I have a truck and owe 36,590.00 dollars and dont know if I can make the monthly payments what do I do?

Question

there has been some mis haps and I traded another truck for this one it is a 2007 f150 ... yea I know a real gas guzzler .....but never the less I owe payoff on this truck as of one full year $36,590.00 and you could imagine my payments Every one is going to school furthering there education and I'am stuck with some thing that i can' afford.I have considered bankruptcy and repposession but no excess info on this situation...did I mention I have excellent credit that will be very much harmed if I do so... any suggestions??????

Answer 1

First of all, realize that no one needs a forty thousand dollar truck. You can buy a house for less than that in some areas.

SELL the truck for as much as you possibly can and pay off the loan. If you can't pay it all off, talk to the lender about working something out. But SELL THE TRUCK TODAY.

Answer 2

You do not mention your age, but since you mentioned school and you got hosed so bad on this purchase, I will assume you are in you early 20s.
1. Do not default. The amount you need to make up is the loan amount minus the truck value. For that amount you will really be destroying your future. Filing BK can cost around $1500 to 2500, and take time to complete. And you will most likely be required to pay back some percentage of the loan amount.
Once totaled up, may be more than the shortfall.
2. Forget school for now. You made a mistake, you have to get it fixed. As soon as you get this cleared up, school will be there.
3. Can you live with a relative or friend for free, then work two jobs. Pay as much as you can afford on the truck. If possible park the truck or drive it as little as possible. Keeping the miles low will keep the value up, keep the tires newer, limit scratches, dings, etc.
4. If the truck can be sold for say 27,000 you need to get it to that amount. Remember the value of the truck is depreciating, so you have make large payments.
good luck,
a>

Answer 3

What you've done has already been done so no need to speak of what you should or shouldn't have done concerning buying the truck..Don't panic over the note that you have already considered before buying..Take on a second job..If you cannot find employment go ahead and file bankruptcy... The car dealership nor the financers will ever buy it back..So why waste your time trying..Another option is to put an ad in the paper, for someone to take over your payments, but make sure they have been on there job for at least a year and keep a copy of the keys (smile)..lady Q

Answer 4

SELL the truck in a private sale (not to a dealer). I can almost guarantee you will have to get a loan for the difference between the sales price and what you owe on the existing loan. If you allow a repossession, they will sell it for less than you would. They will the add repossession and sales fees to the deficit and sue you for that amount. They WILL win the lawsuit.

EDIT: In response to the second answer: NO ONE needs a $40,000 truck for business. They MAY need a truck, but after a year of business use, the SAME truck is a $15,000 to $20,000 truck. Buy a USED but functional UGLY vehicle.

Answer 5

You have other options besides filing bankruptcy and repossion. Have you considered trying to sell your vechicle, and picking up a second job until the vechicle sells? You can also talk with the company you financed your vechicle with to see what they can do about helping through this situation. Try these other options first before you ruin your credit standing. You really don't want to ruin your credit because everything we do is based on our credit from getting a job, obtaining the best rates for loans, and purchasing a home or renting an apartment. Don't worry you can get yourself out of this situation with a little hard work and time! Best of luck to you. P.S. You can also trade your vechicle in at a dealership and se if they can put you in something cheaper.

Answer 6

I'd sell the truck, get the most I can get for it and apply all that to the loan. Then I'd take a second job to pay for the rest of the loan and to PAY CASH for a good used, uncool Civiv, Cavalier, or something of the like. Drive the uncoolmobile til it falls apart and keep saving money each month. Then when you have learned your lesson you'll have enough money to buy a nice truck WITH CASH. Chances are you'll like saving that money so much that you won't buy a new car ever again. I've been down this road - its isn't easy, but I can say I learned my lesson.

Answer 7

That's just it, he cant sell it because he was dumb and way over paid for it in the first place. There isnt an F150 made worth 36,000. So no one except someone just as dumb will pay enough to pay off the loan and you cant sell it without a clear title. You agreed to the amount and payments when you signed on the line. The honorable thing to do is to suck it up and live up to your obligations and pay at least enough on it so you owe less than it is worth and then sell it.

Answer 8

Sell your house, pay the truck in full, live in your truck.

There are also people who whore themselves to get expensive things...if that's your thing, go for it.

As for myself, I'll purchase the vehicle if I can afford the monthly payment. I don't look at how much the vehicle is worth, if I can't afford the monthly, I'm not getting it.

Good luck with your situation.

Answer 9

Sell the truck & buy a less expensive one. Protect your excellent credit.

Answer 10

I gotta agree with the first guy. If you needed the truck for your business, I can sympathize. But if you are just another redneck who wanted to look cool and impress redneck bimbos, then that is another story. Please elaborate.