I'm a 23 year old male and almost 2 years ago, I bought a newer car. I was driving an hour each way to work so I needed a more dependable car. My previous car was a 2008 Ford Taurus. It was a very nice car but it was getting higher in mileage and it was going to likely need some very expensive repairs. I found a 2012 Ford Taurus SEL with slightly over 68,000 miles for $11K. It has less features than my old one but I was willing to have less features if the mileage was low enough. I financed through the dealer (I know). I was financed at 18.94% interest for 75 months. I put $3500 down. My payments are around $265 a month. About a year later, I got a job a lot closer and wasn't driving as much. I ended up leaving that job. I found another job. I've been paying on it for nearly 2 years and my balance has only gone down by a little over $1000. My initial balance owed was over $11,000 and now it's around $10,000. I've tried making extra payments and it doesn't help to lower the balance at all. Normally I'd just refinance it and go on but my credit just went down because of unpaid college tuition that I hadn't been able to afford (it's in collections and I am paying it now). So I'm probably not going get a good rate. The car currently has nearly 100K. I usually drive my other car. I don't really drive the Taurus much as it no longer fits my life (I needed a more versatile vehicle). It's 9 years old with nearly 100K so I don't think it's quite worth what I owe. Plus the value has gone down as they stopped making them in 2019. What are my options? It's a great car but I don't really drive it and I need something that works for me better than the Taurus. Plus it's not very good on gas in town. I had thought about trading it in for a cheaper car but that would more than likely leave me even more upside down. What can/should I do here?
Submitted March 08, 2021 at 12:38AM by RackingUpTheMiles https://ift.tt/3qrAhAA
