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Category: Legal
Satisfied Customers: 57374
Experience:  Licensed attorney helping individuals and businesses
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I purchase a lincoln aviator for $23,000. Now the economy

Customer Question

I purchase a lincoln aviator for $23,000. Now the economy is so bad and I'm not receiving any raises it's hard for me to pay my car note. I do need my car. I saw a lincoln aviator for 11,000. If I purchase this car in a loan my payments will be cheaper and I could pay off sooner. Would you suggest I do a voulenteer repo on my first car and purchas this? Could I still owe the debt? What should I do if I can't really afford the payments anymore
Submitted: 8 years ago.
Category: Legal
Expert:  INFOLAWYER replied 8 years ago.
Your only recourse here is to negotiate with the dealer to do an exchange and return of credit. To do a repo without it being negotiated could still leave you owing money. Contact the dealer first. Then see if you can sell it privately, but in the end you wont realize what you paid as it is used so consider if its worth the trade, assuming that option becomes available.
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Customer: replied 8 years ago.
When you say "sell it privately" what's exactly does that mean
Expert:  INFOLAWYER replied 8 years ago.
I mean sell it at market, through a broker, or just by advertising it for sale.