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Started By
Message
Tough Situation - Loan Options?
Posted on 10/5/14 at 4:43 pm
Posted on 10/5/14 at 4:43 pm
My GF's father is a taxi driver in NOLA. His cab broke down about 6 months ago. He has very little money to his name. Not enough to fix his cab. It doesn't meet NOLA's cab regulations, anyway. He also has terrible credit.
He's been on Social Security (he's 66, of that matters) since, but wants to get back out there.
My GF is willing to help any way she can, but she's a broke student with about 6 months of school left. So, very little credit history and no substantial money to her name.
Are there any options out there to get her dad back to work? Presumably he'd need a '10 or later car that meets NOLA's cab regulations. So, $12k-$15k?
He's been on Social Security (he's 66, of that matters) since, but wants to get back out there.
My GF is willing to help any way she can, but she's a broke student with about 6 months of school left. So, very little credit history and no substantial money to her name.
Are there any options out there to get her dad back to work? Presumably he'd need a '10 or later car that meets NOLA's cab regulations. So, $12k-$15k?
3
Posted on 10/5/14 at 4:50 pm to JollyGreenGiant
Uber would have been nice if he could do UberX. Regulations keeping that option out though. Which is ironic?
Any other service industries he can do?
Any other service industries he can do?
This post was edited on 10/5/14 at 4:51 pm
Posted on 10/5/14 at 5:30 pm to Teddy Ruxpin
quote:
Uber would have been nice if he could do UberX. Regulations keeping that option out though. Which is ironic?
Yeah. I assume he'd need a newer car of that ever comes around.
quote:
Any other service industries he can do?
At his age, very doubtful. I wonder what the requirements are for Uber Black's drivers. Who provides the car?
Posted on 10/5/14 at 6:43 pm to JollyGreenGiant
he'd provide the car there too. I was going to mention it but you still have the same problem there, except after the vehicle purchase you'll have different hurdles before driving I imagine. Might be slightly less cost but the overall issue remains
Eta: this board is slow on weekends so hopefully you'll get some good responses tomorrow
Eta: this board is slow on weekends so hopefully you'll get some good responses tomorrow
This post was edited on 10/5/14 at 6:48 pm
Posted on 10/5/14 at 6:48 pm to JollyGreenGiant
Good luck dude.
This situation has about a 95% chance of adding EX in front of GF
This situation has about a 95% chance of adding EX in front of GF
Posted on 10/5/14 at 7:21 pm to Teddy Ruxpin
quote:
he'd provide the car there too. I was going to mention it but you still have the same problem there, except after the vehicle purchase you'll have different hurdles before driving I imagine. Might be slightly less cost but the overall issue remains
I've met plenty of Über drivers that use a company car up here
Posted on 10/5/14 at 8:08 pm to BACONisMEATcandy
Repeat after me: this is not your problem to solve, nor is it his daughter's. If his cab died months ago, he's had ample time to find other employment. He is apparently making it on social security. But borrowing money at 66 to pay for a cab is a bad bet. Even worse is one of you taking on debt on his behalf.
Can you encourage him toward other kinds of work? He has a CDL, he might find driving work on larger vehicles.
Can you encourage him toward other kinds of work? He has a CDL, he might find driving work on larger vehicles.
Posted on 10/5/14 at 11:19 pm to hungryone
quote:
this is not your problem to solve
I have no plan to risk myself financially, but if I can offer advice, I will. That's all I'm looking for. Shot in the dark that maybe there's something out there I don't know about. I'm not very money-savvy.
quote:
nor is it his daughter's
While I agree, she's going to help him any way she can. It's family.
quote:
But borrowing money at 66 to pay for a cab is a bad bet.
Yep. Just not sure what other option he has. If he's dead-set on being a cab-driver anyway.
quote:
Can you encourage him toward other kinds of work? He has a CDL, he might find driving work on larger vehicles.
Honestly have no idea. Can't hurt to ask.
Posted on 10/6/14 at 5:50 am to JollyGreenGiant
I think if you can help him great. However I would view it as a gift if you can help him. At 66 if there is nothing in the bank and no way to fix this problem on his own there is likely no way he will repay you for the loan. So be very careful taking a loan out while in school that you can't afford to pay back on your own.
It's family and life is all about helping family but don't fall on the sword yourselves for doing something very generous and set yourselves back in your careers before they get started.
It's family and life is all about helping family but don't fall on the sword yourselves for doing something very generous and set yourselves back in your careers before they get started.
Posted on 10/6/14 at 7:02 am to Da Hammer
I agree that you should help family, but we have different definitions of help. If he needed a blood donation, if he couldn't drive himself to the doctor, if he had a broken foot and couldn't shop,for groceries....I'm all for pitching in. But his financial choices are an expression of his values: apparently his values haven't included saving for retirement, diversifying his skills, or even considering a different job while saving dough to pay for his cab (the job he likes).
Big families are often full of economic inequality. It can be hard to draw a line between helping someone who's had a streak of bad luck and subsidizing another's bad choices and/or laziness. I do consider helping kids vs helping adults differently....kids aren't independent economic actors. I'll happily pay for camp, or music lessons for a niece or cousin. But grown folks stil capable of productive work better damn well,have a job (or a serious reason for not having one) before I fund anything.
Basically, I'm saying you cant teach an old dog new tricks. If he made it to 66 without a financial cushion, nothing's changing now. And let me guess, your kind hearted GF paid for her own college (I'd love to be wrong about this one). There are complicated daddy issues written all over this one. You don't mention mom in this equation....
Big families are often full of economic inequality. It can be hard to draw a line between helping someone who's had a streak of bad luck and subsidizing another's bad choices and/or laziness. I do consider helping kids vs helping adults differently....kids aren't independent economic actors. I'll happily pay for camp, or music lessons for a niece or cousin. But grown folks stil capable of productive work better damn well,have a job (or a serious reason for not having one) before I fund anything.
Basically, I'm saying you cant teach an old dog new tricks. If he made it to 66 without a financial cushion, nothing's changing now. And let me guess, your kind hearted GF paid for her own college (I'd love to be wrong about this one). There are complicated daddy issues written all over this one. You don't mention mom in this equation....
Posted on 10/6/14 at 8:37 am to hungryone
quote:
And let me guess, your kind hearted GF paid for her own college (I'd love to be wrong about this one).
Only partially. Her dad gave her a relatively large amount to help her out with college, but she's still taken out student loans and had jobs to help cover everything.
I don't know the whole story, but I guess he was a little more successful in the past.
quote:
There are complicated daddy issues written all over this one. You don't mention mom in this equation....
Moreso that her mom is kind of worthless in the situation and one of the reasons she feels so bad for her dad having to deal with her.
Posted on 10/6/14 at 8:38 am to JollyGreenGiant
I seem to recall when NOLA put those new rules in, that there was some sort of program to help finance the upgrades. Now, that won't fix the broken car, but if it's still available, maybe it would help.
I know nothing about cab drivers... could he go work for some big cab company and they could help him get the financing?
Otherwise, maybe he should get a $3,000 car and become a delivery driver or something.
I know nothing about cab drivers... could he go work for some big cab company and they could help him get the financing?
Otherwise, maybe he should get a $3,000 car and become a delivery driver or something.
Posted on 10/6/14 at 8:52 am to JollyGreenGiant
quote:
Moreso that her mom is kind of worthless in the situation and one of the reasons she feels so bad for her dad having to deal with her.
So there is another adult in the household who does not work? Ach. That would drive me nuts. Or did he pay child support for many years that wasn't spent on the child?
But I'll amend my earlier hard-heartedness: if he gave her substantial assistance with college, that does change the picture a bit. She's in no position to help until she's employed, though. And "help" can mean many different things. If she plans to move back to NOLA & live with the 'rents, it can take the form of paying them rent while she looks for a job. Or helping him with a simple resume and some online job searching if he's not modern-job-search savvy.
Posted on 10/6/14 at 9:29 am to hungryone
Yea "helping family" doesn't have to mean subsidizing poor stubborn plans. Get him delivering some pizzas or something in the meantime while he gets his situation together. Help him set up interviews, with a resume- heck buy him a new dress shirt or something... But taking out a loan for a $15k cab isn't help.
Posted on 10/6/14 at 10:16 am to NoSaint
He could always look at driving a bus or limo.
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