Can I turn in my BMW for a Toyota?

My B/F convinced to buy a BMW 330 a couple of months ago and I hate it. I want a simple car like a Toyota or a Honda. Can I do that? Will my credit look bad or are there any cons to trading down?

ps.

I still owe 550 a month for the next 5 years

Can I turn in my BMW for a Toyota?norton

It doesn't matter the monthly payments you owe, it matters the sum total you owe. If you sell it, you have to pay all of that off somehow. Presumably you'll get most of that money from selling the BMW. How much do you owe vs. how much can you get for it?

If you're "underwater" (owe more than you can get for the car) then you have to figure out how to cover that difference.

You'd make the most money off your BMW selling it privately. The dealer would pay a lot less for it, but if you're underwater, they can fold the money owed into the financing on your next car. But then you'll be REALLY REALLY underwater on that car, which is a bad situation to be in! At least the payments will be lower, or the term (5 years) will be shorter. I recommend making the term shorter, 5 years is an awfully long time.

As long as you keep your word, follow through on your promises and pay when you say you would, none of this will hurt your credit report. Actually it'll help your credit report. Glad you're thinking about that.

Listen, your boyfriend loves the car so much, how about he buys it off of you? In a way that he "takes over the payments". Do all this legit, with the finance company's approval. So it's HIS car (in every way) and he can make the payments and you're even steven!