i need help here.
ok so i bought this car about 3 months ago with loan. and now i realize i can't afford it anymore, -i'm in college- ( i pay about $500/mo including the insurance). i've asked here and there and they said that i had to continue my payments if i didn't want to get bad credit. or if i wanted to return the car i still had to pay the reminding balance and i lost the car. how do i get out from this? i don't wanna be in this debt anymore and if i can sell this car i want to buy a new cheap car cash not with loan anymore. help please. thank you
2007-07-23 18:57:37 · 3 answers · asked by Schatzi 4 in Cars & Transportation ➔ Buying & Selling
it's 1999 mazda 626 6 cyl
i still have 27mos to go $224/mo
2007-07-24 07:59:21 · update #1
I cant be specific with answers as I don't know the model year - amount financed or term, but with info you provided there are only 3 options.
# 1... If you let vehicle be repo you will have a blemished credit rating for years to come.
# 2... Sell vehicle and somehow find the cash to pay the negative factor.
# 3... Contact lender and ask for a longer finance term to make payments affordable.
If there is an area that you want to discuss that you think may change the info I provided feel free to contact me through my website http://www.usedcartips.org/
2007-07-24 00:19:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Well, you learned a lesson, but there are consequences. There is no easy way out. You either pay for the car, or you sell it for way less than you paid for it and you pay the difference, or you mess up your credit rating and that will also cost you.(although not until you go to buy another car or maybe a house someday)
2007-07-23 19:04:45 · answer #2 · answered by jimanddottaylor 7 · 0⤊ 0⤋
Heh heh, learned one of life`s little lessons, didn`t we?
remeber "interest" is not your friend!
2007-07-23 19:04:36 · answer #3 · answered by mdcbert 6 · 0⤊ 0⤋