ok so one month ago today i got a used car at a dealer. the car was only about 7000 bucks. so i made my first payment and now i am completely broke. i cant afford my car payment and insurance and im realizing this was a huge mistake. so my question is... how would i be able to get out of making the payments without like screwing over my credit?
2007-09-08 20:26:10 · 4 answers · asked by CArl 2 in Cars & Transportation ➔ Buying & Selling
You will need to sell the car for the amount that you owe, and pay the loan off, or sell it for less and pay the difference in cash!
Most likely you are going to take a serious loss selling a car you bought one month ago! You are looking at at least $1000 and most likely more in lost value!
You may want to consider a second job for a while, to pay the car payment and to save a bit of money to eventually be able to sell the car and pay it off!
Good Luck!
2007-09-08 20:49:21 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
One option would be, have someone else take over the payments. Also, you may be able to refinance the loan. This may lower the monthly payment but you may pay more in the end.
2007-09-08 20:35:50 · answer #2 · answered by sarin 4 · 0⤊ 0⤋
You cannot legally break the contract you signed and accepted. You can try selling the car and hope someone takes it off your hands. Other than that their is really isn't much you can do. Repossession ruins your credit, Voluntary repossession hurts your credit. Find someone that's willing to buy it. Good luck...
2007-09-08 20:38:05 · answer #3 · answered by msfgabe 2 · 1⤊ 0⤋
Find a new job as soon as is possible. In the future put more thought into what you are doing before you do it. One other way out is to sell it to pay off the note on it.
2007-09-08 20:34:40 · answer #4 · answered by Anonymous · 0⤊ 1⤋