Need advicse about debt
Date: Sun, 10/07/2007 - 08:41
Hello,
I would like some advice. Me and my wife recently purchased a vechical that we can't afford. It was one of those pushy salesperson, and we wanted it too. But anyways, The monthly payment is higher than we expected and the insurance is outragous on this vechical. And we propbably paid to much for it! purchase price was 40,000. That is with a $3,000 extended warantty, that we might be able to get a refund. And it's a cadillac escalade ext 2003, 48,281 miles. $800 a month plus $250 a month for insurance.
We can't afford to keep on paying on this. We would lose a lot of money if we even could sell it. How would that even work? would we have to get a loan for the diffrence? I think we could only sell it for 30,000 or less. And thats finding a person to buy it...
Or is it better to keep it for an amount of time? or commit to it and try to eventually pay it off in who knows how many years. We are stuck and don't know the right thing to do... please help, any advice would be helpfull.
Thanks
I would like some advice. Me and my wife recently purchased a vechical that we can't afford. It was one of those pushy salesperson, and we wanted it too. But anyways, The monthly payment is higher than we expected and the insurance is outragous on this vechical. And we propbably paid to much for it! purchase price was 40,000. That is with a $3,000 extended warantty, that we might be able to get a refund. And it's a cadillac escalade ext 2003, 48,281 miles. $800 a month plus $250 a month for insurance.
We can't afford to keep on paying on this. We would lose a lot of money if we even could sell it. How would that even work? would we have to get a loan for the diffrence? I think we could only sell it for 30,000 or less. And thats finding a person to buy it...
Or is it better to keep it for an amount of time? or commit to it and try to eventually pay it off in who knows how many years. We are stuck and don't know the right thing to do... please help, any advice would be helpfull.
Thanks
Hi Bfc_ustoms, and welcome to the site. I would stongly recomme
Hi Bfc_ustoms, and welcome to the site. I would stongly recommened that you click on the "free consultation" button that is just to the right of this post where they can help you with your situation.
thanks,
Luke
Wow! You are paying $1050 per month for your truck??? Eeeeek! Ho
Wow! You are paying $1050 per month for your truck??? Eeeeek! How is your credit? If it is good then maybe you should try to sell it and get what you can and pay off the rest with a smaller loan. I know you will take a loss, but hopefully it will get you out from under that big payment. Good luck. Someone else should be along shortly who can probably offer you some more suggestions. :-)
