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Old 07-15-2003, 09:27 PM   #1 (permalink)
GreasyP
Crazy
 
Location: Salt Lake City
I financed a car. How to get out of it?

Back in the days of yore (mid-2001) I got myself a shiny new Hyundai Accent GL. Did my shoddy-but-reliable 1990 Toyota Corolla stop working? No. Did I have a sudden influx of cash? No. Why did I do it, then? Not a clue. I guess at the time I was under the misconception that posessions brought happiness. But that's irrelevant. The fact is, I've got myself a really nice-looking, dependable car. That I can't really afford. Doing the math, I figure it's around $375 a month with loan payments, insurance and maintenance. Throw in $35 or so for gas, and I've got a problem: that's close to what I make in a month, total. See, I'm trying to go to college at the same time. Not to mention trying to PAY for college. And rent. I keep having to take semesters off to refuel my bank account.

I've got about $7600 left on the loan. Problem is, according to our friends at Kelly Blue Book, the car's only worth about $6600. And I'd probably have to sell for even less, seeing how cheap brand new cars are right now. I keep seeing cars almost identical to mine going for $5000, and it pains me to no end.

So please, my friends, how can I get this 100-ton weight off my shoulders? I want to go back to a nice, affordable but reliable early-'90s Toyota, or something similar. I don't want this huge expense hanging over my head each month as I try to decide between groceries, tuition and paying for my car. I'm no longer interested in looking nice as I drive around. Hell, I don't even want to own a car but I'll probably need something because I travel quite a bit.

I suppose bankruptcy or just letting them reposess is an option, but that could do more harm than good in the long run, what with credit ratings and higher interest and such. I made a mistake. I've accepted that. I'm ready to do what it takes to correct that mistake. But what can I do?
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