ADHD tax, with compound interest - car and financial issues

[STEM_Dad]

So, a couple of weeks ago, hit a deer. My car was already beaten up, having been in at least two accidents.

I've been trying to get a car loan since then. I have bad credit, and had to rent a car for several days to get to work.

I went to a credit union to talk about getting a loan, but they only offer loans to members. So, I opened an account. The loan officer ran my credit report, and said that I had to make arrangements on a couple of defaulted accounts, then he could talk with me. So, a week later, after I've made a payment and arranged monthly payments, I call him up to make an appointment to apply for a loan. He says he can't help me, and to come back in six months after making payments. (One creditor will be paid off in 4, the other in 5.)

I called the car dealer, they said that they can help me apply to multiple lenders at once, but I have to be able to pay 10-15% as a down payment. The money that I could have had for a down payment went to rent a car six days out of the last 2 weeks. I have no money left for a down payment.

I tried online sites, and again, they dangle the possibility of a loan ("you're pre-approved by lenders A and B, just X% down").

It seems there's no help for me to get a car. I can do some parts of my work remotely, but other parts require that I be on-site at work. If I can't get to work reliably, I am afraid of losing my job.

.....

I tried going to the DMV on my lunch break to finally get my New York driver's license, before I had to return the rental car. It took most of the afternoon, especially because I had to return home for more things to prove who I am and where I live.

[ADDandMe]

Really sorry to hear this STEM_Dad. Is there anyone who can help you… a family member? Do you have any items you can sell (fancy phone etc, jewellery etc?). Where there’s a will there’s a way. Rooting for you! Keep us posted.

[STEM_Dad in reply to ADDandMe]

For the short term, I'm going to see if there is anyone from work that I can carpool with.

I know that I need a second income stream, so I'm going to try to write and publish some articles and short stories. I'll also look into other possible work from home options, because I still want to have as much time with my kids on weekends as I can. (That's the majority of my custody time with them.)

[ADDandMe in reply to STEM_Dad]

It’s good to hear your problem solving this. A really difficult time, but it will come good.

I hope someone at work comes through for you.

[STEM_Dad]

I know that I'll figure it out. I always do.

It was just a really hard day, after a difficult couple of weeks.

[OldIndigoBlue]

I hear you. It's overwhelming when life gets especially difficult to try to sort things out and to keep hopeful. I do think ADHD helps us, tho, because we seem to have that energy source inside us that keeps us trying - we are survivors. At least it helps me to remind myself o that - I'm 74, still here, and refuse to give up psychologically. Not that I don't have down days! But there's just that inner spark of "I'm gonna DO this!" Hope that's a bit of encouragement for you. Keep us posted.

[wtfadhd]

wow! hate those kind of adhd taxed days

i live in NY as well. if you call 211( united ways info n referral line 24/7) ask the line worker for resources for emergency financial assistance. also, in NY, the Dept of Social Services has program called emergency temp assistance ( ETA). its for people who work and are not reliant on public assistance ( welfare) but are in a financial hardship n need a hand up so the family doesnt completely become financially decimated. apply for that. also, u can ask 211 if there are any “transportation for employment reason “resources available in your area. 211 is one of the many hotlines i answer as my role as a crisis counselor that is how im privy to all this, lol

no guarantees of help but its a possibility n might be worth a try!

good luck🍀

[STEM_Dad in reply to wtfadhd]

Thank you so much for the information!

That's more than I've gotten from the people I've been trying to work with here, even when I specifically asked "do you know of anyone that I can try to go to for help." I know that lenders and car dealers meet other people in difficult situations like mine. It's hard to believe that they don't know about something.

[LiamFL]

Buy here pay here. Your monthly payments will be higher then with a traditional loan but as they self-finance loans (and lowjack the cars so they can recover them) they will finance pretty much anyone. Research dealerships before you visit, there are some who are very good at this end but many who are deeply unethical and just trying to rip everyone off. Real the reviews, I wouldn't expect the buy here pay here's to have great ratings because of repossessions but if they are putting people in lemons that's a problem.

Don't overbuy cars. If you can get <50k and still under manufacturer warranty that is ideal, its usually 100k-150k miles where the big expensive stuff starts going wrong. Never buy new. Get the smallest & most gas efficient car that works for you. I drive a little 2 door convertible which was cheap as shit, if I need to get something big from Home Depot I just rent a pickup for $25.

Interest rates are important but I do think people over focus on them for car loans, cars are a depreciating asset and you only care about resale value because it lowers down payment for the next car. Focus on what the monthly payment is and keeping it affordable. Make sure you have more then the minimums your state requires for insurance coverage.

[SierraHomesick]

I’m so sorry to hear that you’re getting the run around. Loans are miserable. The person who posted about 211 is awesome. I hope that resource helps.

If you were to set up a crowd sourcing page, I’d be able to help a bit. Maybe we all could chip in and help with the down payment.

There’s also a site (I tried to find it but I can’t remember how I stumbled upon it before) but it’s basically a grant program for folks who are working but can’t make ends meet.

I had applied when I got into some trouble with our bills and didn’t want to tell my husband but I’m a SAHM so it didn’t apply to me.

I’ll try and do some more searches for that. Thank you for helping the rest of us when we need it.

[STEM_Dad]

UPDATE:

I finally got a car!It's got all wheel drive and gets great gas mileage.

I had to go above my budget for monthly payments, and the gas savings won't be enough to cover the different, so I'll have to tighten up my budget elsewhere.

It's such a relief! I was feeling very anxious.

(Since I basically live in the middle of nowhere, I had to check with dealerships up to 100 miles away, and sure enough, the place I finally got my car loan approved from was 100 miles away.)

There was a Walmart a few miles from the dealership. I stopped there and bought something to adorn my car with... it's called a "deer whistle". It's supposed to make an ultrasonic noise to alert deer to stay out of the way. (A coworker told me about it. She says that she hasn't hit a deer once since using these things.) I hope not to take out any more deer or damage my new(ish) car.