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Hello, I am so glad to find this forum. If I can get any advice on what to do I would so appreciate it. I was able to keep up with my bills until I had a reduction of income due to reduced hours with my job. I am now 3 car payments behind and just received a repo letter. I have tried to turn every way to figure out what to do. The auto has a note of 22,900, but books for 16,500. I have a buyer for the auto from a dealership but they are only offering the 16,500 so I have contacted bank after bank and cannot get the difference to pay the loan. My credit score is 670 but due to the late payments I am getting a closed door each time. I am now considering just surrendering the vehicle. I do not know what to do. Bankruptcy is not an option due to equity I have in my home.
 

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due to equity I have in my home.
That might be a good place to start - ie, withdraw the home equity and put that money to work for you. If you refi and get a new 30 year fixed rate loan for a higher amount.
After you clear up the car note, it might be good to get an affordable used car. Sell your car for $16,500 and buy a reliable $5000 used car.

BTW, "surrendering the vehicle' doesn't change the finances, you will still owe the $6000 to the lender - and they will collect it from you.
 

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Yes, thought about that. My fear is another rejection due to my late payments, but I need to check there.
 

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Sell the house! Pay off the car. rent for a while. House payments and repairs will let you slowly to bankruptcy. Just a matter of time.
 

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1. First of all what is the chance of having your income go up to where it was again? Maybe a new job, or an additional job?
2. Are you paying you bills in the correct order? Food, Shelter, Clothing, Transportation. If you are paying money on anything else, for example credit cards...etc. Stop paying them. It is better to be behind on credit cards than your car.
3. Check the KBB Private sale value on your car. The dealership is offering you wholesale price. You can quite likely get more for it if you sell it yourself on Craigslist. That might reduce the cash you need to get it sold.
4. Look at the big picture, is your house, lifestyle and car reasonable for your income level. If not then you need to adjust it. Selling your house for example, since you have equity in it would possibly solve your problem...but don't do it just to solve your current income crunch. I only recommend selling your house if it is not the correct house for you anyway.
 

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Tell us what you have done to increase your income. There are many ways you could make a quick $1000 or so.
 
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