Newspaper article The Topeka Capital-Journal

Borrowing Can Pay off Overly Expensive Car

Newspaper article The Topeka Capital-Journal

Borrowing Can Pay off Overly Expensive Car

Article excerpt

Dear Bruce: I bought a used car from a dealership. Not long after I bought the car, the financial picture changed.

I overpaid for a 3-year-old car with 30,000 miles on it, and I financed the car for $18,000. I am barely able to make the almost $400-a-month payment. Now I am trying to figure out a way to unload the car and get the $17,900 or so I still owe on it so I can pay off the bank, get out from under and regroup.

What recourse, if any, do I have, or am I into this thing for the next six years, since that was the term of the agreement? What can I do short of a repossession, which I am reluctant to do because, unless I am mistaken, that would be a huge black mark against my credit. What are your thoughts on this? -- N.A.

Dear N.A.: I can sympathize with your situation, but how did things go so bad so quick? There are only one or two possibilities for you, and neither of them is particularly attractive.

The first possibility is to let the car be repossessed, and you are right, that is going to do a real number on your credit. …

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