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Old 12-31-2012, 02:40 PM   #1
ElantraMax
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Default Should I take this offer?

Hi all. Most of you probably know about my Situation. Been out of work since Sept. Due to a motorcycle accident. Broke my L Clavicle. I am applying for "Food Stamps" and General Assistance. I'm still on hold at the moment.

My Bank(Car Loan) offered me a "Defer-A-Payment" option. Cost is $40 for a "Processing Fee". I know it will extend my Loan by a month. And cost me More in Interest in the end. But not having any income now, I have no option. General Assistance will only give me about $140 Month. IF I am Approved.

Would this be Helpful to me? Or will I end up hurting myself worse? Which usually happens when I "Roll the dice".

Thanks
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Old 12-31-2012, 02:48 PM   #2
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Default Re: Should I take this offer?

Doesn't your bank know that you're out of work and need a little more help than that? Seems kinda larcenous on their part if you ask me.

"Hey, this guy's got some issues so let's offer him a short reprieve and charge him for it!"

If spending $40 to keep from making a payment will help you then it's likely a reasonable choice, but charging you when you're so strapped is like kicking a guy while he's down. Even cops get in trouble when they do that (and when there's video to prove it).
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Old 12-31-2012, 03:01 PM   #3
jarhead90
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Default Re: Should I take this offer?

It's a tough spot. I've done it once myself. I had issues making payments
untill I got on an automatic withdrawl plan. I'd say don't do it. Worse they can do is Repo your vehicle. I surrendered an SUV around 2004, hell my
Malibu got repo'd but I got it back. Without knowing when you could be back
on your feet your bank will offer you all kinds of things but don't go for it.
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Old 12-31-2012, 03:29 PM   #4
ElantraMax
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Default Re: Should I take this offer?

I was thinking about Selling the Malibu. Hopefully get enough to pay off the loan. And some in my pocket. Then start over. Too many unkowns.
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Old 01-01-2013, 06:35 AM   #5
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Default Re: Should I take this offer?

Automatic Withdrawl wouldnt help me. I dont have regular income at the moment.
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Old 01-02-2013, 07:45 AM   #6
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Default Re: Should I take this offer?

I called the Bank. They transfered me to someone in their "Collections Dept". Who offered me a worse deal. She offered me a $50 Deferred payment. Same terms. Then advised me to take the one issued by "Customer Serv." But I was told that IF and When I get steady income, I can call them. See if they can rewrite the loan.
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Old 01-02-2013, 11:32 AM   #7
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Default Re: Should I take this offer?

I would sell it and start over, personally. If you can avoid a repo on your credit rating that will help you out more in the long run.

Sorry to hear of your continuing problems, hope things work out for you.
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Old 01-02-2013, 12:16 PM   #8
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Default Re: Should I take this offer?

Thanks

If I sell the Malibu, What do I drive in the meantime???? Cant use the motorcycle much now. This morning it was 24F outside. And if it snows? Selling it would remove that burden. Show a Positive on my credit report. But I am not sure How much I would have leftover to get another car. The Malibu Needs 4 tires this Winter/Spring. Drivers Headlamp is getting moisture. Battery is original. Plus the accident April 1 2011. I owe about $5500 I think.
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Old 01-03-2013, 05:06 AM   #9
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Default Re: Should I take this offer?

Escapemax,

How is the public transport in NJ where you live? If it is good then you could use this and sell you car until you get back on your feet. Hopefully its only a short term solution (selling the car and using public transport).
Not sure about your situation in terms of mobility, but if it is just your shoulder could you get a job at Walmart, Home Depot, etc where you can keep your shoulder immobilized and still work?

Best of luck.
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Old 01-03-2013, 05:42 AM   #10
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Default Re: Should I take this offer?

Why not sell the motorcycle?
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