I bought a car less than a month ago and haven't even made the first payment have found out that I cannot afford this payment what do I do?
2007-04-12 07:57:27 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Sell it for what you owe.
2007-04-12 08:20:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The best way is to sell the car and make payments on the difference. Most car dealers won't help you with buying a cheaper car either. The other alternative is to make the payments and try to improve your financial standing. You might also figure out how much your operating expenses were on your old ride (if this applies) and compare it to your new one. You can take it back to the dealer and see if they can give you credit on it, but you will have to pay the depreciation on it, this is the bottom line.
Next time don't buy more car that you can comfortably afford. Cars are for transportation, plain and simple. Image cars are for the wealthy (not that image cars are bad, and neither is being wealthy).
2007-04-12 08:09:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Follow the instructions of the first answer, however I bet he missed the point that you cannot afford it. There is something called voluntary repossession. Contact the lender and tell them you cannot pay. Arrange to have the car delivered to where they tell you to take it. They will wholesale it to a dealer and you will have to make arrangements to pay off the balance due (if any). At least the upside down amount will not be as high of a payment. Your credit will be dinged, and you will have a hard time getting credit for a while, but you will be out of the car and have a lower debt.
2007-04-12 08:05:34 · answer #3 · answered by yes_its_me 7 · 1⤊ 0⤋
You are in a jam. You may have to sell the car and pay off the loan. If you can't afford it, you are going to have to do that anyway. Either that or get another job to increase your income. The only other thing would be to call the lender and explain things to them and refinance for a longer term to lower the payments. You will have to pay a higher intereat rate usually and it will cost you more in the long run.
Personally, I would sell the car and pay off the loan, borrowing the money from my parents if I had to. Admit you made a mistake and have learned from it.
Good luck
2007-04-12 08:06:34 · answer #4 · answered by Fordman 7 · 1⤊ 1⤋
1. Why did you buy a car you cant afford?
2. Why did you buy a car and not even ask how much the payments were??
2007-04-12 08:02:58 · answer #5 · answered by Blaker 1 · 2⤊ 0⤋
Pay it off or sell the car and pay loan off.
2007-04-12 07:59:43 · answer #6 · answered by Anonymous · 1⤊ 1⤋