Home > What you don't know, can hurt...I just didn't realize how much!

What you don't know, can hurt...I just didn't realize how much!

May 2nd, 2007 at 03:31 am

Boy, oh boy, oh boy...

How do I make this long story short. I dont think I can, so bear with me.

First...take a daughter, who makes really good money. Then, she makes a really POOR decision and leases a new car that GUZZLES gas and has super high payments..ugh. (You what???)

Mom. nice little compact car...paid off. Nothing fancy, but it works and is reliable. Sips gas...

Then, daughter loses high paying job...

So, mom decides to help daughter out and trades cars for a while...

Then, mom decides she HATES cars that guzzle gas, no mater HOW NICE THEY ARE AND HOW MANY FANCY GIZMO's THEY HAVE.

So, mom decides to trade in the gas guzzler and get something more efficient and budget-wise. learns there is an UNKNOWN serious delinquency on her credit...WTF?
Get this, friends... it is for a whopping $8...yes, $8 that I had no idea was out there...and my credit score is tanked.

So, mom writes to the company and PLEADS to have the $8 debt wiped from the report...but in the meantime, she either has to pay the $400 per month lease + $260 month gas bill...or trade it in...and pay higher (1.5% higher) interest because of the tanked credit score from an $8 debt.... SH*T

Yes, I could trade the gas guzzler back to daughter...but she is a single mom with no job and a mortgage of $1100 per month to pay and the mother of my grandson.... SH*T.

what to do...clearly, what I didn't know is hurting quite painfully in my pocketbook...all for a drasted $8 flippin bucks....ARGH

16 Responses to “What you don't know, can hurt...I just didn't realize how much!”

  1. contrary1 Says:

    That truly is a nasty piece of info. I'm so sorry, it's one of those that you just need to live there really isn't a solution, is there??

    It's one of those things that people always say things like........."Oh, wait a few years & you'll have forgotten all about it".

  2. scfr Says:

    Ooooh, yet another example of how the credit scoring system can be so seriously flawed! I'm sorry.

  3. mariejensen2007 Says:

    Can you show the car people the $8 mix up and perhaps THEY will be lenient? Or could they care less? Can it be leased to a third party that actually may be looking for that type of car?

  4. monkeymama Says:

    I'm so sorry. That seems to be going around. WOW!!!

  5. Broken Arrow Says:

    Wow, that is insane. I can't even begin to articulate the irritation I would have with this situation.

    It's a toughie there, seeing as how your daughter is already going through a bit of a rough patch here... and yet has made decisions that I probably would've given her grief for... especially if I had to be involved directly as you are.

    Hopefully, this will clear up soon.

  6. Ima saver Says:

    Ouch! Hope things get better!!

  7. carol Says:

    Wow, I'd be hopping up and down mad as they say here in the Ozarks! I truly hope you can get this mess straightened out. All this headache because of a lousy $8.00? That's horrid!

  8. daybyday Says:

    Wow. Frown

  9. littlegopher Says:

    So sorry that this has happened, and for being a great mom too. Best wishes in getting it all straightened out!!

  10. Carolina Bound Says:

    What bad luck. I'm so sorry.

  11. tinapbeana Says:

    wow, ray, that's harsh!!! perhaps you can sell the car to a private party and use the cash to buy something small, used, and gas effecient?

    and, if it makes you feel any better, i apparently owe bellsouth 10 cents for phone service i had 8 years ago Rolleyes

  12. Thrifty Ray Says:

    Thanks everyone- TpB, unfortunately she is upside down on this lease...and when we do trade it in, I will be taking a sizeable hit. However, once she is back on her feet, I will also get a loan on the car that I traded to her and pay down the loan on (my) new car loan. I think she needs to understand the consequenses on this one. Tough love, I suppose.

    I am still flinching over the expense of this stupid $8. But I have talked to our lending chief...and he has offered to rerun my credit in a month or two and reset the rate once the *%&$^ $8 is off the report. Argh.

  13. Joan.of.the.Arch Says:

    Were you able to take over the lease from your daughter in a way that cancels her obligations to the car dealer? And now you are the holder of the lease so that the the dealer contractually expects you to pay them? Or was this just something Mom and Daughter worked out privately?

    Where is the tough love in this? I'm not seeing it. But then I don't understand what you mean by taking a loan on the car you traded to her. Do you mean you will use the more efficient car as collateral for a personal loan? Please not one of those car title loans!

  14. boomeyers Says:

    Darn Ray! What the heck was the $8 from?? I thought it was okay to check the credit report every few years, but it looks like you really have to do it every year, does'nt it? Geeze! One more thing to add to the list!
    Hope everything works out okay! Maybe a motorscooter?

  15. john Says:

    That really sucks!

  16. Thrifty Ray Says:

    JotA...Tough love...well, I am probably guilty of not-so-tough-love in that I knew that if I stood firm with a NO, it would eventually effect my grandson. This is a private deal between me and DD2...she will pay 1/3 of the car loan until it is paid. However, she is fobidden from making any future financial decisions without mom.

    Boo- The $8 was an annual fee I incurred on a really, really old loan last June. They are going to take it off my credit, but in the meantime, talk about a headache!

    john- yep, it does...big time!

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