Bought a car recently, and life changed, now I can't afford it

[Supergooch]

I have an 800+ credit score. Own two homes, and have a nice truck paid off. 

 

Two months ago I went to pick up some brake pads and air filter for a friends car at a Mercedes Dealership, and 3 hours later drove out with a used G-Wagen for $120K w no money down. Everything was fine, and I could swing the 2 grand payment. It's also a Sec. 179 write-off.

 

Well, in those 2 months the *Admin and our Terms of Service prohibit profanity* hit the fan. I'll be good for another 3-6 months, but unless something happens quick, Im gonna have to give that vehicle back. 

 

Car is worth around $109k retail maybe 100K trade in .

 

Anyway to get out of this w out killing my credit? 

[Glacier]

Potentially selling yourself, and obtaining (if you can afford it), a personal loan for the difference between what you owe and what you get.  

 

Not a fan of this approach, but can you get a HELOC and use that to pay off the G-Wagen?  

[MarvBear]

I agree with Glacier!

 

 

[Supergooch]

Yes, I thought about this. Hello for 250K is at 7.99 %. but Id have to qualify on a Profit and Loss statement. Loan amount would be a total of $257,700 with all the fees.

 

I made a mistake...I shouldn't have bought it. Love the car, but its a bit much.

 

if I do a voluntary repo, Im assuming my credit is screwed for som years . I have experience w Credit Repair.

 

Other thing is Im moving to Mexico here soon... G-Wagon will get me either stopped everywhere or prolly kidnapped

 

[Glacier]

On your Credit Report there is really no difference between a Voluntary Repo and a Non-Voluntary Repo.  The voluntary may have a note saying it was voluntary, but will still look and score the same.