I fcked myself over by not doing enough research and letting desperation get the best of me. I now have a 23k loan on a 100k mile car. Refinanced once to get the interest rate down from 24% to 19% with a payment of 520 a month. I’ve had the car since March 2023 starting at 90k miles and it’s holding up well but I don’t think I’ll be able to pay this off with that interest rate. The car is worth 7k-12k in the market but there is a hole in the bumper so that’s reduced it’s worth significantly. I’m out of a job right now just doordashing to make it by and luckily I’m in a living situation where I don’t have to pay rent. However, with this car note/insurance/gas/registration fees it’s totaling up to almost 1k so it’s like I’m paying rent lol. I don’t want to make another desperate decision but I’m feeling like it’s best to just surrender the car. Even with a $17-$20 an hr job I’m still going to need to make an extra payment on top of my current note to make an impact on the principal amount. I’m reading that surrendering the car will end up with me paying just as much in fees. So either way I’m fcked. I’m in a hole and I don’t know what to do. I apologize for the frantic wording. if anyone has any advice I’d very much appreciate it
original posted by bexi3e to r/personalfinance on Sun, 17 Mar 2024 23:40:44 GMT.