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Do I have any options?
I have a situation that I am not sure if this is a good place to post but I would like some advice.
I am in a bad financial situation, hence me being here looking for advice.
I have a car that I am buried in. It is a 2005 and I am currently carrying $16,020 negative equity in the vehicle, about a month behind on payments, and struggling to make ends meet with gas (averaging about 12 miles to the gallon and $65 a week to fill up). My credit score is in the pits around 530 FICO.
I definately cannot come up with $16K for a trade in, not even close.
I got laid off last June for three months and now I am making 20K less. So the car is way more than I can handle right now. I am paying $777 a month which is killing me on top of the gas.
Do I have any options with the credit and negative equity situation? I can't even re-finance to get the month payments down because of my credit score.
Thanks,
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