Is there a way out of my truck payment?

Question

I need opinions. Im 20 years old and I live with my parents while im in college. Things have went really bad with my parents lately, so i need to move out. BUT, I went 2 months ago and financed a 2008 F150 and i have a pretty high payment (in the 500's.) So that makes it really hard to be able to afford somewhere. Im a fulltime student (pre med major), i work at a bank and i work at a hospital, and im maxed out on time. So my question is, without hurting my credit, is there anyway i can get out of this truck payment. I've been told its too early to trade it in, and I financed it for like 28k so its alot for someone to buy. PLEASE HELP!

Answer 1

The only way out of your truck payment is to pay off the loan. Anything else carries some penalty. I'd be willing to bet you owe more on the truck than you could trade it or sell it for. Even though it's 2 months old, it has already depreciated by thousands of dollars. It sounds like you're working hard, but the reality is you are on the hook for $500+/month until the loan is paid off.

Answer 2

Well, the good news is that when you're a doctor, you'll be ripping off insurance companies for $1 million bucks a year, living in a mansion, driving a Ferrari, and beating the women off with a stick.  This will seem like a dim memory.  The bad news is that there's no reversing this.  Some things are just too stupid to undo.  This was a very, very, very bad decision on your part.

So - you must sell the truck.  If you come out $5000 in the hole, then you'll have to pony up $5000.  If you can't pay that today, then you better be figuring out how to pay it soon.

Answer 3

You're between a rock and a hard spot. You're right, it's going to tough to get out from underneath this truck without hurting your credit. Here are a couple of scenarios, even if it was transferable, who would want to help you to get out from under this truck. And if you were to trade it in, you're probably close to $10,000.00 tipped.(negative equity) That comes out to about $250.00 per month applied to your next loan, then apply financing for a car on top of that. You're better of sucking it up, and paying on the F-150 for awhile.

Answer 4

Is your loan transferrable? Perhaps you could sell it and pay it off or the new owner could assume your payment.

Answer 5

There is no way out. Not trying to be an a** here but it seems you know this already. You can let them repo it, or try and sell it and pay the difference off by getting a personal loan, but that doesn't sound possible in your circumstances. We don't have enough info. It doesn't seem like it now, but it's good this is happening to you while you're young. Now you know, debt is a prison, and that's no exaggeration. Don't worry about it too much. It is what it is. Years from now, you'll barely remember this.