i bought a car about 3 months ago and cant really afford it anymore what is my best soulution?

Question

it was financed trough toyota and it is used 2004 with 78,000 mile :(

i financed it with toyota 2004 toyota matrix 77,000 miles owe like 13,000

Answer 1

Can you tell us more? What type of car is it? What is the balance on the loan? What would the car sell for if you put it on the market? What is the length of your loan? What is the interest rate on the loan? Who is the loan with?

Thanks!

Answer 2

many of the previous post have the correct information. First call the bank and see if they can work something out with you. second, try to refinance, if possible go a longer term so that your payments have a chance to go down. credit unions are less picky about how they loan their money and usually have reasonable rates. third, if those 2 options don't work, then you can try and take it to the dealer and see if they'll buy it from you. at this point it is too late for them to just take it back, and you don't want to end up with a repo on your credit. they may buy it back, it will be less than what you owe, but depending on your financial situation that may be an option. if it doesn't work out or seems like too much money then put it for sale, autotrader, craigs list, ebay or local newspaper. the other great place if you have one local to you is CarMax. they really have been paying top dollar for used cars.

good luck

Answer 3

Depends...You are leaving a lot of information out. If you bought it from a car dealership, you might be screwed unless they will take it back. If the dealership would let you take it back, they would probaly make you pay for the miles you drove, which could be a lot of money. If you have a loan from the bank, then you are pretty much in the same boat. You could always try to sell the car but make sure that you can sell it for atleast what you owe on it. If not, I would suggest getting a better paying job or see if someone in your family wants to buy it or help you pay for it. Good Luck

Answer 4

I take it you got it on finance? You didn't say how old the car was or who you bought it from. I'll have to do some assuming
to answer your question.

Tell the credit company you are having trouble making the payments, in some cases they may be sympathetic while you sort out your financies.

Meanwhile, try to sell it to a dealer or advertise it privately making sure you inform all parties that there is outstanding finance on the car. Selling it to a dealer will result in a big loss but it depends how desperate you are to sort your problem out.

Answer 5

If you reallly can't afford it, my best suggestion would be to sell it asap. A car has major expenses especially down the road when the timing belt needs to be replaced and all the gaskets needs to be replaced. Do not sell it back to the dealer. Sell it in the newspaper. You will get at least some money back, than none at all.

Another suggestion would be to refinance your loan through a local credit union. They typically have lower rates compared to your local dealerships and your payments would then be lower.

good luck.

Answer 6

Hm....
The best solution....is sell it as retail on your own.
Most likely, you have financed it.
And if you have paid about 3 months worth of payment,
It won't nearly even cover the tax you have paid for the car that you have bought.
I quick question. Is it a new vehicle? or used?
What's the price range?
More expensive it is, more money you are likely going to loose.
So best option is re-sell it on your own. But it's going to be tought. Because if it's a new car, then you are going to loose hell lotta money. If it's an used car, it depends on the current value of your car. So...most likely you are going to loose tons of money.
Another alternative is....work your *** off and pay for the car at least 2 years. Hope this helped.

Answer 7

how did you buy it did you finance it through a bank or dealer like it sounds or did you buy it from a private seller, if you financed it and have a loan on it then you need to pay your loan on your car or sell it so someone else that can afford the payments will pay it . you lose the car either way

Answer 8

Sell it yourself, and pay off the loan. Then buy something less expensive or take the bus until you can afford another car.

Good luck.