About a year ago I had a great job selling life insurance making a lot of money(to me at least), wrecked my old car, so I needed to buy a new car. After awhile of thinking I had come to the conclusion that for my job I needed a nice car (for appearance purposes) and since I could I would get all of the amenities I wanted. In a little over a week I purchased an ’06 Buick Lacrosse with about everything in it but a DVD player, and around 75,000 miles, for close to 15k. About three months after that some personal issues arose with family and I needed to move from my then current residence in Texas to Wisconsin, where I live now. The problem is I wasn’t able to keep my job (obviously) and there is no viable substitute here where I am at now for income. I did obtain a temp job and struggled for months to make my payments and insurance while still trying to pay my other bills. I have a debt with att that I have no way of paying back due to my current car payment and that is dragging down my credit by the month. I did finally catch up on my car payment but have recently found out that the factory I work at is about to be laying people off(and I’m still only a temp) and there is no other jobs available.
My question is; What is my best course of action? I have looked at and thought of many options, such as, trying to sell the car (I still owe 14k kbb says its worth almost 12)[is it possible to sell the car and have the creditor create another loan taking the place of the deficiency?], voluntary repo, involuntary repo, refinancing, and some people even suggested to me on (please don’t hate me for this) *accidentally* totaling the car for the insurance to pay it off, as I have gap coverage. I would refinance but I really don’t think that will solve my problem at all, only prolong it. Repo has been my biggest thought as with the complications there might be a discrepancy thus creating somewhat of a loophole for me in repercussions.
Sorry for the complicated reading. I appreciate any help in advance.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.What Can I Do About My Car I Can't Afford Anymore? - Jared by Steve Rhode