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Old 07-23-2003, 12:19 PM
collielvr
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Need Help before Credit Problems


What is the name of your state? OH

I currently have a great credit rating and have not been late on even one payment in my life. My husband has just been told by his doctor that he can not return to work and will be going on Long Term Disability. Well of course this means that he will only be receiving 60% of his income. This brings me to my problem. We just purchased a new vehicle in December of 2002 and then a week later my husband turned around and leased himself a new vehicle. Both payments together total close to $1100 a month. With his new income level, I can not afford to make these payments. Where can I go for advice/help on this so that this does not result in the banks having to reposses my vehicles.

Thanks for any help!
  #2  
Old 07-23-2003, 02:37 PM
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Join Date: Feb 2002
Location: Nashville,TN
Posts: 15,706
Look at his lease and find out if there's anything in the terms on an early termination or any way he can get out of the lease w/o paying some huge penalty.

The vehicle purchased in 2002.. my first reaction would be to sell it and buy something you can afford on his reduced income. The depreciation won't be pretty, but you *might* be able to refi the balance to lower whatever payments would be left over.
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