Tips on Buying Cars: i dont want this car any more, dodge grand caravan, grass valley ca

QUESTION: without getting into a sob story. my recent ex-boyfriend and i got an 02 dodge grand caravan SE about 6 months ago for his 3 kids. We owe 11,500 @ 16 or 17 interest. We are no longer together and neither of us want or can afford the $323 payments on our own. So i don't know what our best options are in this situation. The van's Kelly blue book values are at, $7,185 for trade in and $9,210 for private party. Is it best to try to trade it in for another less expensive car to lower the payments, will a dealership even do that? Sell the van via private party or what? i just don't know what to do or what my options are. thank you very much for your help.
ANSWER: Hi Michelle,

I'm sorry to hear about your predicament. Before I offer you my opinion, would you mind providing a little more information? Where do you live, and how many names are the van in?


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QUESTION:  Hi Aaron- Well, i live in Grass Valley, CA, between Sacramento and Lake Tahoe. There are 3 Names on our van, my ex-boyfriend, his mom, and myself. I hope this will help. Thank you so very much for you reply

Hi Michelle,

Sorry for the delay in getting back to you this time. You may have already done something, but I'll share a brief thought or two with you. You may be able to trade the van for something less expensive, but then with the negative equity, you'll likely only have a slightly lower payment. That may be the only real option you have. Good luck.