We are upside down on a truck. We need to relieve ourselves of this monthly payment. It is too much for us to handle. Is the best way to turn in the truck and make monthly payments on the remaining balance? Does anyone have any ideas?
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My husband and I normally do not finance vehicles. Since a truck consumes too much fuel and you don't get a lot of mileage on a tank of gas. Why don't you think about trading in the truck for a fuel efficient car.
Always, one has to take into consideration the full context of the rest of your life. Get a notebook or sheet of butcher paper out and a calculator...Write down all the factors affecting or affected by this situation, one sheet of paper for each possiblle decision...Tear out the pages so they are next to each other...it sounds silly, but it really helps to see it that way. Write down on each page all the things that are the same no matter what...include things like how secure you feel about your job.How close are you to work. What is the transit system like?Do you have to transport small children? Do both of you work. Whats your physical health, are you able to walk? How about other bills, house stuff, medical concerns of whole family? How shaky is your situation on scale of 1-5 or ? What changes with each possible decision? Can you sell
Can you talk to the people where you have your truck financed and see if this is possible - advertise the truck in the paper for someone buy the truck by taking over the payments. Of course, your name comes off the loan and theirs goes on. It may make it an easier sell if you have the co-operation of your finance company.
I used to work at the credit bureau. If you return the car it will not look good on your credit report. I would just try to sell it for what you owe on it or as much as you can get and then don't buy anything else until you don't owe anything more on the truck. Good Luck!
If the vehicle is in both your names, change it now. Have your name taken off the title, loan, etc. That way if things do not work out, only one of your credit reports get hurt.
Go to your finance company and try to refinance. Privately list your vehicle for sale as well. Sign up on all free sites that sell autos. Then try Ebay, local sites, etc....make sure you put a reserve price on it.
I once traded a truck for two cars. Sold both the cars and paid off the loan and made a small profit. The person that traded the cars, knew he had to wait two months to get the title after I paid off the loan. Last time I borrowed money for a vehicle. Now we only pay cash.
You can list it for sale for free on craigslist.com & try selling it there; or put it for sale on autotrader.com (there's a fee) & You can Google other truck selling web sites. Or call Your local radio station - we have WLNG 92.1 FM here on Long Island NY - it's called swap n shop (631) 725-2300 & You can call or email things for sale to the station & they will play it over the air. Good luck! We are in the same boat!
Check our DaveRamsey.com to get the detailed advice--but essentially you
Sell the car, pay off the loan amount with the money you receive
Make the payments ont he remaining amount
We are right there with you. Here is what we are doing. First, save up some extra cash cutting corners where you can. When you have a reasonable amount of money buy a cheap used car (something you won't have to make long term payments on). Once you have done that sell your truck as fast as you can, even if it means eating the difference in the blue book value and what you owe.
Sell the truck. Contact your lender. Explain your situation. Ask for a loan equal to the difference you owe on the loan and the fair market value for the truck. Whatever that amount may be is a lot cheaper than the alternative. If you need a vehicle, purchase a car/ truck with cash. A paid for vehicle drives a whole lot better than one that you owe on.
Good Feedback from everyone:)
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