Car payments i'm going <span title="insane!!!!!!!!!!!!!!!!!!!!!?">insane!!!!!!!!!!!!!!!!!!!...</span>

Question

Hello -

I need help with a huge car issue, I currently pay car payments on a car…I can’t no longer afford to make these payments they’re so much…and I’m behind maybe like 200.00 not too bad I still owe about 17K I don’t want this weight on my shoulder anymore (payments) they are too high, I’m paying like 550 a month!!! And it’s killing me! I don’t know what to do! Any advice would be greatly appreciated! Thank you all! And the creditor calls are just driving me insane at this point! I hate this card so much!!!! Thank you all!!!

Answer 1

Is the car worth $17k or more?   If it is sell it and pay the note off.  If you are like most people you are upside down on your loan and owe $17,000 on a $12,000 car in which case you are in trouble.  You might be able to find a dealer that will trade down if you have the right car (read not SUV or gas guzzler) but you will still take a beating on the trade.  The last resort is to take it back to whoever holds the note and turn it in on a voluntary repossession, they will sell the car and you will get sued for the difference between the sales price and the loan payoff,  your credit will be trashed but at least you will be out from under the loan.  If you turn it in yourself you will save paying the repo expenses.

Answer 2

It&#039;s all a matter of math. What can you sell the car for? You don&#039;t want to sell it to the dealer because you will get very little for it. You can possibly refinance the car for a longer term but that&#039;s not always easy and will cost you a lot more money in the long run. If the car is not worth at least what you owe ( you are considered upside down in the deal) you can sell the car and borrow the difference to pay it off. You must pay off the car or can&#039;t really sell it properly. You don&#039;t have title. If it&#039;s leased, you can try and have someone take over the lease. A lot of people do this successfully with desirable cars. I think you already know this but, next time, buy a car for transportation, not to be hip. If you want a hip car, you have to pay cash for it. Eventually, all of your possessions become you handcuffs.

Best of luck.

Answer 3

Try to consign it at a local dealer, still have to make payments until they sell it.

Answer 4

If you owe more than the car is worth then you are pretty much stuck with it. You are going to have a hard time getting someone to take over the payments for you as they will be buying the car for more than it is worth.  You also cannot sell the car if you owe more than the car is worth because then you will still have the debt but no car. Trading down for a cheaper car is also a terrible idea as you will be even more upside down in your loan. You will owe for the difference between what they give you for the car and what you owe as well as the cost of the new car.

Fact is you have to pay your debt. No getting out of it, you have to pay it. Answer your calls from the creditors and make a payment plan. Get a second job on the weekends and make all you payments for your credit cards and your car. Sucks to lose your weekends but you owe all this money because YOU SPENT IT. Most importantly learn what you did that got you into this situation and in 30 or so months when this is all over make sure you never do it again.

If you do a voluntary repossession you will still owe the difference between what the car sells at auction for, which is gonna be less than 8k, and what you owe. It will still go on your credit report. Your will be out from under your loan though and the finance company will probably be unable to forceable collect from you. It will ruin your credit and you will likely be unable to finance another car for years.