So I've been put into a situation, and i'm not sure how to I should handle this.
My 07 SE with about 68k Miles on it is still being financed. I'm looking at a payoff of about 11.5k and two years with payments at about 480 a month (Yea.. I got ripped on the financing of my car). My aunt in Korea started the payments on this car as a "stay in school" motivation. I instead dropped out, started working, and got married. We just got a BMW 325i. With rent, insurance, and car payments, we're right where we want to be with finances.
The problem comes with the "stay in school" motivation. My aunt has stopped sending the payments for the car since I got married, and so the responsibility shifts to me. The KBB private party value is just at 11.5k but with the car needing a new clutch, flywheel, and tires, I dont think I can come anywhere near that.
BTW, I have Gap insurance...........
My 07 SE with about 68k Miles on it is still being financed. I'm looking at a payoff of about 11.5k and two years with payments at about 480 a month (Yea.. I got ripped on the financing of my car). My aunt in Korea started the payments on this car as a "stay in school" motivation. I instead dropped out, started working, and got married. We just got a BMW 325i. With rent, insurance, and car payments, we're right where we want to be with finances.
The problem comes with the "stay in school" motivation. My aunt has stopped sending the payments for the car since I got married, and so the responsibility shifts to me. The KBB private party value is just at 11.5k but with the car needing a new clutch, flywheel, and tires, I dont think I can come anywhere near that.
BTW, I have Gap insurance...........