Trying to get rid of my baby....

[Analogy]

Hi everyone,

I have been a member of C5 for a good amount of time now and have dreamed about owning a Camaro for years. I became a proud owner of a 1SS/RS M6 blk/blk on June 24th.

What I didn't realize or was blind to the fact of is that I am a 25 year old single father. I make decent money, but not enough to save any money with this large car payment and high insurance. Sure I knew all of this going in, but I lied to myself thinking I could make it work. Now I am struggling living pay check to pay check and am looking for a way to stop the bleeding.

I have been trying to sell my Camaro on craigslist for the last two months for $35k (what I owe on it). The only offers I have got is to either undercut me to $32k (twice) or take over payments (can't count how many times I have been asked this). Ideally I would like to sell my car on there then buy a used Caddy for 5-8k and pay it off in a year. Then I could save cash to buy a house and eventually buy a Z28 or another Camaro in afew years cash.

Since I wanted the Camaro so bad and decided to do a 84 month loan, I am looking at having almost at $600 a month car payment for 7 years. This will prevent me from buying a house or really any flexiblity in the future being that I have a 2 year old son.

So.... I was thinking I should try trading her in as a last resort. The dealership I bought my Camaro from has two Cobalt SS's on the lot (both have been sitting on the lot since before I took delievery on my Camaro) for 21k (2dr) and 22k (4dr) both with 72 month 0% APR financing. The issue being I would likely get raped with trade in value.

What is everyones thoughts? Should I just suffer and hope things will get better? I do work for an excellent company where I have the possibility of moving up quickly (already got a total of a 15% increase on my salary in a year, we get reviews every 6 months). Or should I just hope for the best with craigslist? Finally would a trade be best?

[Sierra]

84 month loan Holy Interest payment.

[Indpowr]

The only bad part about a loan that far out is most companies will not give him gap. Very scary when upside down that much.

I would try to sell it, if you can only get 32k be down with it and take the loss and move on. You have plenty of time to get other cars. Family is more important.

[chevydude26]

just get a 3000 dollar loan sell it for the 32 and you've got a much smaller payment...3000 isn't much of an issue

and 32 for a used camaro is about right

also if you have the 32 cash coming in and a sure seller talk to the finance people to see if you can pay off the 32 and sign off a note on the 3000 that you owe...

if your credit is decent which it should be if you got the car and didn't miss any payments...you should be able to get a 3000 dollar personal loan with no problem

[AZ MSCL]

Originally Posted by Indpowr

The only bad part about a loan that far out is most companies will not give him gap. Very scary when upside down that much.

I would try to sell it, if you can only get 32k be down with it and take the loss and move on. You have plenty of time to get other cars. Family is more important.

I agree. You may take a loss and have to make some extra payments but it will be worth it to get out of the whole faster. Sorry to hear this, best of luck.

[TJ91]

I agree with the comments as well, its your best bet

[vee8]

Sell it now at the loss while you can. With every week that passes, your bargaining power gets less and less.

And never finance a car again 72/84 months. I wouldn't even do 60 months on a depreciating asset.

A car will make people poorer faster than anything.

[chevydude26]

Originally Posted by TJ91

I agree with the comments as well, its your best bet

not to mention that as time moves on he will get less for it...sell it while its still hot...hell i hear in hawaii they are going for 60k ...i'd advertise it on craiglist hawaii and pay for the shipping you might get 40 for it

[franknbeans]

son comes first.... I say try trading the camaro in.. if they offer less than the 32 you were offered then don't do it and sell the car. . . will be in the hole 3k but it's better than being in the hole for 7yrs.

[KJS]

Originally Posted by vee8

Sell it now at the loss while you can. With every week that passes, your bargaining power gets less and less.

And never finance a car again 72/84 months. I wouldn't even do 60 months on a depreciating asset.

A car will make people poorer faster than anything.

Agreed. Do the 32K, skip the trade for the Cobalt. You're young, you learned a lesson and now be done with it. Took me yearssssssssssss to get where I can comfortably afford the things I wanted but made sure I had a good cushion for the things I needed.

[hisandhers]

Originally Posted by vee8

And never finance a car again 72/84 months. I wouldn't even do 60 months on a depreciating asset.

A car will make people poorer faster than anything.

That would depend on the interest. Sometimes it makes sense to finance.

For instance, I just bought a new Suburban... decided to finance it for 72 months... at 0%.

[mlee]

Put it on Auto Trader also... you may get some more bites

[armando416]

I think CL is generally full of people looking to nearly steal stuff from the seller; you'll get better money listing it somewhere else (the price of listing will easily be made up in most cases and then some). Most people on CL aren't even serious about purchasing; they might say they'd like to buy an item, arrange to pick it up, and never show. This is common on that site.

BTW, the people asking to take over payments...wanted you to keep it in your name? That's a scam if I ever heard one :-x I'm not giving my car over to someone on 'faith' that they'll make the payments and won't ruin my credit!

[Gunmetal]

List it for 34,700 or something. It makes a diff. People see the 34 instead of 35 and may bite a bit more.