NEED Advice getting rid of a Financed Car!
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
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
Comments
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.
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
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.
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.
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!