I didn't think about that. With the Holidays upon us, it would be very easy to pick up a job and make enough to make the payment.

I've been in some tight spots in my life but "letting it go back" has never been an option for me.

How would he not qualify for a heloc if his equity has doubled, assuming his equity is more than the car loan? Banks are a heck of a lot quicker to loan on a house because they KNOW it's not going anywhere. You can't hide it.

And you can pay it over a longer term. But, you still have to have decent credit. They don’t like to lend to someone they don’t think can pay it back. They are going to notice he is behind on the truck don’t you think?

Hey feeding the family comes first. We have all made bad decisions in our lives. Try taking it to some car lots and see if they are interested in buying it. Remember God and family first. But I promise Good Will take care of you. Just keep praying.

In my mind you owe the money.

Sell it take a hit, pay off the hit and go from there. Get your credit together and make better choices. If you don’t it will not get better.

Good luck, finances can easily get out of hand if you allow it. Debt is just that. You owe it to the lender and yourself to make it right.

Park that thing downtown bham with the keys in it and windows down,maybe put a colt 45 malt liquor on the dash...anything but don't let it go back.Wish you luck buddy,that stress is a bitch.Drivers Way in Pelham & Inverness buy vehicles off folks.

Just did a quick search on KBB and is has a Sell to Private Party value of $22k +/- for a 2012 4x4 double cab V6.

This.

Try going to carmax like Gomer has suggested and see if you can trade it in. But instead of simply taking the hit for what they will buy it for, see of they have a small car that you might be able to get out of there with half the payment, then you will have a decent car that you can drive back and forth to work.

Next step is to clean up, fix up and sell the other (spare) car for however much money and put that money in the bank for an emergency fund.

Third step is to do a budget and between you and the wife figure out how you guys are going to save up about 6 months of expenses.

Fourth step is to stick with it.

Fifth step is to get the two cars paid off and not borrow any additional money while you are at it.

After reading all the above comments on here, here is how I would handle it if it were me.
1-List the truck for sale NOW

2-Go talk to the loan provider and tell them your predicament and that the truck is for sale. Ask if you can sell it below the loan value and sign a note for the difference. If not, check into a home equity loan (heloc). Especially if the same provider holds your mortgage. Tell them you want to sell the truck below loan value and take out a heloc for the rest. Don't go crazy and take a ridiculously low number and owe too much on the heloc.

3-IF you have enough equity in your home to cover the entire loan value on the truck, get a heloc and pay off the truck THEN sell the truck immediately. You HAVE to do this part. Don't get caught up in having a paid off truck. Take the money you get from selling the truck and pay off the heloc. You HAVE to be disciplined on this part.

4-Don't get caught up in this again. Read some money management books/magazines. Get on a budget.

God luck.

Thanks I'm definitely taking notes

Steelman, I don't know you but this is some good advise. I wish I could afford your Tacoma, that is what I really wanted, but I have a 2012 Tundra I'd have to get rid of. Best of luck.

Call West Bay Auto Brokers tomorrow. They are in Semmes. They sell a lot of trucks and are always looking for good inventory. Maybe they can work something out with you.

Man, I hate what you are going through, but you are obviously a liability to any lender if you are paying 11% on a vehicle. You are only going to mess your self up worse by not making the note that you agreed upon. Borrow some money any way that you can to get even on your payments first and foremost. You are talking about a small amount of dollars in the grand scheme of things. If you get back to even, do you think that you can make the notes monthly?

Wow

Good advice here.

Do not borrow money to pay on debt already owed,that makes zero sense to me,then you still owe the truck payment next month plus what you borrowed to get caught up,you can't make two payments if you can't make one.

here is how I would approach it if I owed someone money and couldn't make the payment.

I'd immidiateky make a list of everything I could sell quickly. Guns, fishing rods, tools, your brothers recliner. Then list every bit of it on Craigslist asap, and I'd put fire sale prices on it.

Next, I'd go through a detailed budget and find any extra dollars that y'all are blowing now, and find a way to save them. My family would be eating on beans and rice, while sitting around the fireplace talking, because we were saving the money on electric heat, and couldn't watch anything on tv because I sold it on Craigslist. Not that we would miss the tv much, because the static was pretty boring after cutting off the cable subscription. You get the picture.

Next, I'd look at the best way to increase my income. Pick up another 1-2jobs, work overtime at your normal one, pass out fliers to clean people's gutters for $100 a pop, etc. There's absolutely no excuse for anyone in a situation like yours to be earning income for less than &0-100 hours a week.

After you do these three things, you will have the freedom to address how you deal with the truck going forward.

There is absolutely nothing fun about what I suggest, but it's time for you to nut up and take responsibility for a bad decision. In my mind, I'd move heaven and earth to pay back every cent that someone lends me. Whether it be a bank or individual, it's simply the right thing to do.

I'm talking about borrowing the money from a family member or the like. I should have clarified.

You should first and foremost call the institution that you have the loan with. They would much rather get a payment from you than get it back. 99.9% of the time, a repo causes a loss. Extending your loan term to lower the payment is a much more appetizing option for a financial institution. You have to talk to them and be truthful with them. If they can work with you, they will. Better for everyone involved.

My two cents.