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Old 08-09-2017, 11:29 AM
 
Location: The Republic of Gilead
12,716 posts, read 7,780,183 times
Reputation: 11328

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I've posted a few times in the Psychology section about my personal life and the toxic situation I am dealing with. The main thing that is keeping me from making the life changes I need to make is my car payment. Here are the stats on my car.

Make/Model: 2013 Toyota Camry L
Kelly BB Value: $7,600
Amount Owed: $12,472.25
Monthly Payment: $394.32
Interest Rate: 2.99%
Payoff Date: 4/2020

The issue is Last time I looked into this, pretty much my only options were to wait it out or allow voluntary repossession. Both have their advantages and disadvantages. I can either waste three more years of my life being a slave to this car payment or I can swallow bad credit for seven years. The main downside of that is it can effect my ability to find a job or housing when/if I relocate. I really need to get this payment down though so I have more financial leverage and I am no longer a slave to this car loan.

I am living paycheck to paycheck so I don't have much of a cushion in terms of wiping out the negative equity. If I sell the car or trade it for a less expensive one, I need something that is at least somewhat reliable as I don't want a money pit and I don't really know much about working on cars.

What would you do in this situation and what do you think the best way out of this car loan is?
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Old 08-09-2017, 11:45 AM
 
Location: Florida
6,608 posts, read 7,293,224 times
Reputation: 8140
How much will you save if you could get a different car? $100.00 a month???. The point is you can not save enough to be worth all the financial problems you will have in the future.

Look for a part time job and use that money to pay off the car.
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Old 08-09-2017, 12:16 PM
 
12,022 posts, read 11,525,189 times
Reputation: 11136
The figure seems extremely low for year and model. What they'll pay you for the car is not the same as what it would cost you to buy the same car. Maybe you left out a lot of options when you ordered the car.
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Old 08-09-2017, 12:17 PM
 
Location: Raleigh
8,168 posts, read 8,494,576 times
Reputation: 10146
Can you refinance to get a lower payment for longer time?
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Old 08-09-2017, 12:20 PM
 
Location: 415->916->602
3,145 posts, read 2,646,727 times
Reputation: 3872
That kelly BB value seems low on a 2013 toyota. Did something happen to it?
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Old 08-09-2017, 12:36 PM
 
Location: The Triad
34,090 posts, read 82,726,620 times
Reputation: 43659
Quote:
Originally Posted by bawac34618 View Post
The issue is Last time I looked into this, pretty much my only options were to wait it out or allow voluntary repossession. Both have their advantages and disadvantages.

I am living paycheck to paycheck so I don't have much of a cushion...
What would you do in this situation and what do you think the best way out of this car loan is?
I favor the voluntary repossession. Whatever it costs... get it behind you.

You'll still owe the $4-5000
But you'll get to decide how much to pay each month.
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Old 08-09-2017, 01:32 PM
 
270 posts, read 202,813 times
Reputation: 200
Quote:
Originally Posted by MrRational View Post
I favor the voluntary repossession. Whatever it costs... get it behind you.

You'll still owe the $4-5000
But you'll get to decide how much to pay each month.
This is a bad idea...it'll take quite a while to repair your credit. ..look for a part time job...then find a permanent way to increase your income. lowering your living costs could help too.
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Old 08-09-2017, 03:48 PM
 
18,533 posts, read 15,514,456 times
Reputation: 16214
Quote:
Originally Posted by bawac34618 View Post
I've posted a few times in the Psychology section about my personal life and the toxic situation I am dealing with. The main thing that is keeping me from making the life changes I need to make is my car payment. Here are the stats on my car.

Make/Model: 2013 Toyota Camry L
Kelly BB Value: $7,600
Amount Owed: $12,472.25
Monthly Payment: $394.32
Interest Rate: 2.99%
Payoff Date: 4/2020

The issue is Last time I looked into this, pretty much my only options were to wait it out or allow voluntary repossession. Both have their advantages and disadvantages. I can either waste three more years of my life being a slave to this car payment or I can swallow bad credit for seven years. The main downside of that is it can effect my ability to find a job or housing when/if I relocate. I really need to get this payment down though so I have more financial leverage and I am no longer a slave to this car loan.

I am living paycheck to paycheck so I don't have much of a cushion in terms of wiping out the negative equity. If I sell the car or trade it for a less expensive one, I need something that is at least somewhat reliable as I don't want a money pit and I don't really know much about working on cars.

What would you do in this situation and what do you think the best way out of this car loan is?
If you get out of that car, what will your main mode of transportation be?
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Old 08-09-2017, 04:16 PM
 
Location: SoCal again
20,707 posts, read 19,883,738 times
Reputation: 43045
I would try to refinance and live at a cheaper place or rent out a room.


Getting rid of the car makes only sense if you don't plan on having another car instead.
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Old 08-09-2017, 04:25 PM
 
1,064 posts, read 618,510 times
Reputation: 1258
Quote:
Originally Posted by bawac34618 View Post
I've posted a few times in the Psychology section about my personal life and the toxic situation I am dealing with. The main thing that is keeping me from making the life changes I need to make is my car payment. Here are the stats on my car.

Make/Model: 2013 Toyota Camry L
Kelly BB Value: $7,600
Amount Owed: $12,472.25
Monthly Payment: $394.32
Interest Rate: 2.99%
Payoff Date: 4/2020

The issue is Last time I looked into this, pretty much my only options were to wait it out or allow voluntary repossession. Both have their advantages and disadvantages. I can either waste three more years of my life being a slave to this car payment or I can swallow bad credit for seven years. The main downside of that is it can effect my ability to find a job or housing when/if I relocate. I really need to get this payment down though so I have more financial leverage and I am no longer a slave to this car loan.

I am living paycheck to paycheck so I don't have much of a cushion in terms of wiping out the negative equity. If I sell the car or trade it for a less expensive one, I need something that is at least somewhat reliable as I don't want a money pit and I don't really know much about working on cars.

What would you do in this situation and what do you think the best way out of this car loan is?
If the car is repossessed, it will then go to auction (selling at a low price) and they will come after you for the difference. A 2013 Camry is a good car, provided you take car of it. Why not pick up a part time job to help pay it off and then drive it until the wheels fall off.
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