Hello was wondering if anyone could give me some suggestions. I got a 07 Mazda 3 last Dec, I financed it. At the time the payments for me on a 5 yr term were no problem. However few months later I was let go from my job and now my current job pays about 700 less. That 700/month was kinda my car/transportation budget. So hence my question ... How do I get rid of this car now, cause I'm struggling with the payments. I don't have enough savings to buy out the car and although I'm managing the payments now but I think pretty soon the inevitable is gonna happen and I don't wanna screw up my credit history.
2007-10-30 14:37:16 · 4 answers · asked by Deejay D 1 in Business & Finance ➔ Personal Finance
You are probably still upside down, owing more than it is worth. But it may be worth it to you to get a loan for the difference, sell the car, and pay that off. Having it repossessed will damage your credit for years. Depending on the balance owed, you might consider selling it for no cash, just let them take over payments. $700 a month probably means you got a short term loan. Go to a credit union and see about refinancing the car for a longer term to lower your monthly payments if you still need to have a car. You'll pay more interest but it could make it affordable.
2007-10-30 14:46:14 · answer #1 · answered by Huba 6 · 0⤊ 0⤋
You can try getting rid of it on eBay, however, the outrageous fees will make you increase the price of the car which may cause people to turn away from the car.
You could also try having a lottery for your car. $20 per ticket multiplied by 1000 is $20,000. If you need more than that to pay off the car, then up the ticket price to $30, which will give you $30,000. I am not sure how much this car is worth, but a quick check on eBay shows that this car is bringing $18,000.
I read that a couple held a lottery to sale their house because they were having a tough time selling it. They were moving and couldn't afford to keep making payments on two houses at the same time.
You could also try letting private car companies to sell your car for you. You could ask for what you owe and the private car company will add there percentage into the sale price. I don't know if all private car companies offer this service, but some do.
2007-10-30 15:00:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
find someone to buy the car for what you owe on it or alternately, find some credit worthy person who'll take over your car note, but whomever holds your car note will have to be involved in the decision to do so.
2007-10-30 14:41:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
did you try refinancing the car? maybe you can get better terms. the other alternatives will fry your credit, seems to me.
2007-10-30 15:13:55 · answer #4 · answered by njyogibear 7 · 0⤊ 0⤋