StormBringer

Backround.

I bought my S about a year ago had a steady job everything was cool.
About 3 months ago a friend of mine was trying to start a small biotech company, he had a decent paper patent position and he offered me a job. It was to start in 4 months. So I quit my job job and take some summer classes and take a little vacation time.

Well the company fell apart due to a much larger firm encroaching on his patent and he lost a good chuck of his promised funding. Which means no job. Which mean no money to pay for the S. I got about 3 months at the very absolute best, in my field thats no time at all to get a job.

Well I am out looking right now like a wildman, I am hitting up contacts that I have not thought about in years but what happans if I can't make a payment. It's my belief that I can get a job in about 100 days at the least if I sacrifice money or a job I don't mind getting up for.

Having never failed to make a payment ever in my life I am a little stumped. Will Honda work with me on my payments, I know it will affect my credit but to what magnitude. If I miss one will they just show up at the house and take the car.

My biggest fear is that I simply will not be able to find a job in time, I would hate to forfeit the S but if it comes down to it how does this work. Do I just hand it over. This is an absolute worst case deal but I would like to know my options.

If you don't feel comfortable posting on the board a PM would be cool. I am just a little worried at this point.

Stratocaster

You have about 90 Days before they come and get your car. So miss three and they will come, but you can buy some time by paying them some during this time. The bottom line it they are a bank, they want money not the car.

Schatten

I think its a fear for most people on this board at times - including myself. Just 'not making the payment'... but I make it, somehow.

But J is right... they want the money not really the car. They will not work with you, they are a bank, and this is how they make money and keep their money. =/

StormBringer

Wow that gives me like 6 months at the longest. Of course I will not be able to eat after the 3rd month but what the heck. I am all locked up on the rest of my money, no luck getting into that for at least 9 months.

Got to find a job, markets in the tank, life sucks. I guess I can sell off some of my stuff in the mean time. Find a crappy minimum wage job but it will not make much of a dent in my bills but it will keep food on the table.

So anybody got any experience dealing with the banks it will be helpful.

Also say I let the bank take the S back how much of a dent. I'm 21 with 750+ rating, no other bills except a cell phone.

Schatten

750 fico at age 21? I'd estimate no more than 710 because you get so much of a ding being under age 30.

anyways... dealing with banks isn't the issue. just look on ebay and be persistant with the job search, collect unemployment if that's part of the after-employment option for you, and the best of luck.

Kalcium

[QUOTE]Originally posted by Schatten
[B]I think its a fear for most people on this board at times - including myself.

mav

Banks will work with you during hard economic times... Just call them and you may be surprised.

KeithD

The lease will work with you somewhat. Don't expect miracles, but you may be able to tell them the situation and pay a smaller amount for a month or two then make it up later.

It costs money for them to repo the car and prep it for sale. They don't want to spend that money because it cuts into their profitability.

I don't know what the buyout is on your lease, but if you like the car you may want to get a normal auto loan (long-term) payoff the lease, and get smaller payments.

pjkwong

Maybe take out a 0% loan from the credit cards.
They have those specials for 3-6 months.
Sometimes even a yr.
Just make the min. payment on those credit card loans though.

RedY2KS2k

If you anticipate problems, try to work with the leasor BEFORE you fall behind. Most advice I've heard/read indicates that they'll be more willing to work with you if you contact them and try to work something out BEFORE you default on a payment.

You're not the first person ever put in this position, and you'll not be the last. I'd recommend trying hard not to take any kind of hit on the credit rating/score if you can avoid it.

Good luck, both with the finance company and in your job search.