I have fallen into a financial mistake, unfortunately I can not find a family member or friend who will give me some good advice, they just like to remind me about the mistake made. Anyway, I recently bought a 2006 Ford Focus. I owe 16,000. I can not afford to keep it. I
Posted Dec 27th by Lauri Barkman the owner of a Ford Focus
Answers from the Automotive Experts
〉 Answered on Dec 29th, 2007 by Rebecca Chernek, President and Founder at Chernek Consulting Inc.
This is a tough question to answer. You are between a rock and a hard place. Personally I would sell the car and pay down the bank loan then make an effort to refinance the loan with that bank or another lender to lower the payments and pay it off. A repossession may put you in a position to not qualify again for a very long time for a car loan.
After a bankruptcy to even get a car loan is a good thing and you are on on your way to repairing your credit history buy paying this loan off, a repo will definitley set you back in my opinion.
Talk to your bank/lender tell them your situation and ask them if they will help you refinance the balance of the loan once you pay it down by selling the car.