A single guy in a pickle and looking for suggestions here…
I’ve got an '04 Blazer and an '08 Rio, both of which are financed. I had the truck for a couple years, then gas prices spiked and I was driving ALOT (5k mi/mo.) for work, so I picked up the Kia for a commuter car.
Now, i’m driving ALOT LESS for work and driving very little in general, but here I am with two vehicles and two loans.
I’ve got like a year left to pay off the Blazer, and its definitely worth more than I owe, but on the other hand, with the Rio I am definitely upside down on it, and a few years to go.
I really don’t have the cash to pay off either vehicle out-right, but I really don’t wanna hang on to two vehicles (for both logistic and financial reasons it doesn’t make sense.)
Any thoughts/suggestions/feedback on what to do?
The Blazer will hold it’s value a lot longer than the Kia. Run an ad for someone to take over payments on the Kia or buy it outright. If you can get close to what you owe you will be in good shape. The second option would be to sell the Blazer and pay down the loan on the Kia if you like it well enough to keep it.
If you find someone to assume the loan on the Kia, make sure that the loan company approves it. You don’t want to be responsible for the Kia if the new owner stops paying.