QuestionLast year I purchased a 2005 Saturn VUE for $18,000
with monthly payments of $350 +I can't really afford it anymore what is my best option if any? Thank you
AnswerI see three options:
1) If you leased it, you may be able to renegotiate the monthly payment with the lease company.
2) If you purchased it outright, then you may be able to refinance it for a longer term, which would lower your monthly payment. This option is only open to people with perfect, A1 credit.
3) You could sell the vehicle yourself, and payoff the loan, or trade it in for a cheaper car. This should only be done at a reputable dealership with a salesperson you trust, as too many dealers will use this as an opportunity to take advantage of a consumer.
There is also the option of a "voluntary repossession," but this will ruin your credit just as if you hid the car and the bank had to use the local police to hunt you down. Don't be conned into thinking that ANY form of repossession will not hurt your credit. A repo is a repo, no matter how they phrase it.
