Avoiding credit problems.

Avoiding credit problems.

So in an attempt to avoid credit problems, I am preparing myself for what may become the inevitable. We can't afford our beautiful car anymore, well we can, eventually we won't be able to. We bought a 2008 Scion tC, in June. At the time my partner had the worst credit available, and we got it on a 19% interest rate. WHOA. We refinanced quickly with a Credit Union and got a 10% interest rate, or 9, I can't remember exactly. But our payment is still 380$ a month. We can afford that, its just eating us dry, and with the cost of insurance that puts the monthly cost of the car at 600$. Its tight to say the least, and with the wonderful downward spiraling economy, and the cost of gas going up, I don't see us being able to afford it in another year. The car is financed, and currently, is worth just as much as we owe on it. So I got sort of a two parter for you. If we sell it, how do we do that? Would a dealership buy it from us? Do we private sell? How do we do it? This is the first car I have ever had a loan on so this is all new to me. Secondly, if we sell it, is it a good idea to then buy something for a much cheaper payment (in between the cost of 100-250$ a month) or outright by a 2000$? We have a second car, but its just not reliable, and we need at least one reliable vehicle. And by reliable I mean, not likely to die within the next 6 months. My car is beat at best, Im surprise the thing even runs some days.
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