Alright Ladies & Gents,

I need some good calls on this one but here is some background info... My name is Nichole and I'm 25 married to a Toyota Mini Truck Driver and currently have a 2004 Honda Civic Ex with rims & a system & for fun Hubby built me an 87 toyota pick up that's static dropped almost to the limit, bags are in the future plans along with paint and some other small mods... Well back in 2004 Oct to be exact I signed the good ole DREADED CAR LEASE for my civic... Long story short is that since then I have some bills that went unpaid and have gone to the point of collections on my credit, well this October coming my lease is up on my car in which I either have to refinance it which will basically be a buy out at the end of the lease which i have already tried even with a strong co-signer and was denied because of my collections or I have to turn it back in and take the risk of owing fee's for overage miles and whatever else..Did I forget to mention this car has been hit like 5 times all of which aren't my fault.. The other thing is I have pulled my credit reports and they aren't too steep $3800 at the most but that means I will need to basically go broke to be able to pay them all within the next 6-7 months...


So my question is this... Should I just stick it out go flat broke to pay the debt and purchase the car at the end of the lease or should I just pay what I can on the debt and turn my car in drive our other vehicles which are all dependable for about 3-4 months and then get an xB... I have really wanted an xB since they came out but I had just purchased my civic so therefore I wasnt able to turn around and trade in the civic for the xB.... I'm leaning towards getting the xB and hubby said if I get rid of the civic then i can't get anything but an xB.... I apologize for this being so long but I have explored all options and talked this over with hubby and don't know where to turn....

 

bump

 

pay your debts off to fix your credit, turn in the Honda and pay any overages. Then drive the Toyota trucks until you are in a situation to get another car. Ideally it would be the xB. Once you have your debt paid and score improving it would be easier to keep looking for a good deal on the xB and get it. If you were to just go from the Honda to the xB you may rush yourself into another bad financial situation.

 

yeah dont jump into it. drive the other truck a little bit. it might be a show car, but it can get you from place to place as well without having to go into debt.

 

why would you need to pay all your credit off at once ?


doing so actually hurts your credit score compared to say paying double your monthly minimums.

I don't think you need another car payment , but getting rid of that civic is def better than buying it out .

 

Bad information. I have been reading and analizing credit for about 20 yrs. If you pay off all your debt to your credit cards and leave the accounts open your credit score will take a huge leap as a major factor in determining credit is the amount of credit versus credit used. The ability to manage your credit weighs heavily in your scoring.
Paying off your debt timely and maintaining low percentages of credit used will gwt you where you want to go...then buy an XB

 

Thanks everyone for the input I did however not give ya'll enough info. I currently only have 1 credit card in good standing I have 2 that are in collections one for $680 which I have already mailed off the post dated checks payable to the collection agency for the next 6 months for it to be paid off and the other I owe about $1750 in which I have not located the collection agency who has this account in which to pay it but I'm working on it. The other few things that are hurting me is a doctor's bills that's in collections for $1532 in which I can pay off within the next 6-7 months with post dated checks as well I have already made arrangments with the collection agencies controller and then I have some other really small bills like $150 here & 130 there and other than those few things I have 1 thing that is going to drop off my credit in Jan of next year so I'm not even bothering with that and all else is just where I beat my credit up for the past 5-6 years because I was young & dumb as they call it... I really thing with the advice I have received here so far and the kinds words of the Mr (husband) I will just give the honda back pay off what I owe since I think I will be over a little in mileage and say hasta la vista to that car.... Drive the Yota's for a little while along with did I forget to mention hubby has an 89 firebird he is getting ready to put another motor in 350 boared (sp?) 30 over with racing parts and I only say that because I forget all of what parts are aftermarket... SO I can have fun while doing it and hell I pay the insurance on all our vehicles so who cares right?


Please keep the advice coming....

 

I say sell the other vehicles (minitruck, firebird and honda). Then get the xB. The firebird will use more gas than what the xB payment will be monthly.

 

Well you don't understand the firebird is my hubby's toy and the two toyota mini trucks are ours and not going anywhere.... The honda is the reason for this entire thread it's possible I will be deciding just to turn it in and save for a used 1st gen box!

 

I understood what you said exactly. If you are in a financial bind, why keep "toys" that can't really be driven when needed. With the price of gas so high, why does hubby need 2 toys?
I'm all for toys and such but sometimes they have to wait till the necessities like daily transportation are taken care of first.

 

don't keep a car that's been in 5 accidents. don't understand having multiple vehicles if you're in collections and credit is bad.

 

I think she doesn't like hearing the truth.

 

Pay off your debt.

 

Actually your wrong it's not that I don't like hearing the truth but $3200 worth of debt isn't worth getting rid of something I'm going to need as transportation when I get rid of the civic I'm going to need to drive that to get to work! DUH! I'm working very dilligently to pay of te debt. I will not be buying anytihng else until I'm free & clear of debt and that's that I was just asking for advice and trust if it was up to me this car would have been gone a long time ago but it's just not that easy!