Stevie Kizziar: I think I'd unload it but for better opinions you should post some more info.Is this your only car? What's the mileage on it? Is it still under warranty? If you sell it can you afford or finance another vehicle?One option people don't always think of is re-financing. 10.5% is really high even for a used car loan. I just got approved at 3.79%. If you need to improve cash flow you could try to re-finance the debt at a lower interest rate and/or even stretch the term of the loan. You just have to be careful that you're not leaving yourself upside down in the event you total it in an accident.If you can live without it then you should probably sell it. Find an older Camry or Accord in decent condition if you need another car. You may have some maintenance expenses but they won't be running you $270 a month. Plus it will depreciate more slowly than the Ford.As far as selling a car with a loan, just call the lender. They can advise you on the process with regard! s to your state and with regards to what they need for paperwork.The Dave Ramsey thing can be hard but having a paid-off house and paid-off cars and some money in the bank is quite a rewarding feeling. Life gets a lot easier when you're not feeling enslaved to debt and a couple years of driving around in "not-the-car-I-really-wanted" will seem like no big deal in retrospect....Show more
Cyndy Grimes: This is difficult one. I believe this vehicle is worth about what you owe on it, so if you sell it , you may have less debt, but I can also see that if your husband gets a job, you will want to have a similar car right away. I suggest hanging on to the car for the time being. If your husbands finds work next week, then you can work on paying it off. In the mean time every payment you make will reduce the amount owing, and if you ever have to sell the car to keep food on the table (or such) you will have some equity built up in it. Hope for a job for him, then get bac! k to the plan...Show more
Marcelina Schossow: When do yo! u expect your husband to go back to work ? When do you expect to need/buy another car ?Selling a car with a lien on it is no problem as long as the lender if local. If they are not local, its harder and you might have to sell to a dealer for a lower price because they are used to dealing with payoffs. The general public is not going to pay you for a car without the title in hand.Ramsey's advice is overall pretty good.I think he SELLs far too much stuff and I also disagree with him regarding credit card usage but I can see where he is coming from.I use credit cards for the rewards. But I scrutinize every purchase and pay off every card every month.If you cant or wont do that, you don't need credit cards.You need to consider how likely it is that 3-12 months from now you wished you still had the car.Because when you sell a car, you generally get wholesale and when you buy, you pay retail and there is often several thousand dollar difference between the two.Its difficult to se! ll cars over $4000 on your own. But, if you can, you can expect more than wholesale.Refinancing is IMPOSSIBLE now that he is unemployed.And even if he could, it wouldn't likely lower your payment much, if at all....Show more
Lindsey Zanardi: Thank you for the advice everyone, has given me a lot to think about. This is our only vehicle and my husband is finishing his masters degree, we dont know when he'll have work again. We are going to try to refinance. Thanks!
Joan Stavropoulos: You can sell the car but depending on mileage, options, etc, you may not get the $8k that you owe on it. If that is the case you will need to come up with the difference in the sale price and the amount you owe out of your pocket in order to get the title for the car to sign it over to the new buyer. If it has been a good reliable vehicle for you I would recommend you try to re-finance the car to a lower percentage rate loan rather than selling it and buying something that is going t! o leave you stranded on the side of the road just because Dave Ramsey t! ells you to....Show more
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