I co-signed an auto loan with my ex-husband after we got married, before I knew anything about finances. We got divorced, and I kept the car because he said he would let it get repossessed.
Payments are $450 a month (I know.) and I owe about $13K still (That's the payoff amount). The car is only worth about $5K, according to Autotrader. It's just a 2012 Accent with 75K miles, so it's not worth at all what I'm paying. I have a feeling my ex rolled his old car loan into this car's loan and lied about it and/or didn't understand the consequences.
Aside from learning my lesson, is there anything I can do to minimize payments or pay it off? I only make $1650 a month, so this payment is just a crazy percentage of my income, and it was 85 days behind when I took over payments. Consequently, I've been struggling to get/stay caught up for a year now. That's done wonders for my credit score (/s), which now sits around 600 despite an otherwise positive credit history. I've done a lot of online research but can't find a way out other than repossession. I just want to move on with my life, because I'm on track towards financial responsibility now, but this is really dragging me down.
Submitted June 17, 2017 at 01:11AM by averagemidwestgirl http://ift.tt/2rGHte0
