I'm currently in a minor rough situation, one that will definitely get worse if I don't take some sort of action now. I'm 21 years old, and I financed a brand new 2014 car 7 months ago.
My father co-signed the loan with me with the expectation he was going to be able to hook me up with a job at the company he works at, and I'd be making good money. That didn't happen and this cars been pulling me down since. DRASTICALLY.
Due to this car, I was forced to quit my city job, which wasn't the greatest job, it costed me 350$ to commute into Boston from where I lived, plus now I have to pay my car loan and insurance, so it forced me to make a decision. Get the car repo'd, or get a new job. I got a new job, and it was a sales job, and it sucked.
Long story short, I've been struggling to find decent work, and I don't know what to do. I recently took on a part time job with a decent company and they'll be giving me full time for a few months when a woman I'll be filling in for goes on maternity leave in a few weeks...
The ultimate goal is to find a job that can pay the bills, but I'll list out to you my outstanding debt.
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Car - I owe roughly 20,000 dollars on, and I'm not sure about the rest of the info but I can find out. It costs me 325 dollars for the next 5 years.
Car Insurance - 225 a month
One CC - Nearly maxed out with 650 dollars on it, cap being 750.
Sprint Phone - I owe them 400 dollars and had the phone shut off, can't afford it anymore.
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That's my current debt... I realize it's not too bad, but I've already gotten 2 months of breaks from the finance company for my car, I'm all out of breaks, if I'm late on a payment they're probaby going to take my car, and the fee's the come along with being late are just going to make my situation worse.
My dad talked me into this car loan, I don't have any family to give me financial advice, they're all absolutely terrible with money.... so I could really use some solid advice on what I should do... because I see the writing on the wall, if I don't take appropriate action soon, I know things are going to go south quickly.
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Some people are suggesting I just dump the car on my dad because he co-signed the loan, because the car will only drag me down as time goes on. I don't want to do that, I need a car, but I feel like I don't have any other choice. It's too new of a car to trade it... and I simply can't afford the car.
Others are suggesting I try and get a loan for bill consolidation to give me more time to try and get a better job? Since I've been getting my hours cut and such I've been applying for a second job but haven't had much success at the moment so I'm thinking this could hold me over for that time?
Any word of advice helps.
Thank you, I appreciate it.
PS. If you need anymore info on my situation to better help me just ask. Thanks.
My father co-signed the loan with me with the expectation he was going to be able to hook me up with a job at the company he works at, and I'd be making good money. That didn't happen and this cars been pulling me down since. DRASTICALLY.
Due to this car, I was forced to quit my city job, which wasn't the greatest job, it costed me 350$ to commute into Boston from where I lived, plus now I have to pay my car loan and insurance, so it forced me to make a decision. Get the car repo'd, or get a new job. I got a new job, and it was a sales job, and it sucked.
Long story short, I've been struggling to find decent work, and I don't know what to do. I recently took on a part time job with a decent company and they'll be giving me full time for a few months when a woman I'll be filling in for goes on maternity leave in a few weeks...
The ultimate goal is to find a job that can pay the bills, but I'll list out to you my outstanding debt.
-----------------------------
Car - I owe roughly 20,000 dollars on, and I'm not sure about the rest of the info but I can find out. It costs me 325 dollars for the next 5 years.
Car Insurance - 225 a month
One CC - Nearly maxed out with 650 dollars on it, cap being 750.
Sprint Phone - I owe them 400 dollars and had the phone shut off, can't afford it anymore.
-----------------------------
That's my current debt... I realize it's not too bad, but I've already gotten 2 months of breaks from the finance company for my car, I'm all out of breaks, if I'm late on a payment they're probaby going to take my car, and the fee's the come along with being late are just going to make my situation worse.
My dad talked me into this car loan, I don't have any family to give me financial advice, they're all absolutely terrible with money.... so I could really use some solid advice on what I should do... because I see the writing on the wall, if I don't take appropriate action soon, I know things are going to go south quickly.
---------------------
Some people are suggesting I just dump the car on my dad because he co-signed the loan, because the car will only drag me down as time goes on. I don't want to do that, I need a car, but I feel like I don't have any other choice. It's too new of a car to trade it... and I simply can't afford the car.
Others are suggesting I try and get a loan for bill consolidation to give me more time to try and get a better job? Since I've been getting my hours cut and such I've been applying for a second job but haven't had much success at the moment so I'm thinking this could hold me over for that time?
Any word of advice helps.
Thank you, I appreciate it.
PS. If you need anymore info on my situation to better help me just ask. Thanks.
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