Help me advise a Fellow Driver

JimS

Well-Known Member
I have a friend who has two cars. Both are 2014. One is a Ford Fusion that he paid $18k for and the other is a Fiat 500L that he got for 21K and rolled the trade in value and financed for $27K. His monthly payments are $390 and $475 per month respectively.

No need to get into how he got to this point. That's irrelevant. Not here to bash the decision making process. It's what to do from this point on.

The Fiat is about to get repossessed. First thought is let it, drive the Ford and keep the lower payment. Take the credit hit and learn from it for 7 years.

But then I got to thinking - He can actually probably break even on the Ford and make the payment on the Fiat. If that's the case, sell the Ford, keep the Fiat from being repo'd, protect your credit. Pay on it as much as you can and when you're out from under water on it, trade it for the cheapest, nicest 2011 Fusion you can.

With regards to Uber, it really doesn't matter if you Uber in a Fiat or a Fusion. Both are X. Your ratings are based on the cleanliness of the car and your personality. I'm in a Saturn Ion and still have a 4.85 on Uber and a 5 on Lyft.

Any thoughts?
 
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