Can't afford payment on car anymore, What are some suggestions? I owe 6k More then vehicle is w

The vehicle was purchased 2 years ago, at the time i was making triple what im making now. I know its poor financial planning/management. The problem now is, I owe 21k to the finance company but the car is only worth 15500(negative equity). If i sell it, i would have to come up with 6k that i don%26#039;t have at this time or in the near future. What are my options? What are the repercussions if the car is Repoed? Any input would be greatly appreciated!!!!!!!!!!

Can%26#039;t afford payment on car anymore, What are some suggestions? I owe 6k More then vehicle is worth (-)equity

If you allow the car to be repossessed, you ruin your credit and will be responsible for the difference between what you owe and what it sells for through auction or other means. You have stated it is only worth $15,500...is that the actual cash value or the trade in value? You may be able to sell it and have less to pay off than you think. Call the finance company and get the loan payoff amount. Then you will know exactly what you are facing. If there is any way to avoid repo....do it. It will cost you a lot in future dealings with a repo on your credit report.

Can%26#039;t afford payment on car anymore, What are some suggestions? I owe 6k More then vehicle is worth (-)equity

Take out a loan for 6k so you can pay it off...making a small payment is better then making a large payment.

Can%26#039;t afford payment on car anymore, What are some suggestions? I owe 6k More then vehicle is worth (-)equity

May want to talk to the finance company. You may get out of it what you can and have them give you an insecure loan on the rest of the loan or if you have anything of value, a secure loan, Don%26#039;t let them re posses it. You still owe the negative equity and they sell it at auction for much less plus lawyer fees.

Can%26#039;t afford payment on car anymore, What are some suggestions? I owe 6k More then vehicle is worth (-)equity

Tough situation. Do you own a home? You can check your local bank or credit union. There is a possibility you could re-finance. YOu don%26#039;t want to have the car repoed. You can forget about financing a car ever again or getting a finance rate in the single digits.

Another option which is a long shot and could get you in the same position down the road, is buy a new car that has a huge rebate like $5000. This will cover your negative equity and you can roll the extra into the new loan. The risk is most vehicles that have huge rebates depreciate quickly. This means that you will owe more then the car is worth for most of the loan. Not a problem if all is smooth in your life but life happens.