My wife and i have 2 cars.....a 1998 black ford escort, paid off, and great on gas..... Then we have a 2003 ford explorer xlt........gas guzzler, and still 3 years from pay off.... We cant afford to drive it anywhere, so it sits there mostly, and is barely used....we cant afford to keep it, any idea what i should do? I dont think i can sell it to value right now, should we let it get re-poed or should we just try our hardest to gut it out to pay monthly for a truck we rarely use due to gas prices????? Tough spot.....some help would be nice
I wouldn't let it get repo'd dude. Think you could sell it for what you owe or at least close to it and walk away?
That's what I would do...get as much as I could and just count it as a loss...then get a $2500 BMW or Mercedes diesel, Chevy Metro or something like that.
I wouldnt let it get repo'd. That will mess w/ your credit. Can you try to trade it in for a smaller car? Or try what op said, if you can sell it for close to what you owe, it might be worth it to get rid of it and eat the difference (assuming it isnt that significant).
Good luck sellin it bro. Don't want to scare you but I've had a Dodge Dakota 8cylinder 4X4 for sale for 8 months now and have gotten 3 calls that entire time. No one wants to touch an 8 cylinder now. In past years a used 4X4 truck would have to be in shambles not to get an offer but not now. Your lesser evil is probably to let it get re-poed unfortunately. If you have good credit though that would scuff it up.
I agree with the most of above guys, see if you can sell it on craigslist for close to what you owe and then just write a check for the difference.
How does that weigh out against what you owe? And could you foot the rest of the balance? A credit hit, if your credit is good (like metioned earlier) wouldn't be too bad, I guess. Sucky position you're in, paying for something you don't use. You're married though, you should be be used to that.
Should i sell it....use the money to buy a used car thats good on gas, and continue with the tuck payments.....and save on that gas??? is that possible?!
good call....i should look into that....would it be more though with the market for SUV's goin down the tubes?
no good credit for muah.....student loans and being dumb at 18 has killed me..... i signed up for a credit card at a marlins day game just to get the free throw blanket so i could use it to cover up so i wouldnt get sun burnt......then i used the credit card....alot....and never paid it
I've been tempted by free stuff on so many credit cards. The only one I sold out for, though, was the Miami Dolphins one and it's been pretty cool. About two months ago I got a random fleece in the mail and it was from them.
don't let it get repossessed, it'll knock the crap out of your credit score. you'll have it on your record forever and its hard to shake.
Back in the day my grandfather couldn't afford his car payments, so he left the car in a lot with the door open and the keys in it and let it get stolen. Maybe you should go down that route?
I heard some insurances won't cover a car if the keys are in it or doors are left open... not sure how they prove it or not.
If you were going to sell it, just to get another car, you may as well just keep it and use it. Since you'd already be selling it at a loss, I bet you wouldn't be at any more of a loss by driving the explorer and continuing to pay it off than you would by selling it at a loss and having to get another car just to save some on gas. Sure, don't drive the explorer unnecessarily, but use it for more economic (shorter) trips.