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| Tue, 09-30-2008 - 1:15pm |
Has anyone ever been upside down on their SUV bigtime? I am wanting to get rid of it,I cannot afford it anymore, they are killing me with late fees, and they call me every week about my payments. I am not close to it getting reposseed but I have been late a few times. US BANK is horrible..
HOW CAN I GET RID OF IT? I just want to take it backc to Toyota and hand them the keys back. I will go buy a piece of crap I dont care. My payments are 457 a month I can only afford half that now with gas prices and rent increases this is ridiculous.


I am going through this right now and it is hard. I have a car and I am so over. My boyfriend's mother gave me some good advice. Here are the steps. She is out of debt completely so I am sharing what I know from the wise.
1. Try to get a credit union loan for the difference between the kelly blue book value of your car and the loan balance on your car, i.e. loan balance 20k - kelly blue book value 15k = 5k
2. Sell your call for the kelley blue book value
3. Get a beat up car for what you can afford.
Let me know if this helps you. I am posting my car online tonight to sell. Good luck!!!
We were upside down in our truck when we sold it about 4 years ago.
All my best,
Danni
We have a credit Union here at work but the problem is, I am deliquent in my two Credit Cards. My House and truck is whats keeping my credit from being a 300 right now.
I was told from the dealership my truck is only worth 15k..which makes me sick, I bought it for 35k less then two years ago.
Toyota's usually hold their value, but in this economy, everything is messed up.
It sounds like your credit is in pretty bad shape.
Wow...now I am really scared and confused. I really do not want to "voluntarily have it repossessed " The house in now my ex-husbands I did a quick claim but its still in my name and he never is late or misses a mortgage payment. I'm just really struggling since my divorce, I only make 34K a year and my rent and truck alone is 1250 a month. That's why i stopped paying my CC's..I was going to settle on my CC's I am 19K in Debt from only 3 cards. Sad but true.
But I left my husband with nothing so I racked them up. Anyway, thank for all the advice. Also, Do any of you guys know how long it takes to have a vehicle repossessed?
Christine,
I'm so sorry to have scared and confused you! I misread your first post and thought you wanted to know if you could do that. Maybe you would be better served to have a meeting with a debt counselor so you can ask lots of questions and fully understand your options. Look for a not-for-profit consumer credit counselor (CCCS or MMI are the names I know of) and they can give you all the information you'll need to make a good decision going forward. They will be able to help you figure out if settling vs. bankruptcy is a better choice and what your options are with the vehicle. Hang in there!
Peg