🔺 r/personalfinanceuStrict-Elk9883·39 days ago
My car has become a financial black hole a major hurdle in repairing my finances.
I 33(M) have been very irresponsible with money my entire life and I am desperately trying to fix it before it's too late. I have a 2021 Civic and the details of my loan are as follows: Original loan was for $23,939 with a monthly payment of $504 and an APR of 14.6%. I've had the loan for 2 years and 4 months but the payoff quote right now is $23,615 because I took an offer to only pay $254/mo during a time when my income was lower. $1,338 has gone toward the principal, $6,474 has gone toward interest. I am 109 days and $2,016 past due. I don't have insurance because I couldn't afford it, registration and insurance are like almost 2 years expired. 8,000 miles overdue on an oil change, tires are almost bald, brakes are completely shot. I just started bringing home roughly $1,000/week and my new job is only an 8 minute drive from my apartment. Taking the bus to work would turn my commute into an hour or more each way. My son visits on the weekends and it's my responsibility to pick him up and bring him to my place. The winters are brutal where I am and few places get more snowfall every year on average. The car is not worth $23,000. I really don't know what to do. Not having a vehicl…