i owe 20000.00 and the car is worth 14000.00,and payment is 665 a month I need a cheaper payment......help please
2007-01-19 00:30:23 · 7 answers · asked by dell_w_99 1 in Cars & Transportation ➔ Buying & Selling
There is really no way to reduce your payment, or sell the car at this point. Seeing as the payment is a problem with your income, what I would recommend (and I know this is going to be hard) is that you increase your income and put all that money towards paying the balance down. You may need to work a second job for a while!
Good luck!
2007-01-19 01:07:40 · answer #1 · answered by fire4511 7 · 2⤊ 0⤋
1
2016-09-26 10:54:33 · answer #2 · answered by Alisa 3 · 0⤊ 0⤋
That's a tough situation and I'm not proud to say it but I've been there before. I purchased a car when I was on a financial upswing and as things changed I found it was no longer feasible to have such a high car payment.
Fortunately I found a dealer who was straight up with me. He said there was no way I could get out of it and anyone who said differently was probably lying.
He told me my best bet would be to buy a used car that I could afford and then take a voluntary repo on the other car. That's what I did. I found a car for about $7,000 then I took my car back to the dealer where I purchased it and handed them the keys.
They sold the car at auction and then they contacted me to make a settlement but I had to come up with two thousand dollars in 30 days. It was hard but the money I would be saving since my used car payment was only $150/mo made up for it. I have to look at the Paid/Charge-off status on my credit report for the next 7yrs but it is worth it. With the money I saved in car payments I paid all my credit card bills and my credit score is higher now even with the paid/charge-off.
2007-01-19 01:57:51 · answer #3 · answered by James 1 · 1⤊ 2⤋
I had a problem like this recently, (still do...) The thing is you are going to have to 'eat' the 6000 somewhere... You either keep the car and drive it until the end of its days... or you trade it in for a better deal (If you have the credit rating needed) in order to get a better interest rate and lower car payment. Good luck!
2007-01-19 00:39:42 · answer #4 · answered by lucielu 2 · 2⤊ 0⤋
you could take out a loan to pay off the car, then sell the car for what it's worth, and then slowly pay off the difference
or
you could suck it up for one month, and make an extra car payment
then you'd be ahead on your payments, and every month, you can send in the payment and tell the bank/financing company that you want the payment to GO DIRECTLY TO PRINCIPLE. This way, you'd get the total amount you owe on the car down to what the car is worth in a year - then you'd be able to sell it for what it's worth and get out of the whole deal
2007-01-19 00:43:27 · answer #5 · answered by Mister 4 · 1⤊ 2⤋
there is really not much you can do at this point. You could try and refinance with a smaller bank- but other than that there aren't many options.
2007-01-19 00:35:10 · answer #6 · answered by missashley929 3 · 1⤊ 0⤋
Stop paying on it, file bankruptsy and go to a buy here pay here place.
2007-01-19 00:34:50 · answer #7 · answered by MsFancy 4 · 1⤊ 3⤋