Hi Ladies!  I need some advice.  We have a truck that we are trying to sell.  We can't afford the payment or the gas for it.  This last month's payment had to come from a credit card check.  We have it for sale, but with gas prices so high it is not getting much interest.  It gets about 12 miles to the gallon.  We were wondering if we wouldn't be better off just letting them reposess it.  I know we will have to pay the difference of what is left after they sell it.  Right now, we are paying $565 per month plus insurance.  We owe about $21,000 on it.  This loan is not reported to the credit bureau.  I know this is not the "best" answer but we can't  go further into credit card debt trying to pay for it.  We made a mistake purchasing this vehicle, what should we do now??   

Usually cars at auction wont get as high a price as a private party sale. Not even close. 
Can you go to your bank/credit union for the difference between what you can quickly sell the truck for and the amount owed? Say the bluebook is 19,000. Offer it for 18,000. Advertise 18,000 Deal~ 1,000 under blue book! Take the 18,000 from the seller the 3,000 from the credit union to give the seller a clear title.
Yeah its still debt but likely alot less.
Hope that made sense

We have it listed below blue book. Still nothing, yet! That was what we were going to do just sell it for what we could and get a loan for the difference. We just haven't had any luck selling it at all!

Wow - that's tough. Do you have a banker you can ask for advice? My credit union at work helps out people in tight spots like yours.

Here's hoping you get an offer real soon,

Debbie

If you got it through a car dealership try going there and telling them your situation, they might buy it back and what is left over on the balance they might take 1/2 of what you are paying now per month until it is paid. This is what I did in Alberta before moving here with my toyota and we had to pay $2100 to make up the difference, but I am sure that our dealer would have also accepted smaller monthly payments till it was paid in full. I had 2 years left on the car so it was better in the long run for us to pay the $2100 opposed to $360 a month for 24 more months.


If you got the laon through a bank I would still go to a car dealership to see what they would give you for it and then they will write the check out to the bank, then ask the bank if you can change the monthly payment left over to smaller payments till paid. We did that too with our first new vehicle...think we woud have learned after the first time...lol......oh well lesson learned now:toothy:

HTH,
Heather

That is a good idea Heather. We are financed at a bank, but the dealership may be interested in buying back the truck. I will discuss that with my husband and call the dealership. Thanks for the advice ladies!

I had this same dilemma when I was much younger.
Instead of letting it be repossessed, ask your lender about voluntarily surrendering it. It looks better on your credit report.

In our case, I voluntarily surrendered it to the bank, they auctioned it off then I was responsible for the balance of the loan. It ended up being 3000, and I paid it of $50/month (with no accrued interest) over a couple of years. I have no repossession on my credit report.

Yankee Mom,
That worked out great for you! We called the dealership and they said they would buy back at wholesale value. I think we would owe about $7000. That is a bummer!!

Was wondering how you made out? Any luck?