Saturday, June 8, 2013

To our supporters, we have a question for all of you.

To our supporters, we have a question for all of you (advice, direction, considerations) regarding a fundraising idea.

We bought our 2011 Mitsubishi Outlander before Penny first came down with cancer (and before Steinar was unemployed). We originally got it to replace a 2007 Mitsubishi Raider truck that had a large payment (and that got 17 mpg going downhill with a tailwind if we were lucky... as the gas prices were going up past $4.00 a gallon and it was costing us over $5,000.00 a year in fuel costs when I was working). Plus, it was too big for Penny to drive (she can't handle driving large vehicles due to the stepping up into the cab due to her bad back). The Outlander resolved that issue.

Unfortunately, our payment is $644.00 a month (at 5% apr) and it is overwhelming us. We tried negotiating with Biggers Mitsubishi to take the vehicle back a couple of months ago, but we still owe $33,000.00 on it regarding payoff (and they were only willing to pay up to $20,000.00, we'd have to come up with the leftover $13,000.00 to pay it off to eliminate that payment).

So, we have 3 choices to deal with this.

1. Keep paying on it and keep being short on our monthly spend for the next 4 years left on the loan (forcing me to find a job above what the market will bear), plus whittling down funds that could be used for necessities.

2. Let the car be repossessed by giving it to the local Mitsubishi dealership (then going to court and being responsible to pay even more than $13,000.00 outstanding once the vehicle would be auctioned by Mitsubishi Motor Credit ~ the Lienholder). The outstanding lien would then be attached to our home's deed further complicating our situation with our present upside down housing situation (and further complicating our financial plus credit situation) forcing us most likely into Bankruptcy (and since our Son's services plus support network are here in McHenry county, we'd be hard pressed finding any decent home in this area that we could afford with harmed credit... which also will affect my future employability).

3. Or have a fundraising raffle of the Outlander (330 Tickets @ $100.00 per ticket or $660 Tickets @ $50.00 per ticket) and awarding the Outlander to the winning ticketholder. If we sold all tickets, then the funds received would pay off the car and we'd have a 3rd party pick a ticket from a container to announce the winner of the car.

We still have our 2001 Chrysler Town and Country (112,000 miles) and 2003 Chrysler Sebring (185,000 miles), so we will still have a viable working vehicle after off loading the Outlander. We are wanting to do #3 (hold a raffle), where a person can get an almost new vehicle in great condition.... and we would honor our financial commitment by paying off the car without having to lose everything in the process. It would also further reduce our monthly spend to a point that we could afford my taking a job at a far lower rate than what I was earning if I had no choices once unemployment runs out.

Please, respond to this in the comment section or by email and let us know if this sounds like a good idea (a raffle), or if it is a pipe dream.


Steinar and Penny Andersen

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