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    j_lynn1081's Avatar
    j_lynn1081 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 1, 2008, 05:24 PM
    No longer afford payment
    I can no longer afford my car payment. It is about 550 a month and I owe more then it is worth. I am not sure what I can do to get rid of this expense.
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
    Ultra Member
    		  
    #2

    Feb 1, 2008, 08:03 PM
    You could borrow one or two thousand and subsidize the payoff in a sale of the car. Or you could surrender the car and the lienholder will sell it for half what it is worth and expect you to pay it off in full. Or you could file Chapter 7 or 13. The easiest solution may be to take a part-time job and increase your income.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Feb 1, 2008, 08:18 PM
    You need to sale the car and get out of the debt.

    Or get a second part time job to help make the payment
    wewed100606's Avatar
    wewed100606 Posts: 228, Reputation: 36
    Full Member
    		  
    #4

    Feb 1, 2008, 08:27 PM
    OH YIPPY! My area of expertise! All theabove mentioned options, save getting a part time job, will adversely affect your credit rating... BAD IDEA.

    What you need to do is buy a different car. You will definitely be borrowing more than the new car is worth, but if you make the payment for the term prescribed it serves the purpose.

    Give me the details of your situation and I will give you a good break down.

    I need to know:

    1) What your current loan balance is.
    2) What you car is worth as a trade in (if you have been given a value or you can tell me year, mak, model, miles, options, etc. and I can give you one)
    3) What payment you can afford.
    4) What your credit (fico) score is (not completely necessary, but I will e able to give you alo more realstic advice).

    I'll be waiting to help!
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