2007-10-20 11:37:54 · 4 answers · asked by Vader 1 in Business & Finance ➔ Personal Finance
WELL DON'T COUNT ON GETTING ANY CREDIT CARDS, PERSONAL LOANS, CAR LOANS OR A MORTGAGE ANYTIME SOON IF THAT HAPPENS. WHY DON'T YOU TRY TO FIND SOMEONE WHO WILL TAKE OVER PAYMENTS ON THE TRUCK. THE ONLY OTHER THING I CAN THINK OF IS MAYBE GOING TO A CAR DEALERSHIP LIKE CAR SMART OR SOMETHING AND SEE IF THEY WILL BUY IT FROM YOU. YOU WILL PROBABLY GET LEFT WITH A SMALL REMAINDER OF THE LOAN BUT YOU COULD GET A PERSONAL LOAN FOR THE AMOUNT WITH A SMALLER MONTHLY PAYMENT.
2007-10-20 12:38:05 · answer #1 · answered by Meghan 2 · 0⤊ 0⤋
The loan company will sell the truck cheap at auction then come after you for the loan balance plus lots of added legal fees. Chances are you'll owe just as much if not more than you do now.
Either sell the truck and come up with cash to pay the difference or figure out how to make those payments. Maybe a second job.
You get upside down on vehicle loans by financing over long periods and trading in vehicles that still have loan balances. Every time you trade, you get more upside down.
When you get that truck paid off, try driving it for a couple years with no payment. Put the payment amount in a savings account earmarked for your next vehicle. You'll save a ton on interest.
2007-10-20 19:25:14 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
It won't look good, and if you are way upside down, you may want to consider a bankruptcy if they plan to go after a deficiency judgment after the repo, otherwise you can get your wages garnished to pay off the balance. I don't know what you mean by way upside down though. If it's only 1 or 2k you'll probably just have to bite the bullet and pay the deficiency.
2007-10-20 18:45:48 · answer #3 · answered by Lesley 5 · 0⤊ 2⤋
LOTS! Why don't you sell it and buy a cheap auto you can afford, until you get on your feet?
2007-10-20 18:45:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋