Truck payment is too high since wife stopped working what should i do?

i have $12,000 left on a 06 toyota tacoma access cab sr5 in good condition (some scratches and small dents) payments are 464 a month. thinking about possibly selling? or trading for a small family suv. how should i go about doing this? kelly bluebook is $15,000. my credit is kinda poor as well my parents helped me out with the truck they arent living in the same state anymore...any suggestions?|||you could always go to the bank and try to refinance it for lower payments. you will end up paying a little more in interest in the long run, but it can help you out a lot now. good luck|||Well you could always tell your wife to go back to work.





I don't know why she quit working, maybe there was a legitimate reason, but not figuring out the budget implications for this loss in income before hand is a major mistake on your part.





My suggestion is to replace her income with something else. Either you need a part time job or she needs to bring some money back into this family.





Selling the truck in a depressed economy will result in an almost certain loss. Getting a new vehicle with poor credit in a depressed economy isn't going to happen. Banks aren't lending money to high risk individuals any more.





Instead of trying to borrow your way out of this mess, increase your income and work harder. Take control of your budget and get this done.





|||I would definitely put it up for sale. I am showing about $16,000 value, but, if you need to sell it fast, ask payoff and no more. You break even, if it sells. But, also get a hold of your bank. Explain your situation and tell them you're having trouble. If you have made good payments, sometimes they will lower the interest rate or defer 1 payment to help you get back on your feet. They don't want your truck, and you don't need a repo, so communication with your bank is key.





As far as buying a different vehicle, be more conservative this time. There are companies that will 'help you' in financing your next vehicle. They are stupid expensive interest rates, so be as frugal as you can, so you can pay off your new loan sooner. Your next vehicle, if purchased on your own with poor credit, will have to be paid off in full. The interest alone will make the deal bad for early trade-in. I wouldn't recommend you purchasing a new vehicle. Getting new debt is the worst way to get out of debt.





A refinance option would be a good possibility, if you can get it done...


Your co-signer doesn't have to live in the same state as you. They do need to live in the United States, but that's it.





I hope this helps!|||Well.... you could try refinancing.... but if you credit is bad it may not help if the loan was got with your parent's credit..... Dont go by kelly bluebook. Dealerships dont because their prices are always a little higher. Try going to nada.com or edmunds.com. they have a closer true market value. because you owe so much on it i dont think trading it in will help you. they would probably take a 10 thousand dollar trade in value it, maybe 11, which will still leave you with money owed and then that left over balance will be applied to whatever other vehicle you purchase.





your best bet is to try selling it for a little more than what you owe, then use the extra money for a down payment on a less expensive vehicle. try carmax. they usually give you good prices for your vehicles!|||Sell the truck and pay cash for a $2500.00 car.No more monthly payments.|||I would see if you can get it re-financed for a lower payment