I Have a Mercedes Benz I Can No Longer Afford. – Torey
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Torey wrote to me through the GetOutOfDebt.org site and asked the following question. 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.
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“Dear Steve,
i have an mercedes i ve been have ing it for about a year and i have an high intrest i got it for 24,000.00 and now i owe about 20,000.00 but the pmt is high and i trying to get the pmt down. ive trade to trade it in the don’t want to give me much for i have too come out of pocket with lot of money i dont have it is an 03 mecedes and the want to give me 9,000.00 for a trade . tried to do a refi not able to the bank wants alot down i have pretty fair credit. i have been paying on time since i have had the car never been late or missed an pmt i pay 622.00 a month
i want to know what should i do i not able to sell it so i need help cause am trying to be financiall y free
Torey”
Dear Torey,
Being financially free is a good goal to achieve. But I’m not sure how you can magically make this obligation go away without have cash in a savings account to do it. This is one of the reasons I am such a big advocate of having a boring old savings account with cash saved in it every month.
While you want to get financially free right now, you can’t until you satisfy the loan or can pay down the balance to even the trade-in value. But I’m not sure how trading the Mercedes Benz in on another care makes you financially free? Doesn’t that just trade one debt for another?
There is always bankruptcy to rid you of your debts but in your situation it seems that simply working hard to save the money necessary to refinance the car so you can get a lower payment is the way to go.
It looks like you’ve unfortunately learned the hard way that some assets can lose value a lot faster than the balance is paid down.
Big hug.
@GetOutOfDebtGuy
Source: I Have a Mercedes Benz I Can No Longer Afford. – Torey
Originally posted 2009-03-25 12:49:42.
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