i am behind on my car loan due to the car breaking down shortly after purchasing it
the tranmission was in need to be replace which prooved to be quite expensive. in addition i lost several days of work while i had no car. shortly after, the starter, heater, and now the fuel pump is in need of replacement. all of this is taxing my pocketbook as well as my nerves and loss of sleep. i have fallen behind in payments and i am finding it hard to get caught up. i do not want to loose my vehicle or my job, i am afraid of repossession and dont know what to do, or what options i have open to me.
my boss told me to trade my car in and start off fresh with a new car loan this way i wouldbe fresh and can stay current. i also have been in contact with a individual who has sent me my BLACK BOOK used vehicle valuation report to guide me with trading in my car.
i am waiting to hear my current pay off info from my current loan
in the mean time i was hoping to get some additional information/advice
please help

ScottGem

You don't mention whether this car was bought new or used. Does your state have a lemon law. A car with that many problems might be covered under such a law.

If the car was new, its very likely its value doesn't cover the looan balance so a trade in may be a problem.. You can find the value at kbb.com or edwards.com.

excon

Hello kimberlly:

I would be afraid of repossession too. DON'T keep your car at home or at work. Those repo guys are good. They'll find it. They'll find it at your mother’s house too.

Next. Your boss has a good idea. It's probably not going to work, though. I'll bet you owe more than the car is worth. Uhhh, why is it taking them time to get back to you about your payoff? A call to the bank should reveal that information easily.

EVEN if you're "upside down" (the term for owing more than the car is worth), you're still going to be better off by selling it yourself rather than letting them repo it and sell it. They'll probably sell it to their cousin at half its value and sue you for the difference.

excon