advice for a car

Asked by Jun 27, 2015 at 03:18 PM about the 2014 Jeep Cherokee Trailhawk 4WD

Question type: General

Due to a divorce at 64 I got stuck with a 2014 jeep trailhawk that has 18,000 miles. I had good credit so everything was in my name. My husband traded in a car he still owed 10000 on so in one year I have only paid his car off. I still owe 33,000  I am job hunting and cannot afford the 610. a month car payment.. I have to rent the rest of my life. I don't have a savings or own a home. I don't want to ruin my credit by having it repossed but 6 more years at my age and no job skills I'm deathly afraid of the future. I don't have money to buy another car...I do have a 15,000 401 K which the bank says if I pay my car down 15,000 by cashing in my 401 k they will lower my payment to 350 a month for 6 years.... I need a reliable car as if I find work I will probably have to drive a ways. I don't have relatives to rely on.....Any advice appreciated.

2 Answers

98,335

Consult an attorney, they might be able to recommend something to you. Possibly a chapter 13 if your in fear of a repossession, a 13 is hard on your credit score but it is better than a repo plus if it does get repoed and it doesn't get paid at auction then you are still holding the bag for what is still left owing plus no car.

250,445

Right, and please don't deplete your 401K for a vehicle. That would be terrible. You need some some legal advise like tennishoes recommends.. I personally would sell the vehicle and buy a cheap used car for now to get to your new job.

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