Ok so remember how we said we were going to try and figure out a way to still be able to purchase a new vehicle through our existing finance company – well we did talk with them and as it turns out they suggested we go to one of the dealerships they work with directly as we’d have better luck  with one of them if they used Credit Acceptance.  So that’s exactly what we did, we nailed it down to one particular dealership, Jeff Gordon Chevrolet, here in town – initially we started with the Pre-Owned group – test drove a nice Subaru Outback and looked at another HHR – we decided ultimately the HHR would suit our needs better than the Subaru – so we run the application for financing and BAM declined.  Well no real surprise there as we owed $3600 worth of negative equity on the Focus.  So then our salesman suggested we look at a new model vehicle as the incentives they had running would cover the negative equity and we’d have better luck getting into one of those.  Ok so they have us test drive a 2013 Chevy Malibu – to say we fell in love with the vehicle is a VAST understatement.  Run the financing and BAM we’re approved! Holy CROW are you friggin serious? Yup! Ok so we go through the process of some back & forth negotiations and ultimately agree on a $494.75/mos payment @ 8.99% interest rate with $900.00 down payment! We sit down with the finance guy, sign all the papers and they give us a dealer tag on the condition we get something from Citi showing we’re either approved for the restructure (which we weren’t) or we’re current on the mortgage (which we’re not) – so we take them a letter yesterday we rec’d at the same time as the reject letter stating they’ve received our paperwork and it’s in processing for the next 30-Days….well that’s a no go with the bank…DAMN! We drove around that wonderful new model car for four days only to have to give it back last night…I am so ticked! We knew what was going to happen but we prayed for a miracle.  The finance team told us our credit alone was what got us the approval but the bank dug a lot deeper and decided the restructure was a no go…so we’re back in the Focus.

Now I am one to believe in Fate and Destiny so much that I know without a doubt that there’s something bigger or better for our situation out there – something else is going to land in our laps and this was just Fate’s way of saying – Nope there’s no way you’d have been able to afford that monthly payment with the increased Insurance Payment (which would have been $106/mos) so that’s what an additional $199.00 a month we would have had to try and squeak out of our already tight budget?  Yeah probably for the best.

So where are we now? Well Jimmy’s applied for an employee hardship assistance through his employer to help us with the back due on the Mortgage, if that goes through we’ll be even with Citi.  If not, then we’re talking Chapter 13 bankruptcy…not ideal but it is what it is.

With all of that being said here’s last week’s budget – you’ll see the transfer in from savings for the down payment and then the payment out to the dealership for the down payment – I am picking up the check to refund our down payment this evening after work and that’s going back in the budget for Week Ending 06.21.13…

 $54.86 Remaining from W/E 07/07/13  $493.48 Lara W/E 07/14/13 Salary
 $40.40 Amt. Spent  $251.79 Jimmy W/E 07/14/13 Salary
 $14.46 Avail. Starting  $745.27
 $11.30 McDonald’s  $14.46 Avail. Starting
 $3.51 McDonald’s  $745.27 Total Pay
 $1.61 PetsMart  $759.73 Avail. For Bills
 $3.02 KTC  $730.00  Transfer in from Savings
 $6.39 OnStar  $1,489.73
 $5.00 Coastal Behavioral  $6.53 Adj
 $3.18 PetsMart  $1,483.20
 $6.39 OnStar
 $40.40

 

 $1,483.20
 $25.00 DB Plumbing
 $1,458.20
 $80.00 Brigades Boys & Girls Club
 $1,378.20
 $5.00 OT Solutions
 $1,373.20
 $7.99 Hulu.com, 7/21 Auto-Draft
 $1,365.21
 $5.00 CCA, 7/22 Auto-Draft
 $1,360.21
 $21.39 Blockbuster, 7/23 Auto-Draft
 $1,338.82
 $170.00 Groceries
 $1,168.82
 $25.00 Jimmy’s Money
 $1,143.82
 $25.00 Dinner, 7/19
 $1,118.82
 $40.00 Gas
 $1,078.82
 $25.00 Cat & Dog Food
 $1,053.82
 $20.00 Lara Co-Pay
 $1,033.82
 $900.00 Jeff Gordon Chevrolet
 $133.82
 $75.00 Progress Energy
 $58.82

And now with the cash withdrawal:

 $1,483.20
 $25.00 DB Plumbing
 $1,458.20
 $80.00 Brigades Boys & Girls Club
 $1,378.20
 $5.00 OT Solutions
 $1,373.20
 $7.99 Hulu.com, 7/21 Auto-Draft
 $1,365.21
 $5.00 CCA, 7/22 Auto-Draft
 $1,360.21
 $21.39 Blockbuster, 7/23 Auto-Draft
 $1,338.82
 $320.00 Cash for the Week
 $1,018.82
 $900.00 Jeff Gordon Chevrolet
 $118.82
 $75.00 Progress Energy
 $43.82

Seriously the whole situation makes me want to throw up – so I am going to try and not think about it

Lesson Learned: Don’t count your chickens until your eggs hatch – meaning make sure you have absolutely everything in line before you even think about trying to finance a new car…we always seem to make the same mistake when car shopping…we have less than a year left on this loan and with the increased payments I am hopeful we can pay it off sooner or be within 2-3 payments before payoff come tax time next year…crossing my fingers!

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Comments
  1. Lara, surely there must be another way besides Chapter 13? Can you guys do a short sale on your house and become renters again? Just a thought. I thought I was going to have to do a short sale on mine but I think I will be able to make a small profit by selling. Can you or your husband try doing a second job or isn’t that doable with 2 kids? I can’t believe Citi wouldn’t help you. Shame on them!

    • ncreadergirl says:

      Honestly our goal is to keep the house – rent in our area on a 3BR home is right about what our mortgage payment is and the Chapter 13 would put us into a situation where a judge would determine our monthly payment to Citi to bring us current…it would be for 3-5 yrs – my biggest concern is the car – should it go during that time we’d have to find a way to replace it via a cash paymenbt and that can be very tough. It’s not an ideal situation thus the reason we’re shooting for the Employee assistance through my hubby’s employer…I am ticked at Citi that they couldn’t help us…I am ticked we allowed the car situation to get as far as it did instead of walking away the first time they told us no…we’ve talked about second jobs but it would mean additional daycare/babysitting costs – during my company’s spring outage season I work anywhere from 45-50 hours in a week and the same in the Fall only more like 43 – 45 hours/week…we really don’t have time in our schedules for secondary jobs…I am looking into maybe, and this is a big maybe, doing some freelance writing and getting paid for it…we’ll see!

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