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ThinkClearWater | I need to sell my car , the payment is huge , can you help me with some financial advice ? |
Ok right now I am paying 425 dollars for my car monthly ( i am one month late rt now )
and i am also paying 200 dollars monthly for my insurance ( i was late past 2 months so , 400 dollars are due on the 20th ) ..
I got a job $12/hr . 40 hours / week , at this company last week , today is my 3rd day
Now I can pay the car payment for the past month ( i have close to 400 in my bank )
and i can hopefully pay the Insurance also by the 20th
( using the First paycheck from my 40 hour/week job )
But this is too much . I am driving a honda civic now .
I dn't think this is a good idea , I want to save up enough money so I can get a job as an electrical engineer ( what i got my degree in )
Oh man , i dn't know what i was drinking when I Got this car. I guess I wanted to show everyone that I can buy a car too . it was so stupid , Now that i think back on it .
Mann....( because my credit was so messed up , i even used my dad's credit also )
What do I do now?? |
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Feeling Mutual
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Sell both cars and get a moped.
That will show them. |
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Rachel F
|
Make the payments required to get your car and insurance up to date. Then go back to the dealer you got the honda from and see if you can trade in for another car with a lower monthly payment. If that's not possible contact the bank that gave you your loan and see if you can change your payment schedule to pay less per month for a longer period of time. You can always pay off the balance of your car loan later when you have more money saved. There are lots of options for you if you are willing to do the work and check them out. Good Luck! |
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robert w
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visit daveramsey.com to learn ur hard lessons from others hard lessons. it is cheaper. |
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.
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Put an ad in the paper and sell the car. |
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Dr. Deth
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get a 2nd job so you don't ruin your father's credit |
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``The Floridian``
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$425. a month payment plus $200. insurance for a Honda Civic...you were doing more than drinking with this one! You are hopelessly buried in the car loan. Whatever you do, do not allow a repossession. Your credit and your dad's (if he signed too) will be messed up forever! You need to either sell the car for the best offer, pay to the bank and refinance the balance you will owe into affordable payments...and drive a clunker for awhile. |
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Victoria
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First you shoul change your insurance company to www.esurance.com you can get a free quote online. I have a 2005 nissan maxima and my full coverage insurance is only 55.00 a month. I refer everyone to them., and maybe you should get a part-time job untill you get caught up on everything. |
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bidhutnet
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I'm in the same postion as you, except for my car is worth what I owe. I'm still having problems selling it. My advice to you is get a 2nd job, pay extra on the car each month until you get what you owe down to what it worth. After that then sell it and drive a old cash car and save the money. |
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Holly W
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Whatever you do, make the payments unless your dad needs the car. Your dad was trying to help you out by co-signing and that will totally ruin his credit. If it is a loan you could cut your insurance down to liability and the bank will not know, or you could find a trusted family member who will need a car. Another thing you could do is look at the backend products you may have purchased ( extended warranty, GAP, oil change program etc.) and go to the dealer and cancel them. It won't change your payment but it will knock probably about 6 months off of the term of the loan. Good Luck. This is your future!!! |
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Cizzy
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No point in trying to refinance it because you probably owe more than what the car is worth. My suggestion is to get a part time job and catch up on your car payments. You don't want to ruin your father's credit. |
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spudd59
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I feel your pain me too!..got a 90 yugo..custom sport coupe.. |
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MrsCunningham
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Do you owe more than it is worth? You could possibly trade down. Because of your credit, you won't be able to refinance. You may be able to talk to your dad about selling the loan to him at a better rate and paying for that loan instead. |
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The WingHunter
 |
the bank will seize the car, just tell them your problems
and ask what they can do
usually they will sell the car and then yer stuck with the difference |
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