I have a big problem that i got myself into that i need help with stat. I had a good job for about 3 years but was 80 miles a day in driving. My car could not handle it and was having issues so i went and got a 2010 dodge avenger. This was my first new car purchase and im sure i got screwed on the rate. So you probably know where this is going, i dont have that job anymore and make just enough to pay my bills or maybe a little less, the problem is, im back with my parents, and my loan is for 6 years. So basically i have to live like this for 6 years? Im trying to finish school and cant pay for it. I work a ton and im just not getting anywhere. I would like to know my options on getting rid of this vehicle. Preferably trading in on a used car around 3k or so. Ill have about 4-5k neg equity which ill take. However, forclosure is not an option. Please help

p.s. payment is 460 for 6 yrs. I was making plenty for it, cut my income in half or greater after job loss.

This is really sad, emotions got the better of you buying this car,,, it's not that you got screwed on the rate, but most likely you purchased this vehicle having no credit history , my guess is doing the math your rate is more than 18% ?

Without going into detail trading down will never happen - re-finance for a longer term to lessen payments is 99% out of the question,,, that leaves you with only 2 choices,,, Repo or make payments.

i cant sell the car and say, still owe the difference? And just pay on that until its gone?

No wonder you got in trouble the first time,,, NO,,,

You cannot sell the car without paying the lien holder. whom is the lien holder ?

Did you put any money down when you purchased this car ? How many payments you got to go ? what model is the car ? how many KM on vehicle now ?

GMAC financing, 1500 down, 11k miles, 5.5 yrs left

OUCH - that works out to $34,620 you paid out the door.

Nothing is going to work in your favor, but if you want let's look at the overall picture to see what your best approch may be.

For starters phone GMAC tomorrow and request a payout amount.

if you want our conversation not to be public email me with the amount, your choice.