Bought car from buy here pay here with big down!

[Anonymous]

My husband and I bought a car last year for 13,000.00 down at a buy here , pay here. The car is paid off now.
I know that we should have done another method but please this is not the issue here.
I was thinking if we sell the suv we could use the extra money towards our bad remarks on our credit and re establish our credit in a better manner. We will ultimately loose money in the short run, but I know in long run this will be good. Any thoughts please, be gentle.

[pizzadude]

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@Anonymous wrote:
My husband and I bought a car last year for 13,000.00 down at a buy here , pay here. The car is paid off now.
I know that we should have done another method but please this is not the issue here.
I was thinking if we sell the suv we could use the extra money towards our bad remarks on our credit and re establish our credit in a better manner. We will ultimately loose money in the short run, but I know in long run this will be good. Any thoughts please, be gentle.

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Congrats on paying off the loan, that's always good.       Hopefully the car dealer reported to the CRAs so that you will have positive payment history showing...Is this the case ?

I'm not sure that I understand how you'll lose money by selling the car since it is paid off ~ can you elaborate on the negative remarks on your credit report ?   How much do you owe, are the accounts open, closed, in collections, or charged off ?   Are they credit cards or other loans ?

[Anonymous]

Thanks , but no because its a "buy here , pay here" so they don't report. It's a nice suv , but no one is really in the market to buy a used one at a decent price. But I know if we sell it at a not so good price we can use that money for other things on our report .

[Shogun]

Selling the vehicle is a wise thing to do if it is not needed.  I hope that you won't take too big a hit on it though.   The extra money to pay down other bills and not having to pay the insurance on it will be a benefit to your financial situation.