My brother in law who's 24 bought a new car a little over a year ago that cost $36K. Since then he lost his higher paying job and had to take a lower paying job and also had a baby a month ago. His Car payments are about $580/Month to Ford Credit. Now with the baby and lower paying job he can't afford to pay the car. He still owes about $28K and the trade in value is about $20K. He has good credit and doesn't want it to get repossessed so he's still making his payments. He is willing to lose the $8k difference if necessary but he doesn't have it in cash so it would have to be in payments.
Any ideas on how he can get out from the large monthly payment?
Thanks for your help.
Starting Scores: EQ FICO 648 - TU08 598 - EX FAKO 544 (1/2012)
Current Scores: EQ 703 - TU 767 - EX 750
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