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I can't get rid of my car!


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CluelessMe
New User
CluelessMe profile image

Oct 17, 2011, 7:23 PM

Post #1 of 6 (2377 views)
  post locked   post icon I can't get rid of my car!  

Unimpressed Help! I currently own a 2008 Mitsubishi Eclipse 4cy. Its in good condition and only has about 50k miles. The problem is , I am upside down on it. I still owe about 19k and my payments are like $530.00 a month. When I bought the car I had a great job and could afford it, I ended up getting laid off, now at a way less paying job and now I can no longer afford payments. I am barely making it. I have called around to different dealerships trying to trade for something cheaper but no one wants it because I owe too much. Help!! It's really dragging me down and if anyone knows of any solutions other that letting it get repossessed let me know please!


Hammer Time
Ultimate Carjunky / Moderator
Hammer Time profile image

Oct 17, 2011, 7:45 PM

Post #2 of 6 (2355 views)
  post locked   Re: I can't get rid of my car!  

It's just a matter of numbers. Whatever excess you have on that loan will get added to any new loan so that means you would be starting out even more upside down with low income. you aren't very appealing to a car dealer. Your best shot may be to let them repo it and buy a $2000 car for cash.



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We offer help in answering questions, clarifying things or giving advice but we are not a substitute for an on-site inspection by a professional.



CluelessMe
New User
CluelessMe profile image

Oct 18, 2011, 8:46 PM

Post #3 of 6 (2333 views)
  post locked   Re: I can't get rid of my car!  

Thanks for the response. I really don't want it to get repo'd. Its gonna destroy my credit. I guess I am trying to just look at all options.


Hammer Time
Ultimate Carjunky / Moderator
Hammer Time profile image

Oct 19, 2011, 3:00 AM

Post #4 of 6 (2328 views)
  post locked   Re: I can't get rid of my car!  

Your options are all used up. It's just mathematics now and no matter how you count it, it won't add up.



~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

We offer help in answering questions, clarifying things or giving advice but we are not a substitute for an on-site inspection by a professional.



Tom Greenleaf
Ultimate Carjunky / Moderator
Tom Greenleaf profile image

Oct 19, 2011, 8:59 PM

Post #5 of 6 (2317 views)
  post locked   Re: I can't get rid of my car!  

I think your options are used up too. No harm is asking a bank, credit union or place if you can re-write the loan for either a lower interest rate or more time to lower payment?

T



(This post was edited by Tom Greenleaf on Oct 19, 2011, 9:12 PM)


zmame
Veteran / Moderator
zmame profile image

Oct 20, 2011, 9:51 AM

Post #6 of 6 (2299 views)
  post locked   Re: I can't get rid of my car!  

save up some money, sell it and pay off the remaining balance at the time of sale. You could ask if they can stretch the payments over a longer period. Pay off some of the principle with a bank line of credit that will lower your payment. Borrow against your house.






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