Im getting Married, i cant afford it, so is getting a repo on my truck smart to do and can i still buy a home?

Question

i owe 15,000 on my 2002 Dodge ram truck and pay 1000 a month just for the truck... and gas is killing me... so we want to get a cheep home but the truck i cant afford on top of Rent for a place or a house. Whats your suggestion

Answer 1

If you get that truck repo-ed you will never get a home (purchase) in the next few years.

Sometimes there no good short and simple answer.

Good Luck....

Answer 2

Trade it in, sell it, or wait. Getting repo'd will severely damage your credit and you will get SCREWED on interest rates for your house (if anyone will lend you money after that). The reality of it all is not what you WANT, but what you NEED to do for financial security for your wifey and future. Also, if you're paying a grand a month on a truck that's 6 years old your credit is prolly not that great to begin with (no offense) but if I were your mother I would tell you tough luck.

Answer 3

Wow, you must have got the worst truck loan ever. It depends on how soon you want to buy the home, getting a repo will kill your credit for several years, so you'll be renting till then for sure, but no matter how low your credit score goes you can always build it back up by making wise financial decisions. Or you could just leave your truck unlocked on any street in Flint, MI after midnight, it'd be magically gone by morning.

Answer 4

Getting something repo'd is never the best answer.

You will have to default on payments, which will damage your credit rating, and limit your chances of getting a house loan, or at least one with good interest rates.

Try and sell the car, or maybe get a house loan and refinance your carloan into it, so that there is only one repayment, and it is over a longer time.

15,000 isnt a great deal of money and its really not worth s******g up your credit rating over.

BTW, $250 a week is a lot of money to be paying back. Not sure what the car was worth, but at a grand a month, thats $12,000 per year, so if you bought the car new, does that mean you have paid off $72,000? If thats the case, you must already have bad credit to be paying such a high interest rate like that...

Answer 5

no it will hurt you in the long run...i would trade it in on something else...

Answer 6

Alright just relax, is it a good idea to repo a truck?  NO.  Are you going to pay your truck before you pay your rent? NO.  Do you need to spend a ton of money on a wedding?  NO.  

If times are tough, repo the truck, go get married at city hall for $50 bucks and pay your rent.  Buy a cheap car with cash, that gets good gas mileage.  File a bankruptcy and get rid of all your bills.  Rent for one year after you B.K. and you will be able to buy a house at the end of that year.  anyone with a B.K. will have to have a good down payment to buy a house, but you are about to save $1000 a month buy repoing your truck.  Put money in the bank, save a nice down payment for a house and start your lives together with a house and no other debt.  

Always pay cash for everything, except your house, pay cash for the house when you can, other then the house you should drive what you can afford, not what you can pay a monthly payment on, something you can buy with cash, so when times get tough no one can come take your car from you if you bought it with cash.

Answer 7

Is it a quad cab? Maybe you could live in it and save the money on rent. Okay, I'm joking, a repo will keep you from getting a house, another car, lots of things. Avoid it at all costs. Sounds to me like what you can't afford is to get married.