My car loan is threw Santaindier (spelling maybe off) It is a 2000 mustang I still owe about $10500 on I bought the car for $16000 I lost my job in Febuary I have found another one but am making a lot less money and dont belive I can afford this car with my other bills that MUST be paid rent and utlities ect. I would just do a voluntary repo but I also cant afford to get stuck with the balance if they sell it for dity cheap witch i guess they normally do. What are my options and what do you recommend I live in the state of IL as well if that helps with anything. thanks for the advice in advance I wish times didnt get so tough but I have to figure out how to survive. thanks again Bob
How long ago did you buy this car? $16K seems like a lot for a 2000 Mustang that I'm guessing you bought just a few years ago. I don't know...maybe I'm wrong. So, how much do you think you can sell it for on Craigslist? If you can sell it to a private party and then round up some additional cash by selling off other belongings on e-bay or something to cover the difference on your loan, that would be ideal. I would do everything possible to take that route instead of dealing with a repo and the damage it will do to your credit scores.
I bought the car 3 years ago I dunno what I could get for it on craigslist i guess I could see perhaps I could find someone to buy it for $10,000 it is a show car with a crap load of work done to it as well.
If it's in mint condition and has a lot of custom work done, I would definitely try to sell it to a private party that's really into Mustangs. You may even be able to get more than you owe on it. Then, take the bus for awhile or get yourself a cheap scooter .
