I'll make it short and sweet...

I'm upside down on a car now, I owe $27,000 on a car but it is worth less....
the car has not been driven since June 06. I'll be here until mid 2008 maybe 2009. The car is a 2005.

Should I keep it, sell it and take the loss and still pay? Or just keep it and continue to pay on it and drive it until the wheels fall off?

Just would like some opinions...maybe some knowledge i'm unaware of....

__________________
CH-47 SI

They must find it difficult...

Those who have taken authority as the truth, rather than truth as the authority. --Gerald Massey

I think a lot depends on your needs. Do youu need to get out from under it? What will you drive when you get back to the States? Much of the resale value if you sell as a private owner is condition and milage. just food for thought.

__________________
Just my humble opinion!

Thanks for the reply.

Getting a car would not be a problem when I get back. It's a great car (2005 Dodge Grand Caravan) I'm fine with the payments.

I guess I'm wondering because I will not be driving it for 2+ years...

That has it's good and bads...in 2008 a 2005 has 30,000 miles? But it will not be paid off....

I'm just wondering....

__________________
CH-47 SI

They must find it difficult...

Those who have taken authority as the truth, rather than truth as the authority. --Gerald Massey

If you can continue to make the payments without a great financial burden, you should keep the car. Once you return to the states, you can reassess your situation. At that point, if you are "right side up" you could keep it, trade it, or sell it. I don't think it would be wise to get out from under it and continue to have a debt without an asset in the end. Personally, it would be hard for me to stomach that...paying for something I don't even have.

JP

Hope you made sure it was stored well

if it is the car might be a little older, need a tune up, but other then that the car should be good meaning it will still be nice

__________________

Depends on how much you are looking at loosing if you try and sell it now. If the loss isn't much then I would sell the car and take the loss now. Rather then pay for something for the next 2 years and not get anything out of it.

What are you reasons for wanting to get rid of the car? Is it just the fact that you aren't going to be using it for 2 years or are you already thinking of something different? If you're already thinking about getting something different then you might as well get rid of it now.

Good luck making the right decision, I sold both our cars before comeing out to Korea. It's awesome with no car payment, but it sucks not having a car.

Not going to be useing it for almost 3 years....Not looking at anything yet....And the loss would be a great amount I think...

Still not sure...

__________________
CH-47 SI

They must find it difficult...

Those who have taken authority as the truth, rather than truth as the authority. --Gerald Massey