I purchased a 2015 Ford Focus in August of 2016 with a loan for $15,700 for a term of 71 months. I've been paying $257 a month and have the loan down to $12,370. I decided to go back to school to do a graduate program so I reduced my work hours and am going to have trouble making this and the $150/month insurance payment every month.
So I'm thinking to sell it and buy a used car. My first and only other car I bought off Craigslist for $2000 cash and sold for the same price in cash later the same year. This is different. This is how I think it would work:
I sell it for the apparent market price of around $11k. This money would be paid to me so that I could then purchase the used car for ~$2-3k. Then I pay the remainder to my car loan account. At that point would I just refinance to get the monthly payment under $100? Am I missing any complications other than the mess of timing the buying and selling so I can still get to school and work throughout all of this?