In a real pickle...?

Question

I put myself in this situation, and I know it, I need some advice to get out.
I had a good car for an amazing price... too good to be true. Everything went wrong at once. I needed another car and fast. I traded in my car and ended upside down on a loan. about $15,000 for a 2005 Nissan Sentra. Which I hate. I made the decision too fast and purchased it. My payments are about $300. I had insurance but it's cancelled now, it's been cancelled since about May.

the credit union added collateral ins. I am not sure what my payment is yet, but I am sure it has at least doubled. I am already half a month behind on my payment. I plan on getting ins on the 15th (that's when I get paid) but I know my payment has gone up. I just don't know if I can afford all this. Should I insure the car, trade it in for something I can afford? I am so scared...

I only have about $600 to work with every pay day.

Any help would be GREATLY appreciated. *thanks*

I can't possibly sell the car for what I owe on it.

But I know a dealership where I can get a car and he'll turn the loan rightside up. But I have HORRIBLE credit.

Answer 1

its a touff question because since your on a loan if you defult on a loan they can take you to court and sue you your only real option is to try to get it re-fianced through a bank or credit union to see if you can get a lower intrest rate as far as the insuriance gos you may have to stick with the collatral insuriance they give you because most cars you get on a loan force u to have full coverage insuriance now you gotta factor in how much the insuriance cost, also maybe just maybe you can trade it in for a cheaper car but still they would probly just roll over the remaing balace of the loan on the more expensive car you have hope that helps ,,, honey i am in the same boat dont feel bad when i bought my car i had very bad credit and every dealership i went to turned me down im in a 1998 ford escort and am paying about 9000 bucks for it with an intrest rate of 21% and i have to shell out bewteen 150-200 a month just for car insuriance basically they are screwing me over once i get most of the balance paid off im gonna try to re fiance it with a lower intrest rate whicj i think u should try hope this helps-Aaron

Answer 2

Get insurance back on the vehicle. Then the credit union will remove the collateral insurance which is very expensive and you payment will go back down.

If you are having trouble keeping up with this car payment, you should get a second job. Don't even consider trading this upside down loan for an even worse upside down deal.

If that car gets repo'd, they will sell it at auction for way less than it's worth. You will be liable for the balance of the loan plus all the repo fees. You'll probably end up owing just as much if not more than the current loan balance.

Answer 3

looks like your car could get you 12,5 to 15,4. definately less than what you paid. maybe sell it on craigs list or ebay and just get a little cheaper car till you get your credit back together. something you could pay cash for or much smaller payments. do insure it so those payments are less. if you do end up making payments on a less expensive car try to work it so that you can overpay around $100 a month. that way you can get ahead of late payments and skip a lot of the interest. if your credit is poor then your intrest will be high so getting around any will be a big help.

Answer 4

trying to trade it in now will not work because you're in negative equity (you owe more than what the car is worth) and you'll end up deeper in debt. it sucks, but go ahead and get insured again so the credit union will stop charging for third-party insurance (which is expensive), then do what you can to make your payments for both on time. it will help build your credit. you may want to consider getting a second job to help pay-down the loan in the meantime. i hope it works out for you sweetie. good luck!

Answer 5

Argh. tell him. it particularly is a terrible reason to get married. besides...whilst he unearths out shes cheated on him, the divorce is going to be costly. She'll in all probability get the toddlers anyhow. the youngsters are going to enhance up thinking that this variety of dating is primary. there will be scuffling with, throwing issues, taking turns drowsing on the settee, in all probability abuse and sneaking around with others. toddlers see greater desirable than we comprehend. they are unlikely to be waiting to faux being happy for the subsequent 15 years.

Answer 6

Sell the car. You will get more money for it if you sell it through the auto trader or other comparable magazine.

Answer 7

If you can live without a car , then the only choice you have left is Bankruptcy. Call Legal Aid and see what they can do for you. I wish I had a better answer for you but there is none.