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I gave my wife's aunt a car we no longer needed. A 2002 Lexus with 200K miles on it...runs perfect. We were gonna sell it for like $1500-2000 but we thought about a few people who might need it. Her aunt was super grateful and happy.
That car isn't worth much it has helped out 4 people in our family. Sometimes it just pays to ask for help sometimes.
I would never pay that much for car payments........take it back......maybe lease one used, not buy....they depreciate way too fast! not worth it. IMO.
The OP said "my credit is already bad" so that $300/month is probably a sub-prime auto loan on a car that was overpriced.
It's summer. Get a motor scooter.
Edited:
I didn't realize this was a necro-thread from 2009.
Cannot afford car payments. What if the payment was cut in half? That's what I did. It was my fault, my problem. I got a whiff of that new car smell, the dealers said, what if I got you into that nice Impala for 3% at $374 a month with $2,000 down? I said no way! The dealer said, "Way!" But what I did not do was figure that $374 was for 84 months, totaling almost $33,000 at the end of the loan. After seven years the car would have been worth MAYBE $4,000 so I would have been making payments on a steadily decreasing asset, which is stupid. After nine months I realized that I had made a mistake and had to BK my way out of the contract, which cost me $3,500 in attorney's fees which I make small payments on, but that is a lot better than $374 a month--in my city the rent is out of control and they raise the rent 10% a year and I can't keep up--can't pay rent AND a car payment AND insurance AND all the other stuff on $26,000 a year, it can't be done unless I lock myself in my apartment and don't eat. So the lender got the car back and the deficiency balance was charged off in bankruptcy, and that's the only way to do it, since there is no other way the lender is going to eat it--the other choice was to pay the $12,000 deficiency over time, but that is stupid since I would have been paying for nothing. So I took the legal option and learned my lesson. I went to an in-house car dealer and got a good running older car and I pay whatever I can afford--$50 here, $200 there, and I have a rapport with them so I don't have to worry. Once I get the title I'll just keep the car, because when you make under $30K a year it's very difficult to pay the car payment AND rent AND expenses, etc.
NO MORE NEW CAR PAYMENTS.
Their choice is to take it back or get it repossessed!
You can explain that you can't guarantee you'll find another job that will pay enough to afford THAT amount? maybe they can lower your payments? I don't know........
Bottom line is you should be honest and explain that you just lost your job and as much as you would LOVE to keep your car and continue to make payments, you just can't at the moment....and see what they suggest?
Maybe THEY will suggest you downgrade to another car that may be more affordable?
Quote:
Originally Posted by Grsz11
Take it back to the dealer and say you don't want it anymore. They will gladly work something out.
EDIT: Seriously though, if you can't afford it what other option do you think you have?
People should understand what they are talking about before they give advice..."take it back" where? The finance company would be the one repossessing the car, not the car dealership where you purchased it. The car dealership already got paid and the bank owns it now.
I don't know a bank that has a drive up window to "take back" cars that you can't afford. "take it back" sounds like you think the dealership is going to take it back. The dealership is no longer in the picture and they don't care what you do with the car at this point.
The dealership would be happy to take the car in on trade for another car but they are not going to "take it back" because you can't make the payments any longer. They may also purchase it (for much less than you owe) and you're going to be stuck with the balance of the loan.
You could sell it yourself for the most you can get (which will be way better than a repo or what you'll get on a trade). You'll have to have a plan to pay off the difference from what you get and what is owed so the title can be released to the new owner.
Go out and find another job asap and just work your butt off and keep paying on it until you can sell it.
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