Help me sell my durango!!?

Question

I have a 2008 Durango I cannot afford. I dont want to let it get repo'd but I cannot afford it. It is 185 a month insurance 560 a month payment for 6 years.

It has 18k miles on it. I owe 28,000 on it and the place I bought it from will buy it back from me for 16k but that wont work as I owe 28k on it.

thanks

Answer 1

You can "try" to sell it privately, but it won't bring you what you owe on it.

Anyone can go to a Dodge lot right now and get a new or barely-used one for around $20k. They would have no reason to purchase yours for $28k.

I'd stick it in craigslist and your local paper, and see if you get ANY attention at all. However, my guess is that you're stuck. Don't fret, you're among good company. Millions of folks are in your situation right now.

**EDIT** -- Possibly, but you'd need to double-up on your payments for probably 2 years. You'll find that SUVs are going to start depreciating much faster due to lack of demand.

Do what you can to avoid the repo. The car will be sent to auction, and you'll owe the difference between what it sells for and what you owe (so, you'll probably owe $15,000 by the time it's done). If you can't pay, they can get a judgment against you and start garnishing wages.

Answer 2

Wow, you're paying $40,320 for that car? I'm baffled as to how you signed anything for it knowing full well your monthly payments.

You're pretty much out of luck. Sell it privately but prepare to take a HUGE hit. You might be able to get $20,000 if you're incredibly lucky and find an unsuspecting buyer.