My car is too expensive for my budget.?

Question

I have recently bought a car that I think may be too expensive for my budget. Can I trade it in on something less expensive or do I have to sell it back to the bank? Is there something else I can do without hurting my credit?

Answer 1

First of all why did you buy a expensive car? you will loose lots of money if you want to trade,banks dont buy back,you still owe them money no matter what.If repossed banks will sell for the lowest price & you still owe money ,will hurt your credit badly.GOOD LUCK.

Answer 2

Contact your lending institution and see what they will work out. As far as trading it in, well, you owe, say $20,000.00 and a less expensive car costs $15000.00. What is your current vehicle worth???? If your car is worth say $18,000.00, then you would still have to payoff the other $2000.00. I don't think you are going to significantly lower you monthly payments.

Answer 3

Ummm, if it was used or "preowned", as some dealers now say, you may be able to exchange it. With a new car though, You may be beat on that deal. Hopefully a car salesperson or lawyer may answer with some good advice...