I financed a brand new convertible last year. The payments were a little high, but I could afford them. 2 months ago, I was laid off of my job. I recently found a job( actually working two jobs) but I am having extreme difficulty paying the car, I never expected to be laid off and now I am having trouble making the payments and I am racking up late charges. I want to sell it but I owe more thousands of dollars more than the car is worth. I need ADVICE!!!!
2007-10-26 06:44:27 · 12 answers · asked by Jennaba9048 1 in Business & Finance ➔ Personal Finance
sell the car and get a bick you wont wast cash on gass or insurence and ull get a work out.
2007-10-26 06:47:04 · answer #1 · answered by Anonymous · 1⤊ 2⤋
First of all,What were you doing Having something you could not Afford..???Does not make any difference if you could with your old job....as Every body lives to there means...ie you don't take on more than you can pay back...this is just one part of the CREDIT CRUNCH that is putting up Interest Rates in my country the UK..(as most things in the world are traded in U.S Dollars..) Best thing you can do is give the car back to the finance company and tell them you can not afford it,Do not sell this car private as its not yours,,,,until payed for...you may need to pay a small amount...but WILL NOT BE THOUSANDS...TALK TO THEM...and seek legal advice.......
2007-10-26 07:01:13 · answer #2 · answered by Tiggy want's a bit..... 4 · 0⤊ 0⤋
First note. It is wise to just buy a two or three year old car. Cars lose value the most in it's first two years. So buying brand new isn't worth it, unless you buy the car outright with cash.
Have you tried refinancing your loan? Maybe you can get a lower payment.
Other than that, you can sell the car and have the dealership forward the remaining balance to your new loan.
For future advice. It's never wise to get something you can "barely afford". You will never know what will happen.
2007-10-26 12:40:46 · answer #3 · answered by Windowguy19 3 · 0⤊ 0⤋
Depends on the financier, a good bank will help, a bad one will give you a deal that will look good on paper and cost you loads over the long time. Make sure you and a friend read the small print (the friend is to help you not make a mistake). If you have enough cash to live on plus a little more this is a cash flow problem. All you need is a longer term low interest source of cash. If you haven't you need a better job fast. Write down all your debts and assets, talk only to people you trust and do not secure your home against these debts.
2007-10-26 06:58:36 · answer #4 · answered by Anonymous · 0⤊ 1⤋
try to get a freind or family to help out with payments until you get abck on your feet. or you may just have to sell the car and get a cheaper one until you get enough money to purchase the car again
i dont think there is a way for you to keep your car without taking out a low rate loan either
sorry about the job
hope this helps :)
2007-10-26 06:49:08 · answer #5 · answered by Sam H 2 · 0⤊ 0⤋
Get to the people who gave you the credit--make personal contact and write down who you spoke to and the date and time--explain your problems and maybe they will alter the arrangements and make it easy. You won't know until you try. Or trade it in on a cheaper car that will be far less in payments--maybe a used car which will be far less to make payments on. It is not a crime to trade it in or sell it and buy a cheaper car. Millions are having your problem--so make contact and preserve your credit rating. Do it today.
2007-10-26 06:50:33 · answer #6 · answered by fire_inur_eyes 7 · 0⤊ 1⤋
Trade the car into Carmax or another dealership that will finance your negative equity into the next car's loan. Hopefully your credit will allow them to do so...and get a much cheaper car!
2007-10-26 07:03:09 · answer #7 · answered by Gage's Mommy :-) 5 · 0⤊ 0⤋
OK this is a hard question am just 12 years old. i know ask one of your boss for over time and you will get more money are you just have to sell the car.
2007-10-26 06:52:00 · answer #8 · answered by Shan 2 · 1⤊ 0⤋
sell it at a loss - see if finance company will let you finance the balance owed - and buy a junker and be prepared to suffer for awhile, including your credit - nd that's the best option
2007-10-26 06:48:39 · answer #9 · answered by Anonymous · 1⤊ 1⤋
have some one take over payments if it is not to late.
2007-10-26 06:47:29 · answer #10 · answered by ? 7 · 0⤊ 0⤋