you could always turn tricks on the corner....or start street racing to make some money...or be boring and just sell it...lol

 

Yeah he should street race, risk losing his license, risk losing money if he doesn't win, and risk getting fines / jail time and possibly kill himself or someone else. Sounds like a plan!

 

Hahaha Thanks Tnnrx7. Nooo on street race lol.

 

If you wanna keep the car I would seriously recommend refinancing the car IF the rest of your financial situation will allow for a smaller car payment and still keep your head above water. If that doesn't solve your problem definitely sell it and for the love of god don't get it repo'd!

 

Yea I know that's what I am trying to prevent. Going to try my hardest to keep it if not my second option would be to sell it =(

 

I run some dealerships and your car goes through auction at around $11,000 right now so you should be able to sell it for around $13,500 and pay off your loan. If I were you I would sell it for sure. A repo would stay on your credit for 7 YEARS so that shouldn't be an option. Also keep making your payments until you sell it and can pay it off. That way your credit will not get hit by late pays either. If you sell it for less then your payoff just get a small personal loan and pay on that because your payment will be way less then what you are paying now. Good luck!!! Hope everything works out!

 

sell it and just get one later on in life.

 

honestly sell it to save your record but if you want to you could always maybe trade the car in for something cheaper? something better for you to afford?

 

True. Think long term. don't want to mess up your future.

 

I like your idea bcevo9 im gonna try and do that... Thanks for all your help. Im only 20 but I know I can maybe get a small personal loan. Thanks a bunch.

 

look into refinancing it...you can usually drag out the term when you do that...you'll have to pay for it longer than originally, but by essentially restarting the loan based off what you owe now, your payments should go down.

 

if its in good condition with 62k miles im sure he can sell it for way more than just 13.5

 

Thanks everyone! Yea thats what im going for to try and cut even if not atleast not owe anything on a car that I whont have anymore.

 

fyi it is almost impossible to refinance a used car that is over 5 years old. #2 a repo will be on your credit for 7 years. This will eliminate your chances to get a good car loan for the next 7 years. It will eliminate your chances to get a good home mortgage also.

 

So in conclusion dont be ghetto rich and live beyond your means. Sell the evo and buy a beater and build up your credit and finances so that you can really afford a nice car.