Advice Wanted on a Voluntary Repo

Submitted by backspacer on Fri, 03/04/2011 - 22:39

I'm 26, with a score around 610. I currently owe 10k on my 07 Dodge Caliber. The car is a money pit that I've wanted to be rid of for a while. I pay $400 a month for it.

Currently it needs the electronic throttle control and catalytic converter repaired/replaced and new front brakes. I do not wanna put anymore money into this car. I want to move out my parents' home and get an apartment but I can't afford utilities, $500 for rent and $400 (+ 100 for insurance) on my monthly $1300 income. I want to save for 2 months rent and a deposit, secure an apartment, then surrender the vehicle. I figure once they auction it, I'd still owe around $6-7k and I'd like to negotiate a $75-100 a month arrangement to pay that down. I am aware my credit will be finished for the next 7 years and I am aware only I am at fault for my poor long term planning. However, I see nothing in the near future that I'll want that will require good credit.

My next car payment is due the March 11. If I put off that payment, I'll have the apartment money by April 14th. May I have your advice?