time. Mostly because I have been struggling to find good work.

I have been in and out of different jobs for the past few months, and as such, payments on my 2012 have simply not been happening.

I am REALLY close to having it taken away from me, which really stings. I love this car.

I now have a (mostly) solid job, but I was already paycheque to paycheque as it was so..........

*sigh* If anybody is a banker of sorts and has any recommendations to keep my financer(s) at bay, I am all ears..........

 

[TehMark]

You may be able to refinance and get lower monthly payments at the price of a longer term and higher rates.

edit: i'm not a banker but thats what i immediately thought of

 

[Darrenmv]

in this economy (other than Calgary) I'd be surprised to see a lender repo a car once someone establishes another job. Depends on how cooperative the relationship.

Good luck fellow Calgarian!
p.s. i'd love to have got an SEL in black, but alas, got an SE in white.

 

[5characters]

Canadians spell paycheck weird.

 

[danyall2010]

Canadians spell paycheck weird.

I am an American, but do not make fun of Canadians! [nono]

As for the OP, did you call and try to have them work with you in regards to interest rates and perhaps extending your contract? They have to understand that you are going through a tough situation and if they have a heart, they will come up with something. I do not want you to lose your car, especially one that you truly love.

 

[NorthernFocalPoint]

1. Do you have any outstanding credit card bills that are charging you a high interest rate (we don't usually get great rates like in the US, we get gouged at 18-21% on our credit cards once the introductory period passes)? If so, can you consolidate any of those onto a low-interest rate card (usually you can work with a credit counseller to get a lower rate card arranged for you (or get your bank to get you one).

2. Is you car loan with the bank or through Ford Finance? One might be more helpful than the other to make things out.

3. I was in a similar situation back in 2002 when I was laid off. I was able to make an arrangement with my parents to pay off my last year of payments and then I paid them back each month once at a better rate, i.e. interest free on my GTI. I ended up keeping that car for 11 years.

I do wish that you're able to work it out but if not, perhaps it's not a bad thing to give the car up at this point if it will make things more manageable on your overall finances because the car still has a lot of the initial value.

 

[zx3_bmxrider]

Canadians spell paycheck weird.

I was thinking the same thing. But I guess he probably thinks Americans spell paycheck weird. haha

Good luck CalgaryDrummer! I hope you get to keep your car.

 

[tmnCA]

I am sorry to hear of your difficulties. I think if you do not have a new job lined up that you might want to consider a cheaper used car for now. At the very least call the financer and try to work something out, don't just not pay. Good luck with the job search!

 

[Fuzzy Logic]

man the economy sucks. grateful i have have something stable. found a niche type job which combines things i enjoy.

op, hang in there keep searching... everything works out in the end. always liked the phrase "when you're going through hell, don't stop, keep going... you'll eventually find your way out."

or you can just listen to this:

http://www.youtube.com/watch?v=e-6rJPRVDuM (p.s. country song warning for those who don't like country)

 

[Ox-y-GenIII]

I'm sorry about what you are going through and I hope you can keep your car. I have been unexpectedly laid off back in October of 2009 and was unemployed for a year and a half. Worked multiple temp jobs to pay the bills. Just recently found something stable and the biggest fear of buying my new car 2 months ago was getting laid off again. I bit the bullet and got the car and I am always praying life works out well for me in the future.

I hope you can work things out. I'm not sure what to do on your part and can't offer any advice really. I have little life experiences as I'm only 22 and just moved out of my parents house 2 years ago.

Goodluck. Keep us updated. It may help to vent here. Try some advice from others as well.

 

[Darrenmv]

just checking in to see if CalgaryDrummer has made it so far and kept it together.

 

[Peregrine]

Call your institution and maybe they will let you get by with paying just the interest per month.

 

[svcook]

I'm curious how you get financing for a new car with what sounds at best to be a checkered employment history. Seems like the people you financed with didn't do you any favors.

 

[cobie56]

Canadians spell paycheck weird.

don't be such a parochial american... comments like the one above embarrass the rest of us americans... there's a whole world out there that doesn't involve the usa.

 

[Mile30]

... there's a whole world out there that doesn't involve the usa.

What, what WHAT?!?! Oh yeah, there world that gets better new new cars than us...

 

[Mile30]

As long as you're in constant contact with the financier you won't be hurting your case any worse. With a new job there may be a small hump to get over while you wait for your first pay period, but if you're at least letting them know; it may stave off the collector a tad longer. And next time you talk to one of them that seems sympathetic, make sure you get their full name and extension; ask for them every time you need to call in. The rapport will help. Keep positive (especially when calling) and the person may "find" other avenues for you to take as you work through it with them.
Asking to defer some payments will buy time to save up enough to pay them.

Have you thought about trying to 'surrender' the car to a family member or trusted friend for the time being? Not a permanent sale, but just until you get more stable... like ''selling" it for a couple grand to someone, you make the payments to your bank with the money you "make" and then start a little pile to buy the thing back once you get your job situation back together... you're gonna have to REALLY trust 'em though! Otherwise work your ass off to deal straight with the bank you owe!

 

[SimonSellsAustin]

You could try to come to terms with your financier. Most would settle the few missed payments if a promise to pay is reached. Make sure you have everything in writing. Another option would be to trade your car in for a fiesta or a used car. If your finances go through you could skip another 2 payments before the first payment is actually due.

Honestly, look into Dave Ramsey. He's a financial guru that will help make a plan of attack for you. If finances are attacking you he's got a plan.

Skip other non-essential payments like CCs, cable, cell phones, cut out all eating out, kids piano lessons, etc... Switch to beans and rice until you can cover the essentials (food, shelter, work, transportation).

Do not let anyone take over payments or sell the car to them without eveOrything researched and in writing. I wouldn't even consider it.

 

[Mile30]

You could try to come to terms with your financier.

Skip other non-essential payments like CCs, cable, cell phones, cut out all eating out, kids piano lessons, etc... Switch to beans and rice until you can cover the essentials (food, shelter, work, transportation).

Do not let anyone take over payments or sell the car to them without eveOrything researched and in writing. I wouldn't even consider it.

Like I was saying! Talk to your 'bank'... and if you're gonna skip out on your other bills to keep up with the car (robbing Peter to pay Paul, as-they-say); you'd also better be in contact with those institutions as well! Skipping any payment will have a negative impact on your credit. Breaking off communication with a financier will incite a sort of vindictive response, aimed at your credit rating.
You could even pay $1 dollar to each of your creditors when the normal payments are[smackbum] due, it's still legally viewed as an attempt to pay your bills... just keep it on your normal schedule.
It's a tough situation you're in, and keeping the car is what will make it more difficult; ultimately surrendering the car back to the bank will hurt your credit less than struggling to juggle all your bills... but if you'd wanna steer clear of that, talk to the lien-holder!

 

[5characters]

don't be such a parochial american... comments like the one above embarrass the rest of us americans... there's a whole world out there that doesn't involve the usa.

Sorry I embarrassed you on the fact that I pointed out paycheck was spelled differently then I have seen if for the past 20 years. You are right I am completely closed minded to anything that doesn’t involve the U.S.A. Now I’m going to drink a PBR watch some NASCAR and harass minorities. Oh and when you get over being so judgmental of me remember that you have no clue who I am. I am a disabled veteran and if serving my country and doing what I could to keep people like you free is embarrassing then to damn bad you can be embarrassed.

 

[Peregrine]

Some people are so thin skinned.