I currently own a 2015 Scion Frs that I purchased in 2021 (probably one of the worst times to purchase a car). Car was listed 17k but actually worth 15k. After apr rates total came around to 21-22k.
I recently had a baby and having a coupe is not car seat friendly lol. I took my car to carmax to get a general idea of how much my car was worth and they gave me 5,500$. By this time I owe 15k so 10k would be the negative equity carried over to a new car. I’m currently not working and only make 2k a month on maternity leave. Buying another car and paying off the 10k would not be ideal for me. My partner and I recently got a 4 door car paid in cash to avoid any other financial inconveniences. I do not have a purpose for my car, my monthly payment is 450$ + 250$ for insurance. I tried to refinance with my bank and I haven’t heard anything thus far. They said my best option is to find someone who’s willing to take over my loan but realistically, who’s willing to pay 15k for a used car that has no title in hand and 112k miles. I also don’t want my credit ruined but this is my legit last resort.
Any advice would be greatly appreciated or anyone who’s done voluntary repo share their experience. How does the process look like etc..?
Submitted January 13, 2024 at 10:37PM by Cherryswan9286 https://ift.tt/rPALmBJ
