I want to sell my car but it is tough!?

Question

I am currently tied into a lease and only have 6 more months to satisfy my contract but because of the current state of the economy, I like many others have struggled to find ways to make ends meet and am trying to get rid of it.

Before I bought this car 2&1/2 years ago, financially we were well off. Unfortunately shortly after that, the economy has taken a turn for the worse and I think it will be a while til it recovers. Since then I have had to liquidate and now I am still stuck with a car that people can buy for $10-$15,000 less because of massive inventory of vehicles dealers are still sitting on.

There are other factors that have forced me to look to selling everything. How do I get the creditor to see that I can't afford this anymore?

I've already been reported late twice but have pulled through but I don't know how much longer I can do this. Should I turn the vehicle in?

Answer 1

turning it in will be a voluntary repo.  Do not let yourself get a repo over 6 payments.  I know its tough - believe me.  But you have to find a way to pull through for 6 more months.  Get a night job, get a paper route, elminate all unnecessary expenses, stop the starbucks - do whatever you have to in order to prevent a repo.  A repo will put you in a terrible credit picture for a minimum of 7 yrs.

Good luck - trust me you are not alone.

Answer 2

DO NOT ALLOW THE CAR TO GET REPOSSESSED!  Do everything you can to avoid that bad situation.

The facts are you will lose money if you sell the car.  Why not just keep it for the 6 months and turn it in.  Those 6 payments are probably a lot less than the money you'd lose selling it right now.