How can i get out from my car without screwing myself?

LeAnne

Check the trade in value of your car at www.kbb.com. If it is significantly lower than your payoff on the car and you trade it for a new car, you will not have accomplished anything.
You will still have a vehicle that's not worth what you owe on it because the dealer will add whatever he had to pay off your trade in to the amount financed.
You are not alone. Many people are what is often referred to as "being up side down" when they try and trade their cars in when they still owe a balance of them. One of the worst case scenarios is when the vehicle is totaled or stolen, often times the insurance will not be enough to pay the vehicle off and the person ends up making payments on a vehicle that they don't even have. Ugh!

Rx_Mich

Get a second job for a half year to a year and pay it off. Chalk your decisions up to a stupid tax for buying more car than you can afford. Blending the amount you owe into a new car lease is just ballooning your debt into a larger obstacle to overcome and you are having difficulty handling what is already on your plate.

If you take care of that car , you should be able to get 200,000 miles out of it so don't make things worse than they already are. You can extricate yourself out of this but not without some extra effort on your part. It will help reinforce why this was a poor decision not to be repeated. Even a compromise to this is work a second job long enough to earn the difference in the sale price and the shortfall on your note. When you are there, then sell the car. Over 110k miles you will not get much for it but it is an option. Kelly Blue Book for a private sale on your vehicle is $4,900.00 Trade-in $2,900.00. In today's market these are probably not realistic to expect to get these figures.

Bottom line here .... never buy a car you cannot pay off in 3 years or less. If it takes longer than that, you are in over your head. Wouldn't it be better to drive something less appealing but you are not worried at night how you are going to make ends meet?

Addendum:

You have options:
1. Do nothing and pay your monthly payments until you complete the terms of the loan.
2. Fail to make the payments and they will take the car and sell it at auction. YOU will be responsible for the difference between selling at rock bottom prices and the remaining balance on the loan plus ruining your credit.
3. File for bankruptcy over a lousy 11 grand... if that's all you owe and destroy your credit for at least 7 years.
4. Borrow the money from a relative and pay it off. This is a great way to make bad relations with them if you don't pay them back or are slow pay.
5. Work another job and make more money.
6. Get a raise on your present job.
7. Take out a larger loan and blend what you owe into a larger note on a new car that you will have equal or worse time paying back.

Number 1, 5 and 6 are the honorable way to take care of it and at the same time show your kids the right way to handle things to correct doing something dumb. None of these choices are easy so if EASY is what you are looking for... sorry... it doesn't exist. Probably none of these choices are what you want to do. It really doesn't matter what you want to do. It boils down to what needs to be done. I'd like to not work and lay out on a beach in the Caribbean all winter too but I am still at work each week.... go figure.

Scott H

The car is not worth anything near what you owe on it, which will make it impossible to sell unless you are sitting on a pile of cash. The difference between the value of the car and the balance of your loan will make trading it in very expensive. You will be in no better position than you are now. Pay extra on your payments to get it paid off as quickly as possible.

lama412

you find a lake and throw the car in it

Bri

find a buyer and use the money to pay off the car. otherwise, you will never get out of debt.

mbrcatz

Well, you already screwed yourself. It's too late to get unscrewed.

You need to hurry up and pay off this car. Take a second or third job.

And never, ever, borrow money to buy a car again.

Trading it in on a newer car isn't going to solve your problem, it's only going to dig you in deeper.

Echoz

a 2002 altima has 111,000 miles on it and still owe 11,500-12,000? how did you buy it and when??? cuz im afraid you've been roped, cuz my brother has 2008 Altima Leased from the dealer for 350 a month for 4 years and he has 31 months to go which will pay around 10,850

Enter Your Message or Comment

User Name:
User Email:
Post a comment: