A few months ago my husband%26#039;s truck was repoed. We fell behind on the payments. The truck was in my name and he was the cosigner. Now, I have gotten behind on my car payments due to my engine being blown. I%26#039;ve had to pay out $2000 on repairs and will get my car back at the end of this month after making the final payment. I%26#039;m already behind and have been getting the dreaded phone calls from my finance company. I have yet to call them back and inform them of my situation because I%26#039;m still deciding what I want to do.
I%26#039;m debating on attempting to see if I can trade in my car for a 4-door truck and use this as our primary transportation or letting my car go back and face the consequences on my credit. Then, going to a buy here pay here car lot and trying to get the 4-door truck we are looking at. What are your suggestions?
What should I do with my car?
The best answer anyone can give you right now is to be honest with yourself, and be honest with your lender. You should inform the bank of what your problems are and they may be inclined to help you. Avoiding their phone calls won%26#039;t solve anything, it will only delay the inevitable and may also decrease their willingness to help you. The only way for you to protect your credit now ( which is the root of your question) is to be upfront and honest with your lender.
In your financial situation trading may not be a good option. what you have to examine is how much you owe vs. what your trade is worth (i.e. how much negative equity you are carrying over to the next vehicle), what your credit acutally looks like to-date( your credit may be so impaired by your repo that you can%26#039;t refinance or trade and finance a truck)
I wish you the best of luck and remember... Good credit takes a long time to build, but you can knock the whole house of cards down in the blink of an eye. Let this person be a lesson to the rest of us... Don%26#039;t get over-extended!
What should I do with my car?
trying to trade would be better...letting the car go and mess up your credit will haunt you down the line.
What should I do with my car?
The only thing I can tell you is try to guard your credit at ALL costs. So if there is some way to avoid letting it go back then by all means do it! If you have to just refinance.
What should I do with my car?
sell it and buy a turdbucket for cheap it might not look pretty but it wont **** with ur credit
What should I do with my car?
sell it
What should I do with my car?
I would call the company handling your financing and explain the situation. In my experience they have been very good helping me out when I have had things come up. Sometimes they can even give you a month off and add the month payment to the end of your billing cycle. I wouldn%26#039;t let them just take the car though because then your credit will suck and you will just be throwing all the money you have paid on it this long out the window.
What should I do with my car?
Goodness, if you can%26#039;t afford the car you have why are you thinking about buying an even more expensive one? I say sell the one you have and then use the equity as the down payment for a less expensive car that you will have an easier time paying off. Better yet, buy one that you have enough equity to get free and clear.
But whatever you do, don%26#039;t default on the loan if you can at all help it as it will make your bad credit from the first repo even worse.
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