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Need Some Advice

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idkam posted 7/31/2014 07:53 AM

I'm running out of options with this vehicle, my friend thinks i should turn it in and take the hit on my credit... I really don't want to go that route....
What say you....

BTW.....Friday i will be going to CarMax but i"m not feeling positive about it....

Amazonia posted 7/31/2014 08:31 AM

what happened to taking a loan off your 401k?

idkam posted 7/31/2014 11:59 AM

Ama.....I got the money from my 401K but my car is $14000 upside down - 4000( my downpayment) = $10000 no bank is going to eat that money....turning the car in is not an option i want to take because even if i did it that way i would still owe the difference in what the bank sells it for and the remaining balance...

I might as well bite the bullet for now and pay it...

norabird posted 7/31/2014 12:07 PM

It might be that paying what you owe after it's sold and buying a used car might still put you ahead in the long run. Do you know what it might go for?

GonnaGetThru posted 7/31/2014 17:47 PM

You may have some luck with CarMax. We traded our old car in with them. We owed quite a bit but they rolled into the new loan. Our interest rate is about half what it was. Our payment is slightly higher with the newer car but now we have a six year extended warranty, which was worth it for me. It would be lower without it. They told us too that if we ever had some extra cash down the road and wanted to refinance, it's no problem. Don't know if any of this is helpful but fingers crossed for you :)

wifehad5 posted 7/31/2014 18:02 PM

How old is the car? How much do you still owe? What's your payment?

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