No. of Recommendations: 6
Let me get this straight - he gets himself $9,000 upside-down on a new car to avoid a $1,000 repair bill....

He really only has two options if he wants to avoid repossession:

1. Sell the car for as much as he can and borrow the $9000 to make up the difference on the loan.

2. Continue making payments as agreed.

I'm a little bit confused by your statement - Everything else he can manage on unemployment - is he not looking for a new job NOW to replace the one going away in a couple of months? If he can find something comparable to his current job between now and September, then he should be able to keep making payments.
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement