I am Pre Ch. 7. We are going to be filing within a month or two.
I have a 2002 Dodge Dakota SLT QuadCab 4x4 with 106,000 miles. It is in excellent shape.
Truck is a V8 and the gas is killing me as the truck only gets 12 mpg.
We owe $8300 on the note and it is scheduled to be paid off in 26 months.
We have never missed or been late on a payment.
The truck is worth between 8000 and 10000 on Trade in depending who you use.
I have been entertaining the idea of trading it before we file for a economical 4 cylinder.
Problem is, the most I am being offered for my Truck is $7000. This leaves me $1300 upside down.
My credit score right now is 516. The interest rate offered from the stealership was 16%.
As far as I see it, I have a few options:
1. Swallow the $1300 and trade it now at the higher interst rate and reaffirm the new car
2. Surrender the truck and attempt to find financing after filing
2-A. Surrender the truck and buy a beater from a "buy here, pay here" lot
2-B. Surrender the truck and get father in law with great credit to co-sign a loan
3. Keep the truck and pay it off at $349/month for 26 months
I am lost! Please help!!
I have a 2002 Dodge Dakota SLT QuadCab 4x4 with 106,000 miles. It is in excellent shape.
Truck is a V8 and the gas is killing me as the truck only gets 12 mpg.
We owe $8300 on the note and it is scheduled to be paid off in 26 months.
We have never missed or been late on a payment.
The truck is worth between 8000 and 10000 on Trade in depending who you use.
I have been entertaining the idea of trading it before we file for a economical 4 cylinder.
Problem is, the most I am being offered for my Truck is $7000. This leaves me $1300 upside down.
My credit score right now is 516. The interest rate offered from the stealership was 16%.
As far as I see it, I have a few options:
1. Swallow the $1300 and trade it now at the higher interst rate and reaffirm the new car
2. Surrender the truck and attempt to find financing after filing
2-A. Surrender the truck and buy a beater from a "buy here, pay here" lot
2-B. Surrender the truck and get father in law with great credit to co-sign a loan
3. Keep the truck and pay it off at $349/month for 26 months
I am lost! Please help!!