Need some advice
Hey guys, I have a 2013 GT Premium with 19,000 miles that I owe $28,000 on. I was going through a divorce right around the time that I purchased the car in March of last year. The divorce had been going on for a year at that point but wasn't finalized until August. I had excellent credit when I financed the car and got 1.9% through Ford for 5 years.
Now I've got a problem. My girlfriend who I've been with for 6 months now is 5 weeks pregnant. Unfortunately my Mustang going to have to go soon. I also own a 1998 Chevy 1500 beater truck which at present is parked due to the rear axle blowing. I have a potential buyer for the truck, hoping for around $1500 cash.
Here is the problem: my credit score went from 700 to 550 after the divorce. I had over $7,000 in lawyer bills plus I had to make a settlement payment. Because of this, I had to default on a couple credit cards and a small personal loan. Which are still in default because of not getting a pay raise for 2 years and my $500/month Mustang payment is killing me living on my own.
The only way I can afford to keep paying the $500/month is by neglecting the unsecured debt that I have. So A.) I need to get out from under this payment and B.) I need a full size pickup truck with a backseat
No dealer has offered me more than $25,000 for my Mustang, which is bs. The KBB trade in book value is slightly above what I owe, around $28,500-29,500. The car is in pristine condition. These wankers want to hit me for over $5k just to take the car. This puts me in a bind because I need a lower payment, around $350 the most. I can't get financed for a used pickup in my price range because they won't finance a used truck for $5k more then its worth because of my credit.
I still have some time before I need a truck, so I've listed my car for sale, asking $32,000 to leave room for negotiating. What else can I do if I can't find a buyer for my car? I live in New Jersey and comparable 2013 uses Mustangs are on dealer lots from anywhere between $30,000 and $34,000.