Smart money: Bad timing on car purchase poses challenge

Dear Bruce: I bought a used car from a dealership. Not long after I bought the car, the financial picture changed.

I overpaid for a 3-year-old car with 30,000 miles on it, and I financed the car for $18,000. I am barely able to make the almost $400-a-month payment. Now I am trying to figure out a way to unload the car and get the $17,900 or so I still owe on it so I can pay off the bank, get out from under and regroup.

What recourse, if any, do I have, or am I into this thing for the next six years, since that was the term of the agreement?

What can I do short of a repossession, which I am reluctant to do because, unless I am mistaken, that would be a huge black mark against my credit.

What are your thoughts on this? - N.A.

Dear N.A.: I can sympathize with your situation, but how did things go so bad so quick? There are only one or two possibilities for you, and neither of them is particularly attractive.

The first possibility is to let the car be repossessed and you're right, that is going to do a real number on your credit. I would think very carefully before I let it go on repossession.

Second is to borrow money so you can make the payment, then pay the car off or sell it. This would be your best alternative.

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Dear Bruce: How can one determine if a dear friend has died?

I lost contact with my friend years ago. His telephone and address are no longer current.

He had a serious health problem and I fear he passed. How can I know for sure? - James

Dear James: There are a number of ways to locate your friend and find out if he is no longer with us. This can be a difficult task, but one with very little cost involved.

You didn't mention if he lived near you. If so, you can ask around the neighborhood or previous areas where you know he has lived.

Someone might have leads for you to continue your search. If he was a college graduate, you might contact the school and find out if it knows where he might be, or if there's a record of his passing.

Also contact the health department in the area to see if it has information.

And finally, you can investigate online for past obituaries. I wish you well in your search.

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