First, a little background.
Me and my husband bought our first vehicle in September of last year. We had been using his father's Ford Expedition before that, and he needed it back. Me being pregnant, we panicked. We didn't really do our research or think clearly about the decision and kind of went with the first thing we saw, in fear of being without a car.
We bought a 2006 Saturn Ion. We are ready to become pregnant with our second child, and found a Ford Explorer that we really want. BUT we owe $5000 more on our car than it is worth. Making our finance amount go from $16000 to $21000. The bank will not finance that much for the Explorer because it isn't worth that much.
We are desperate. What would happen if we went ahead and got the Explorer, without trading in our Saturn, and then let the Saturn be reposessed?
Other than the obvious tarnish to credit. We can't afford two car payments, so it's one or the other.
Thanks!
2006-09-20
09:49:23
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15 answers
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asked by
Anonymous
in
Buying & Selling