g: 0 Posted By: ChallengedCarBuyer
Views: 209 Replies: 18 We own 2 cars, a 2006 Nissan Altima (145K miles) and a 2008 Ford Edge (97K miles). The Nissan is paid off and worth about $6K and the Fordis worth about $12K with $23K still owed (due to the deal that we made back when purchased in 2011, with a significant amount of negative equity rolled into it). With the current payment of approximately $700 it feels as if we are somewhat stuck for a while. Our credit scores are rebounding nicely from prior issues and we are consistently in the 680-690 over the last 2 months.
With 2 aging cars and a high payment we are wanting to make a change. Options that we are considering are
1) Trade 2 cars towards the purchase of 1,to lessen the negative equity and end up with a lower payment with only 1 car (we both work in different areas, so this may be challenging)
2) Same scenario as above, but supplementing the 1 car with an enterprise rental 3 or 4 days a week. This way we'd only have to pay for insurance on 1 vehicle, offsetting the costof a rental, having less to report on a credit report, but also having no second asset.
3) Trading the 2cars towards one, and then purchasing/leasing a 2nd one, with the total payments for both being near the $700 of the current vehicle
We have up to $5K that we could put towards the deals, if needed. How do any of those options sound? Any better proposals/alternatives? Same options, wait a few months to let our credit hit 700? Thanks for the input.
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