My nephew made some poor choices and I don’t know how to advise him going forward.
He is currently $17k behind on his car payments. Bank is trying to repossess his car. He called the bank to negotiate and the best they can offer is $2,900 per month for six months to get back on track. He can’t afford that. He is currently sleeping in his car because my brother kicked him out.
He currently works two food service jobs. In addition, he wants to drive for Uber Eats, but he told me he is having trouble getting car insurance (possibly because of the repo status?). Long term, he wants to join the Navy, but he failed the ASVAB. He’s currently studying to retake the ASVAB on the side.
I advised him to go to go to a homeless shelter, apply for food stamps, and apply for Medicaid. I already gave him about $600 for new tires (they were bald), gas, and food. I can toss him another couple hundred. Here are my questions:
1) What is the best use of his limited cash and paychecks?
2) What should he do about the car? Should he just keep sleeping in it until the repo man finds it? Should he voluntarily surrender it?
3) What else would you advise him to do at this point?
