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NEED Advice getting rid of a Financed Car!

post #1 of 7
Thread Starter 
I know what you are thinking, I'm an idiot, for being in this position in the first place! I know but please refrain from scolding me, I regret my current situation (my first car) but I need your honest advice to get rid of it, please!

Here's the scoop.

I owe $20,800 on the car. I looked on KBB for (Dealer Trade-In) and it's rated between $16-19K. I'm estimating $17K in fair value according to this. I currently pay $400 a month on the car and my main objective is reduce my installment to $220 by getting a GREAT USED CAR if possible.

Has anyone been in this situation, and if so, can it be done?

I don't want to make another big mistake

Appreciate your help
post #2 of 7
You're under water on the loan so basically eff you. It used to be that you could roll the residual into the next loan you got but that was back in the crazy days.

Eat your dog food, earn more money and when you can get away from it go for it.


Barter or trade may be your way out.
post #3 of 7
Repo may be your way out but that would nail your credit rating.
post #4 of 7
yes when i was in a divorce
sell your car to a local dealer, you'll get more than a trade in.
take your lumps with the loan
then buy a cheap used car from a private party
i sold my metalic plum rose vette, and my explorer and bought a used 3 year old civic,
took me about 14 months to get the "lumps" out the first lump was kicking my "ex" out

think about looking up dave ramsey web site ( http://www.daveramsey.com )and you will get info and more stories worse than yours
he can help with a plan, call him if you can.

its a pain, but GET A PLAN and learn from this--, dave's books you can get at the library and keep away from the loan boogy man
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post #5 of 7
Thread Starter 
Quote:
Originally Posted by NOFEER View Post

yes when i was in a divorce
sell your car to a local dealer, you'll get more than a trade in.
take your lumps with the loan
then buy a cheap used car from a private party
i sold my metalic plum rose vette, and my explorer and bought a used 3 year old civic,
took me about 14 months to get the "lumps" out the first lump was kicking my "ex" out

think about looking up dave ramsey web site ( http://www.daveramsey.com )and you will get info and more stories worse than yours
he can help with a plan, call him if you can.

its a pain, but GET A PLAN and learn from this--, dave's books you can get at the library and keep away from the loan boogy man

Dude, thanks a lot! Just knowing that it can be done, makes me feel better already.
post #6 of 7
Quote:
Originally Posted by ilogic View Post

I know what you are thinking, I'm an idiot, for being in this position in the first place! I know but please refrain from scolding me, I regret my current situation (my first car) but I need your honest advice to get rid of it, please!

Here's the scoop.

I owe $20,800 on the car. I looked on KBB for (Dealer Trade-In) and it's rated between $16-19K. I'm estimating $17K in fair value according to this. I currently pay $400 a month on the car and my main objective is reduce my installment to $220 by getting a GREAT USED CAR if possible.

Has anyone been in this situation, and if so, can it be done?

I don't want to make another big mistake

Appreciate your help

So here's my question: Why are you getting rid of it? Why do you need to? My advice would be to try and suck up the payments for a bit, adding maybe $100 a month in principal if you can. Pretty soon you'll be even, at least.

If you have to get those payments down, you could roll the 3K into another loan (possibly...it will depend on credit). You will won't halve your payments, though...but you MAY get them down $100 a month.
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I can only please one person per day.  Today is not your day.  Tomorrow doesn't look good either.  
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post #7 of 7
Quote:
Originally Posted by SDW2001 View Post

So here's my question: Why are you getting rid of it? Why do you need to? My advice would be to try and suck up the payments for a bit, adding maybe $100 a month in principal if you can. Pretty soon you'll be even, at least.

If you have to get those payments down, you could roll the 3K into another loan (possibly...it will depend on credit). You will won't halve your payments, though...but you MAY get them down $100 a month.

Because he'd be WAY further ahead if he dumps the 20k car, eats the 3-4k he's upside down, then buys a $2000 used car with no payment plan.

If possible, keep making payments (to yourself) into some out-of-sight - out-of-mind savings account. Drive that $2k car until it absolutely won't run anymore... with only a little luck, it'll last till you've got several thousand in that savings account... now you upgrade to a $6k car .... repeat the process... next time you've got maybe $10k to spend... now... 20 years down the road, you're able to pay cash for a brand-new Lexus (or whatever car you prefer.)
You never have another (real) car payment for the rest of your life, but eventually you still get to drive a new car!
From out there on the moon, international politics look so petty. You want to grab a politician by the scruff of the neck and drag him a quarter of a million miles out and say, "Look at that!" -...
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From out there on the moon, international politics look so petty. You want to grab a politician by the scruff of the neck and drag him a quarter of a million miles out and say, "Look at that!" -...
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