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My credit is trashed as it is, so rule that out. I am late 23 days on the mortgage, but only 12 days behind on my car loan. The lender with the car loan is Capital One Auto Finance. If I pay the mortgage late, it will show up on my credit report, which is trashed, but if I could salvage anything it would be a late mortgage payment. I dont want the car repossessed though, it would seriously destroy my life, no means to get to work, etc.

8 Comments »

1. 

   Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carquotes.fateback.com

   Comment by William — December 31, 2009 @ 11:27 pm

2. 

   you can live in your car so id say auto loan

   Comment by Qwerty — December 31, 2009 @ 11:27 pm

3. 

   pay your car, then pay your mortgage on the second notice. the way things are with homes, the banks are being lenient with dates so you should be able to make it. Sorry things are tough. Good luck

   Comment by Lon — December 31, 2009 @ 11:27 pm

4. 

   pay mortgage better to have a place to live rather than not having a place to drive,plus not having a car will help you because you wont have to pay for gas and maintenance.

   unless you can move in with someone else, pay mortgage

   Comment by nmaster12 — December 31, 2009 @ 11:27 pm

5. 

   In your situation I would pay the mortgage payment. From what I understand they won’t repossess your car after 1 missed payment. You could even try contacting your auto loan lender and explaining your situation. Good luck.

   Comment by Shannon P — December 31, 2009 @ 11:27 pm

6. 

   You should be thinking long term instead of short term to make your decision. Are you going to have this situation month after month? It’s possible you are trying to live a lifestyle that you cannot afford so if losing the house may happen eventually, start now to bail out of the house and get yourself together with your long-term goals and priorities. Either missed payment will have the same impact on your credit so what do you think you’re really gaining? For this month, miss the mortgage payment and try to arrange something with them ahead of time. If you think it’s going to be a lost cause in still having the house in another year, five years, whatever… opt for keeping the car because as you said, you need it for transportation. You may wish to consider downsizing home and car to have what you can afford because being in your situation now is showing you cannot afford both. Consider ways to increase income and/or reduce expenses so you don’t have a continuous cycle with bad credit, repossessions, and financial stress.

   Comment by rayt721 — December 31, 2009 @ 11:27 pm

7. 

   Its just that all loans have been hard to get in hand in this econonmy. The online places are easy to check and sometimes less paperwork.

   Ive been told this site is good http://auto.deal4-you.com

   Comment by Miles S — December 31, 2009 @ 11:27 pm

8. 

   Assuming you can’t pay everything, your priorities are as follows:
   1. Food. This means what you need to live, restaurants are prohibited.
   2. Utilities. Keep the lights and heat on.
   3. Housing. You NEED a roof.
   4. Transportation. This could be a bus pass.

   I don’t want the car repossessed either. I want it SOLD. You can’t afford this car. I am willing to BET I could pay CASH for a car with less than 4 months of your car payment. Actually, I am willing to bet I DID pay cash for the car I currently drive for less than 4 months of your car payment.

   Comment by STEVEN F — December 31, 2009 @ 11:27 pm

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