Voluntary Repossessing a Car

well i mean, i figure, if i sell it and- ok... there's about 35k left on the note. if i sell it and get 25, that's 10 i still owe the bank. wouldn't that mean that the currently monthly payments of $600 go down a bunch to something more manageable?

No, the payments would be the exact same amount. Depending on the bank, they may not require another monthly payment for awhile and would consider that you paid x amount of payments in advance. The only way to lower your payment would be to refinance the loan.

>Can't sell it with negative equity. There will be a lien on the title until it's completely paid off
got fucked good here. whats the interest rate, jfi ?

What sort of car is it? Tell us the background story of why you got it etc etc. Interest rate all that stuff.
Don't make any hasty decisions just yet. You can save this without damaging your credit.

> time until the next payment
i could deal with that

'15 dodge challenger, scat pack. bought it when i had a better job that paid a lot more than what i'm working now. the payments are absolutely killing me to the point where i couldn't pay insurance, either, so i dropped it (i'm sure in about 2 months or so, the bank will be notified of this and then i'll have to deal with that).
at this point, i'm more motivated to move to a different part of the country (US) so I'd really rather save the money that i'd use spending it on the car note. i mean, part of me is that i don't have a ton of faith that i'm going to do very awesome in this new job but, who knows, that remains to be seen, i guess. there's a salary (it's low) but commission is where i'd make my car payment. agh. idk. i guess if i end up defaulting on the loan (will try hardcore not to), i'll still be alive.

Also you probably wont be able to sell with it tied to a loan. Best bet would be to talk to a competing bank. Explain your situation. Basically you can get a loan designed to pay off other debt/loans but probably at a higher interest rate than an auto loan. Sell the car immediately and refinance the difference so you pay the difference back at a reasonable rate.

Other option is to go to a car dealer, explain you want to lower your repayments. Important to not look desperate. Keep your cool and shop around for the best trade in price. You will probably get ass fucked on the trade in to a dealer but you can drive away in a second hand car and have all the hardwork sorted with lower repayments. Would advise something cheap and reliable like a Camry. Dont try to buy something flash in this situation.

You don't have many options without extra capital to sell the car privately and pay the extra unless you can somehow take out a personal loan, find a buyer and manage two lots of loan repayments incase you cannot sell/buyer drops out.

Man that's a sick car. Would highly advise a 3-4k car. Feels like a downgrade for a little while but well worth it when you become debt free much much sooner. Give it a really good detail before taking it anywhere. Better chance of a higher trade in/buyer. Sold a lot of cars in my life.

>he fell for the new car meme
user I...

ok, this is excellent advice. copied/pasted & noted. appreciate very much.

> 3-4k car
right, right yea exactly; that was my thought. i figured i'd go that route and yes, clean the Hell out of it and feel like i'm maintaining some dignity. if anything else, this experience is teaching me a pretty valuable lesson in not living beyond your means.

haha and i didn't even buy it new, either. bought it last year. i like muscle cars and i've done some research on older cars still being able to be driven as dependable daily drivers. i could likely find something i like that's got a bunch of years on it that is still dependable.

This. I dont give a fuck if people think im trashy for only buying 1k used cars, I pay less per mile then anybody I know and I have assets and savings while half my friends and coworkers live paycheck to paycheck and save almost nothing.

>imagine loaning a car

bed time. thanks very much, anons.