Possible Assistance with Car Loan Payments

[sirrap1]

My husband lost his job last month. I am perm disabled (lupus, dialysis patient) and receive Social Security Disability once a month. Due to discrepancies between my husband and his now previous employer, he was denied unemployment benefits. It's currently in the appeal process but as of now, my husband isn't receiving ANY income.

We purchased a car back in January. After my husband became unemployed, I contacted Capitol One (who holds the loan for the car) to find out about options regarding job loss, reduced income, etc. So far we are current on our payments, however the next due date which is in a few days, we will not have the money to pay. I was told by Capitol One that if our loan was a year old, we would qualify for a better option, but as it stands now, if the payment isn't received by the due date, a late fee will be applied and more than likely attached to the following months payment.

I know this may be a long shot as it really isn't an emergency, but since this is our only means of transportation, considering my health condition, a repossession would be the absolute worse!

Any information, comments are greatly appreciated. Thanks in advance!

[Admin]

Hi, did you ask Capitol One about refinancing the car loan? Often times you can do this to save money on interest costs. You can also possibly refinance with a different bank. Read more info on car loan refinancing, with links to Capitol one programs too. I think another option may be to look into charities organizations like Ways to Work and 1800 charity cars. They offer cars (in certain cases) or low interest auto loans.

My husband lost his job last month. I am perm disabled (lupus, dialysis patient) and receive Social Security Disability once a month. Due to discrepancies between my husband and his now previous employer, he was denied unemployment benefits. It's currently in the appeal process but as of now, my husband isn't receiving ANY income.

We purchased a car back in January. After my husband became unemployed, I contacted Capitol One (who holds the loan for the car) to find out about options regarding job loss, reduced income, etc. So far we are current on our payments, however the next due date which is in a few days, we will not have the money to pay. I was told by Capitol One that if our loan was a year old, we would qualify for a better option, but as it stands now, if the payment isn't received by the due date, a late fee will be applied and more than likely attached to the following months payment.

I know this may be a long shot as it really isn't an emergency, but since this is our only means of transportation, considering my health condition, a repossession would be the absolute worse!

Any information, comments are greatly appreciated. Thanks in advance!

[Snowball]

Was air lifted to Allegheny General Hospital due to an unexpected life threatening infection in my leg which has rendered me unable to return to work at this time. I am afraid I will lose my car as I was on the brink before this. I don't know when I will be able to return to work as I am still hospitalized and my diagnosis may be a permanent disability. I don't know how I'm going to pay my car loan, rent and utility bills, as this happened so unexpectedly. I have no medical insurance although I have applied for medical insurance through Compass. Please advise ASAP, Thank you.