Car payment too high...?

I bought a 2007 pontiac gxp 3 months ago and I can no longer afford the payment. My hours have recently been cut at work and I am working only about half the hours I was working when I purchased the car. my payments are $432 per month for 6 years(I had a very high interest rate due to my credit). Any ideas on what I can do to get out of this deal? I need a car for work but I can only aford about $200 a month for a car payment. The Kelly Blue Book says the trade in value is $19,100 which is around the price that I financed. Keep in mind my interest brought the price into the low 30%26#039;s!

Car payment too high...?

You are in a bad situation. You have a couple of options. Earn more money by finding a full time job or get a second job to increase your hours worked. You owe the lender whatever the payoff amount of the loan is if you try to sell or trade the car. If you can%26#039;t sell it for what you owe, you have to pay the difference out of your own pocket. Say the payoff is $20k and you sell it for $18k, you have to come up with the $2000 difference at the time of sale to pay off your loan so the lender will release the title. You don%26#039;t technically own the car, the lender does, the lender must be paid in full in order for you to sell the car.

Car payment too high...?

You could see if you can sell the car for what you owe. Or you could take it to the dealer to see what the trade in value is. What they may be able to do since you up-side-down in the loan is put you in a cheaper used car and tack the difference on to the loan for the used car.

Car payment too high...?

If you owe about what the trade-in value is, you should be able to get rid of it fairly easily. Just find a suitable car with payments you can afford with the cut back in hours. Good luck.

Car payment too high...?

A dealer will probably not give you what blue book value is from my experience I have a 503.89/month car payment and there%26#039;s no way I can get out either. The best thing you could try to do is sell it on your own or have someone else assume the payments from the loan company. If its financed thru GMAC i think they will let someone else take over payments for a fee (they have to fill out a credit app and be approved) as long as their credit is the same as yours or better it should be fine. The cost for someone to assume a car is usually around 595.00 for all the paper work and paper work transfers to the new owner. I would try craigslist.org and list it there and also try to put it in the paper for what it blue books at. You may end up having to get a seperate loan if you cannot find someone to buy it for blue book value / what you owe on it.

Car payment too high...?

You have two options. Get a better job that pays more or sell the new car and buy a less expensive one.