I am in a debt settlement program that may affect if I can buy or lease another car. I don't want to end up not being able to finance a car. I have good credit with GMAC; no late or arrears. The car has a good resale value and I probably could get more than I owe.
2007-02-06 05:19:12 · 8 answers · asked by rooty tooty fresh n fruity 1 in Business & Finance ➔ Personal Finance
Sell the car and use the proceeds, if any toward another car. Get a used car a couple of thousand that will get you home, to work, to the store and that's about it. Use the $11220($374 x 30payments) to pay off those other debts. You don't need to be trying to get out of debt with a $400 dollar/month payment going to a car. You can get another car when this mess is cleared up. And, and the good thing is you can probably sell a 2k car for about 2k once you have cleared up the mess. And, don't lease a car. It is usually the most expensive way to drive a car. You always have a payment and never own anything at the end.
2007-02-06 05:28:01 · answer #1 · answered by ontopofoldsmokie 6 · 0⤊ 0⤋
1
2016-09-26 09:07:53 · answer #2 · answered by ? 3 · 0⤊ 0⤋
If you can come out ahead on the sale of your car and pay off your loan, it is a good idea. Why not call and talk to GMAC and ask them? Also be sure to ask if it will affect your interest rate. It seems your credit rating affects the price of many things including how much you pay for insurance and credit cards. Be sure to write down the name of the person you talked to at GMAC and I've found if it is important, talk to more than one person so I would call back and ask another or ask if they will make some kind of notation on your account. I didn't have a lot of success a few years ago. I had just bought a car and got badly hurt and lost my job. I did have other income but it was a good paying job. I asked if they would refinance it so that I could have lower payments. The person was NOT helful, really hateful and snickered at my bad fortune. I don't think that was GMAC tho' but don't really remember.
2007-02-06 05:30:15 · answer #3 · answered by towanda 7 · 0⤊ 0⤋
You don't need a car that expensive and if you get a cheaper one, your insurance (assuming you have any) will go down as well. Sounds like a good idea.
2007-02-06 05:22:59 · answer #4 · answered by wish I were 6 · 1⤊ 0⤋
If you can get your equity out of the car then have someone take over payments, I'd go for it.
2007-02-06 05:23:43 · answer #5 · answered by Laura Marie B 3 · 0⤊ 0⤋
With two years already paid, have you considered refinancing?
2007-02-06 05:22:23 · answer #6 · answered by withluv7 3 · 0⤊ 1⤋
Try to refinance.
2007-02-06 05:31:08 · answer #7 · answered by tchem75 5 · 0⤊ 0⤋
SELL SELL SELL
2007-02-06 05:26:53 · answer #8 · answered by Anonymous · 0⤊ 0⤋