Best way out of my car? (pay, rent, credit, increase)
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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?
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.
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.
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.
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.
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?
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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