Need advise!!!!! Money.....?

Question

I have a 2004 Scion that I have financed through Toyota, I still owe about 12000 left to pay on it. I am trying my hardest to get rid of some of my dept and even considering getting rid of the car, but not sure what and how would be a good way of going about it. Need some advice here!!! Thank you!

Answer 1

Check out the book The Total Money Makeover by Dave Ramsey. He talks about how to get out of debt and never having to borrow money again. His plan makes a lot of sense and is currently working for my husband and I to get our debt paid off...

He talks a lot about cars and how to handle them from a debt payoff perspective.

Good luck.

Answer 2

the first thing for you to do in this situation is to look-up the market value of your scion... i'm guessing its not worth much more than 10k, so in order to sell the car, you need to come up with a few thousand dollars so that the title can transfer. that will hurt, especially if you also need to come up with a down payment on a less expensive car. if you are asking for help to reduce your debt, i'm guessing this isnt in the cards for you.

so, what you need to do two things to reduce your debt. 1) you need to spend less. 2) you should identify what you pay the highest interest rates on (probably this is a credit card and not the car) and retire that debt. even if you are only paying off an extra $50/month and dont increase your debt load, that will slowly pay-off for you

you may also contact your borrowers and tell them you are having trouble meeting your obligations and are worried you might default. they might be very amenable to lowering your interest rate in order to avoid the expensive of hiring a collector

Answer 3

I would keep it at this point. Once you get other bills paid off, take the extra money and make extra payments. You could send in extra to add to the principal each month and save quite a bit in interest. This would pay it off sooner.