I am surrendering my car because I owe more than it's even worth. I'm so behind on my payments I might have to surrender my car! My APR is 26% and I am only paying interest right now!! I have also been approved through my bank for a $15,000 loan. My payoff quote is $11,000. Trade in my car or surrender? I know how bad it will affect my credit and right now, I'm ok with that. I will slowly pay off my debt eventually. Please help me with answers!!
Responses (2)
The only help is to never borrow to buy a car: all cash and nothing a month. You may not always have a car, but when you do you don't have to worry about it being repossessed.
Next: no repairs. Buy a heavy duty car in good condition, then gas and oil and nothing else. Sell it while it's still running and buy another one and don't repair that one either. It's cheaper to buy a car that doesn't need repair than to repair one.
I'm thinking I'm going to surrender my car and then just start fresh and go ahead with the loan from my bank and get a car that way. My interest rate paying the loan off will be so much better! Plus my boyfriend has alright credit so he will be helping me. Thanks so much your help!