bought a car before discharge - can't afford payments now

[powerofone]

i bought a car in april 2010 and at the time i could afford the payments, but now i cannot. is it possible for me to trade the car in for something more affordable?

[despritfreya]

Of course you can "trade in" the car but the balance owed on the contract will just be added to the new car purchase price, assuming you can find financing.

[tobee43]

i would contact the dealer and see if they would do a trade down deal....

or...if you are filing chapter 7...you can surrender the car. sometimes they work with you. it's worth a shot.

[despritfreya]

In response to:

"or...if you are filing chapter 7...you can surrender the car."

OP states the vehicle was purchased before Discharge so my guess is that it was purchased after the filing date. OP is pretty much stuck.

[tobee43]

i bought a car in april 2010 and at the time i could afford the payments, but now i cannot. is it possible for me to trade the car in for something more affordable?

o...gee...i didn't see any dates...so i assumed...you know what they say about assuming.

i thought the OP although the forum is "after" discharge didn't have the dates up...yes, you are correct...OP is indeed, in a mess.

[pris72]

Trading right now is not a good idea, because you are seriously upside down this soon after buying it. The residual isn't very good if the car is American made, but either way I do not think trading right now would be good. They'll take what you owe and tack it onto the new car, even if you can get financed right now.