Cheating Hurt by Infidelity
Betrayal Wayward Donations lying
Welcome

Forums

Guidelines

Find a Local Counselor

The Healing Library

Media

Contact Us
lies
cover
In Association with Amazon.com
Support
Infidelity -
-
like us on facebook
You are not logged in. Login here or register.
[Register]
Newest Member: Hurtlostempty (45065)

Off Topic Post Reply     Print Topic    
User Topic: Update on my car situation
idkam
♀ Member
Member # 18375
Default  Posted: 12:11 PM, July 25th (Friday), 2014View ProfileEdit MessagePrivate MessageHomepage

Well went to the dealership yesterday: i'm $14.000 upside down now.....thanks asshat......sooo the sales person told me i need to find a new car with a big rebate....another option is to save $5000 and try to get it refinanced and put the $5000 towards the loan.....so i had to do something i dreaded doing which was borrow money from my 401K... over 5 yr term 60 month period $47 comes out of each pay check ....

What do you all think about this??? I really hated to do this but i felt like i have no other options....i cannot afford to pay $583 plus ins.....

I pray that my credit union will refinance it for me.....


People come into your life for a Reason, Season or a Lifetime..
Divorced

Posts: 1796 | Registered: Feb 2008 | From: Texas
Faithful w/Love
♀ Member
Member # 33128
Default  Posted: 2:38 PM, July 25th (Friday), 2014View ProfileEdit MessagePrivate MessageHomepage

Wow, I am sorry you had to do that. I had to give my car back because I couldn't afford due to the separation. It sucks I know. I had to get a older car... but it gets me where I need to be for now.

But, I know what you mean having no other options.


BS(ME)40 WH(HIM)38
DD 20 and DS 15
Separated Aug 2012

Moved back home Oct 31 2013
Separated again June 2014. Heading toward divorce.
False R. Still Lying.
Will be divorcing soon!
"You never know how strong you are until being strong


Posts: 2727 | Registered: Aug 2011
idkam
♀ Member
Member # 18375
Default  Posted: 4:46 PM, July 25th (Friday), 2014View ProfileEdit MessagePrivate MessageHomepage

Thanks faith...

Giving the. Car bavk was one option but i do not want to ruin my credit.....

I pray the bank will refinance it..


People come into your life for a Reason, Season or a Lifetime..
Divorced

Posts: 1796 | Registered: Feb 2008 | From: Texas
gahurts
♂ Member
Member # 33699
Default  Posted: 4:50 PM, July 25th (Friday), 2014View ProfileEdit MessagePrivate MessageHomepage

I think borrowing from your 401 is the best kind of loan you can get. You don't decrease your assets in the long run because you are paying it back. Usually the interest rate is lower than what you can get from a bank or credit union. You are borrowing the money from yourself and you pay interest to yourself so in a way you are making money off of yourself. If you need a loan and a 401K loan is available then I say this is the best way to go.

Of course everything in moderation and typically most plans have a limit to how much you can borrow so that you don't get carried away


"Strength does not come from physical capacity. It comes from an indominable will" - Mahatma Gandi

"Courage is being scared to death and saddling up anyway." - Aubrie


Posts: 3421 | Registered: Oct 2011 | From: Georgia
HFSSC
♀ Member
Member # 33338
Default  Posted: 4:54 PM, July 25th (Friday), 2014View ProfileEdit MessagePrivate MessageHomepage

I turned in the car I LOVED after our 2nd S because I could not afford the payments. They sold it at auction and billed us the difference. I was able to work out a payment plan for the balance and the company has truly been wonderful to work with. No interest and right now we are paying $50 a month to pay it off.


Me, 47
Him, 40 (JMSSC)
married 17 years. In R. We are making it. The past does not define who we are today.

Posts: 2747 | Registered: Sep 2011 | From: South Carolina
idkam
♀ Member
Member # 18375
Default  Posted: 12:15 PM, July 29th (Tuesday), 2014View ProfileEdit MessagePrivate MessageHomepage

Thanks my SI friends....

The credit union termed me down for refinancing, wanted to give me a 10% interest rate..my credit score is 623 and its too low...

I will try my bank next..


People come into your life for a Reason, Season or a Lifetime..
Divorced

Posts: 1796 | Registered: Feb 2008 | From: Texas
Whalers11
♀ Member
Member # 27544
Default  Posted: 1:32 PM, July 29th (Tuesday), 2014View ProfileEdit MessagePrivate MessageHomepage

Most people will tell you borrowing from a 401k is a bad idea, because in the long run, you are probably losing out on the compounded interest you could be earning over time.

But honestly, if you are in a dire financial position, I still think it's better to borrow from yourself than getting a loan elsewhere...

The bigger concern, for me, is if you lose your job, you will be required to repay the full loan almost immediately. If you can't, you will have to deal with paying taxes/ penalties.

So I understand why people think 401k loans are a bad idea, but if you are experiencing a hardship, do what you have to do!


Me: BGF - 33
Together 11+ years - not married, no children.
D-Day: 2/9/2010
OC Born: 10/9/2010
Status: He chose OW/OC and left immediately.

Posts: 2231 | Registered: Feb 2010
idkam
♀ Member
Member # 18375
Default  Posted: 2:45 PM, July 29th (Tuesday), 2014View ProfileEdit MessagePrivate MessageHomepage

Well my bank termed me down..

I got an appt at CarMax this friday....i asked the finance co where my loan if i pay &5000 towards my loan would it lower my payments and she said it'll only lower the how long i would pay it..


People come into your life for a Reason, Season or a Lifetime..
Divorced

Posts: 1796 | Registered: Feb 2008 | From: Texas
norabird
♀ Member
Member # 42092
Default  Posted: 3:10 PM, July 29th (Tuesday), 2014View ProfileEdit MessagePrivate MessageHomepage

Get rid of this car--your credit will recover. You can buy a used one for far less than a new one.


Sit. Feast on your life.

Posts: 4190 | Registered: Jan 2014 | From: NYC
Topic Posts: 9

Return to Forum: Off Topic Post Reply to this Topic
adultry
Go to :
madness  
© 2002 - 2014 SurvivingInfidelity.com. All Rights Reserved.