I own a 2006 Ford Fusion SE w/ 30750 Miles. (still under warranty). 4cyl. pw,pdl, cruise, tilt, ac, dual front airbags and side curtain airbags. Cloth interior. Audophile Sound and Rim Package. Black on black. Multi Disc CD changer. I owe 22500 it will be aprox. 22k after I pay the next payment. I pay 506.89/ month and I have had it almost 2 years. I rolled 2 cars into the loan. I cannot really afford the payments anymore. What would be my best option to do w/ the car since I owe so much. ? any cars right now with lots of rebates? ? -- Dont bother to make stupid comments serious people only.
2007-10-16 01:22:32 · 6 answers · asked by ♥Kempa♥ 4 in Cars & Transportation ➔ Buying & Selling
how much is the fusion worth-i doubt $22,000. even if you can find a cheaper car-there will be negative equity put into your next car loan. how good is your credit. there are cars that have rebates and low interest rates but you still have to remember that loan that has to be paid-off. good luck. i was in the same boat as you 6 years ago-got a second job, paid off the loan and learned my lesson. I then saved up and was able to pay cash for my 06 acura
2007-10-16 02:04:34 · answer #1 · answered by nj2pa2nc 7 · 0⤊ 0⤋
Unfortunately there's really not a lot that you can do. The retail on that car is around $16k and the wholesale is around $13.5k. Currently you owe about what a new one would cost, unfortunately.
You're $9,000 upside down on this car. Any attempt to trade it in will result in that $9k being added on to the new deal. With that much negative equity, you'd have to be looking at something in the $60k region to have enough wiggle room to get financing. That would double your payments easily.
You really only have 2 options. Continue to pay on it, or let it go to repo.
Obviously letting it go to repo will put you in a serious world of hurt. Assuming that they sell it off for wholesale you'll still owe the $9,000 that you have in negative equity AND your credit will be trashed.
That leaves you with continuing to make the payments. Get a second job, slash the fat from your budget, whatever it takes to make the payments. Anything else will leave you without wheels and no way to buy another one, along with a crushing debt to pay.
Someone will probably tell you to see if you can find someone to take over the payments. Unfortunately car loans don't work that way. They are never assumable. Any buyer would have to come up with new financing and honestly nobody is going to pay you $22.5k for a car worth $15k on a private sale and no bank is going to lend much more than the wholesale value of $13.5k.
Sorry, but that's where you sit. Wish I had better news for you.
2007-10-16 08:37:59 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Bostonia pretty much covered it....you are between a rock and a hard place!.....with some money out of your part, you might be able to lease a new vehicle and maybe get the payments down....at the end of the 3 yrs you will "burn" up the rest of the upside down situation....but really doubtful that you can do this without a lot of money....if you have money, you could put it down and refinance it......maybe your bank could refinance it to help out your budget....but it will most likely extend the term......the key here is that you said you can't afford it and assuming that you are ready to let it go to the lender.....if you are presently current and able to....go get another car financed before letting this one go back....so as to avoid being left on foot....but ABSOLUTELY make all of your payments on this new vehicle and that lender will always finance you next time with a repo on your report...good luck, not a good feeling...been there done that...hope it works out for you...
2007-10-16 11:35:49 · answer #3 · answered by Mickey Mantle 5 · 0⤊ 0⤋
If you financed through FORD Credit than your contract is assumable by a 3rd party.
Click on "Can Another Person Assume My Account"
http://www.fordcredit.com/common/res_faqs.jhtml;jsessionid=HULtXig8NFl1Pi0lgBHW8HVFbBISPYUkRTJNevdgpVtNyvGBcPrT!-2055434345?sel_topic=T1&sel_sub=S6&question_clicked=no§ion=customer
But I doubt anyone would want to considering how upside down you are. You may try advertising it as a payment vehicle with a cash incentive. Try to offer $2000 cash or equivalent to try and entice someone. Or sell it outright and make payments on the difference only. Sure you won't have the car but at least your payments will be way lower.
You got in to this mess and it will be very costly to get out of it but hopefully you'll learn from it and won't make the same mistake.
2007-10-16 10:39:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You don't say what the value of the vehicle is. This will effect the ability to find someone willing to take over payments. A lot of times you may not get out from under this vehiocle by trading it in. Sometimes it's best just to keep paying on the vehicle until the value of it matches what you owe, then sell it outright. In the meantime, you may have to get a 2nd job to help with cashflow issues. I did.
2007-10-16 08:45:44 · answer #5 · answered by haditwithstupidpeople 2 · 0⤊ 0⤋
TRY AND SELL IT OUTRIGHT OR MAYBE FIND SOMEONE THAT IS INTERESTED IN PICKING UP THE PAYMENTS WITH NO CASH TO YOU, JUST PICK UP THE REMAINING BALANCE.
2007-10-16 08:33:34 · answer #6 · answered by Anonymous · 0⤊ 1⤋