For many people, keeping
current on car payments may be viewed as a necessity because they need transportation to work or to complete other errands and tasks.
If buyers owe a great
deal on car payments, credit cards, and other debts, they may not qualify for a mortgage.
How can you «tuck away» even $ 20 for savings when you're two months
behind on car payments, car insurance, etc etc?
While $ 300 might seem like a lot to
spend on a car payment, what you can get with that payment depends significantly on the costs involved in financing your car.
In terms of an auto title loan, equity is the current market value of your vehicle minus any total
balance on your car payments that you may have.
Examples of this could include paying more to re-enter a suddenly hot real estate market or spending more on taxis than you
did on car payments.
GAP stands for «Guaranteed Auto Protection,» a sort of auxiliary protection to collision coverage that covers the difference between the amount you still
owe on your car payments and the actual value of the car if it's totaled in a crash.
For example, if you are up to
date on your car payments but behind on paying down a credit card balance, you may be better of paying your credit card bill over making unscheduled payments on your car loan.
If the maximum amount you could
afford on a car payment is $ 500 per month, you could borrow $ 27,800 towards a vehicle assuming an interest rate of 3.0 % for 60 months.
My plan had been, once I got to July 2013, to switch my emergency fund savings to paying
double on my car payment, to kill the debt faster.
Along with information about student loans and mortgages, there will be
information on car payments, credit card debt, debts in collection, tax liens and bankruptcies filed fewer than 10 years ago for a Chapter 7 filing or seven years ago for a Chapter 13 filing.
Well I got into an accident and because they don't give insurance cards out you just pay
extra on your car payment and I was told that was not good enough and was marked as an uninsured driver even though I was paying extra and on top of that I got no call from and insurance agency the person keeps harassing me and now I got papers in the mail saying my license could be suspended.
So it may be best to prune your friends list and think long and hard about that really nice friend of yours who fell
behind on his car payments when he was unemployed.
Currently, 6.3 million Americans are at least 90 days
late on their car payments, a figure that has increased by nearly half a million in the past year.
Now I am being sued by the insurance company I had at the time for the $ 4,000 some odd dollars that I still
owed on the car payment.
Are their responsibilities prioritized, or are they paying $ 500 a
month on a car payment, $ 250 a month on a jet ski, $ 150 a month on a dirt bike, and gritting their teeth at the thought of spending $ 75 a month to get the right amount of life insurance to cover the need?
I used to do
this on my car payments ($ 500 instead of $ 3xx per month) and knocked that 5 year loan out in 3 years!
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If you then fall behind
on car payments, the lender can repossess the vehicle.
The more alarming statistic coming from the report are the 6 million Americans now 90 days or more behind
on their car payments, a number which is expected to increase.
Note that that $ 100 / week probably is less than what a lot of low to middle income people spend
on car payments, fancy cell phone contracts, and gazillion - channel cable TV.
Can Bankruptcy Help When You're Behind
on Your Car Payments?
If you have other major expenses — such as student loan debt — it's far too easy to fall behind
on your car payments.
I'm behind
on my car payment or home payment and I know I can make it up with the right bankruptcy plan.
Transportation — How much money do you spend
on a car payment and insurance each year?
Using a Chapter 13 bankruptcy, you may be able to catch up
on car payments or restructure and possibly cram - down the loan to the value of the car.
For example, if the debtor has fallen behind
on car payments the company that provided the car loan (the secured creditor) can take the vehicle.
Customers could also fall behind
on their car payment, since loan interest and interest on insurance were deducted before payment on the car loan principal, according to the Times.