Overhaulin'
Upside Down Car Loan Knowledge Base
How to get out of Upside Down Car Loan when already behind? Need advice for a friend-I thought I would ask here since I myself have never been in this situation. He joined the army few years back-had NO credit @ the time. A car dealer on base took advantage of him (and many others),sold him a car, told him to come back since his credit didn’t approve him for the one he drove away with, and they put him in another car with a MASSIVE interest rate & he was promptly upside down in the car. For over two years, he never made one late payment-but when he discharged from the army-he had to go on unemployment till he recouped from back surgery. During that time he fell behind in payments & has been struggling ever since. He can’t get re-financed since he is already behind in payments, (the finance places said he can’t have made a late payment in past 6 months), & his credit score is low. He owes around 13k on the car, & its worth only $6k. So nobody will refinance until he stays current for 6 mnths-but he can’t get caught up & DONT want repo!
How can I get out of an upside down car loan? I am 2 years into a 6 year loan. My car is worth $9k and I still owe $14k! With these figures, it looks like it might be useless to refinance. To get a lower payment I will probably need a new 5 year loan and at that point I will have gone 7 years in debt with one car. I made a huge mistake and I need to find a way to be rid of it. Please help!
How can I get out of my upside down car loan? I owe $32,000 on my car loan. I should be able to sell my car for $25,000. What options do I have with the other $7,000? Can I refinance the $7,000 to get a cheaper monthly payment and go and get a different car after I sell the one i have now? Wht can I do?
How should I handle my upside down car loan? I owe 11,000 on my 2007 car that I bought new, it is worth only 8K to sell privately and 7K or less for trade in. Obviously I bought it from a crook of a car salesman while I had bad credit, big surprise. Well, my credit is much better now, but I'm unsure if I should just pay it down or sell it? Anyone with experience out there? I could use some advice. Thanks! I think I will run it into the ground. Thanks guys :-)
How do I get out from an upside-down car loan? My work has cut my hours and I can't afford the payments.? My credit is bad as it is and I had a prior repossesion 3years ago, I don't need another! I tried contacting the creditor but the will not work with me at all. I have tried several other credit companies but none will take the loan. What can I do?? I'm trying to find more work but am limited due to military obligations, I'm needing to keep my credit as in order as possible so I wont loose a security clearence.
How to get out of this upside down car loan? make it short... owe too much on my car is there anyway or any good options to get out of this. Owe 19k, car ( 09 toyota corrolla) is worth maybe 11k. Was thinking about selling it oweing 8k and buying a car for 1k or 2k to make the loan about half... but ill have a not so reliable car probally.....
what is the besyt way to get out from under an upside down car loan? as it is my hubby and i are paying almost 400 a month for a car that is only worth 9000. we still owe 12000. how can we get out of this so we can stop the bleeding?
What is the best way to get out of an upside down car loan? I have an 08 camry and owe $24,000 but I think I the book value is only like $19,000. My payments are $500. I would like to get my payments lowered but it doesn't seem like there's not way around it. Any logical suggestions. Thx!
how do I get out of an upside down car loan? i owe 20000.00 and the car is worth 14000.00,and payment is 665 a month I need a cheaper payment......help please
Surrender (REPO) my PIece of crap Upside down loan Car, or fix it and deal? I am in a VERY bad financial situation. I have a good job, make good enough money, but am struggling to pay off debt daily. I am in an upside down car loan, $8000 upside down. Not to mention I have 4 years left of payments and the car is falling apart. It is a VW so to fix it currently I need to put $1500 into it. If anything else breaks I am screwed. I recently went to a car dealership and they suggested I surrender (repo) my car and use the $1500 I have to get a newer one that gets better gas milage and has a lower monthly payment. I would love to do this, so I can pay off my debt faster, but am terrified of having a repo on my record. Basically I have 2 options. 1. Keep the car, fix it, pray nothing breaks, and pay off my debt in 4-6 years 2. Surrender the car, get a cheaper one, pay off my debt in 1-2 years. If my debt is clean, and my payment history is good, including paying off the balance of the repo, how bad will that mark effect me and for how long?
upside down car loan plz help!!!!!!!!!!!!? i am in a upside car loan by about 13k i have a 2001 cadillac seville sts with 44k miles on it and owe 21k on it. i am paying 19% interest on it and need help refinancing, or finding a better situation.i took the car bc i was told i would be able to refinance it after one year by the dealership who said he would do it for me. now they are not helping. what can i do to get myself out of this situation or at least into a better one anyone plzzzzzz help. i also have not made any late payments on the car or any of my other bills for that matter, and i have about 1yr worth of credit which is about a 670.
How to get out of an upside down car loan? Please answer
upside down car loan? So, here is the short version, I got a car loan for my sister but the car loan is completely upside down, meaning I have negative equity. The car itself is worth $8500 but the car loan is for $16k. My sister ended up moving out of the country and I am stuck with this vehicle. Not a big problem for me since my car was recently totaled and I had this car to use. But, I'd like to trade the car in and buy an economical car which is $12k. I have $4k for a downpayment so I guess my question would be what would be the best thing to do. Do I put the $4k down on the new vehicle or pay my current loan down and allow the negative equity to roll over to the new loan? Current Car Loan = $16k Current Car Value = $8500 Negative Equity = $8000 New Car = 12k - 4k - $8500 + $8000 = $7500 New Car Loan???? (Did I do this correctly??)
Upside Down car loan with a blown engine... Please Help!!!!? I'm upside down owing around 12k for a 2002 Nissan Altima. I was just told that the engine ring are bad and that it will cost around $2500-3k to fix or to get a new engine. I have already replaced the entire exhaust system as well all of the recalls. My credit is bad but I'm sure there is worst out there. I need a reliable car and at the same time I do not want to get into a new loan. But I may have to. My major concern is that I refuse to pay another car note or spend 3k to fix it, and in return they reposes the car and I will have a repo on my credit that will prevent me to buy another car. Either way im still without a car. If there is anyone out there that can advise me on the best way to handle this situation I would truly appreciate it!
Help! Big trouble n Lil' China!!!! upside down in car loan? My mom is moving out of state to help my grandparents out. She has a cavalier worth...idk...i wouldn't pay more than $900 bucks for it. (its falling apart!!!!) She rolled over an upside down loan on it and it came out to like $17000. (yeah tell me about it....) she still owes like $9000 on it. My bro & i are try'n to figure out what to do to get her out. My bro is a co-signer for her & i'm financing my own truck (not upside down in). I suggested maybe we trade-in both cars/truck get a car/suv/truck that holds its value (honda, toyota) and bite the bullet with that 1 loan. I figured we still be upside down but we would have a better chance at bring'n what is owed down to the value at lot faster than just paying off her vehicle. And we would only have 1 car pymnt and car ins. pymnt. Any suggestions? ...btw she doesn't have GAP insurance!!! :(
BAD CREDIT PERSONAL LOAN TO PAY OFF UPSIDE DOWN CAR LOAN & OTHER SMALL DEBTS? I am looking for a loan to pay off my current vehicle that I am definitely upside down in due to bad credit and forced refinance for the auto. My current vehicle loan has a balance of $9,000 I purchased the car used in 2005 and have been paying on it ever since. It's a 2004...Over the years I have gone through many financial hardships due to marital issues, and other financial and unexpected life problems. I do have steady income and I have been at the same job for 15 years and in my home for 10. Needless to say my work and residential histories are good but my credit has suffered. I am wanting to secure a loan that will allow me to pay off the balance of the loan and other small debts. I do own my home but it is owner financed and not reported to the credit bureaus. Additonally, I do not want to put my home on the line to secure such a small amount of funds (I want to borrow about $10,000). Once I pay off the car I am willing to use it to help secure the loan. As I stated the balance is $9000 but I'm sure the pay off would be a a bit smaller. Please only serious advice and leads ONLY! Also, please don't judge me... I don't know what else to do. Looking for lendsers...Thanks! ***Additonally, my credit score is 500 and I do not have a cosigner.*** I know help has to be out there somewhere. PLEASE NO SCAMS & NO PAY DAY LOANS!
Any ways to get out of an upside down car loan? I bought a car with my wife back in 2007. We used my current car and her car as a trade in. Unfortunately she had a lot of negative equity from her car that got tacked on top of the loan of our new car. Our payment was $600 a month for a $15,000 car. Which sounds riduculous but at the time it made sense because we were paying for it together and we were able to afford it. Also both of our previous cars together were about $750 a month. So we were saving. We ended up spliting in 2008 and I was stuck with the car. I've been trying to pay $600 a month by myself for the last 2 years and I can't do it anymore. I am still very upside down in the loan. The car is worth about $13,000 and the payoff is $24,000. The damn thing will die on me probably before I even pay it off. What makes the situation worse is that I don't even need a car. I live a mile from work and I am in a very public transport friendly area. Continuing to try and pay for this car is just hurting me in every aspect. It is affecting my rent, my credit cards, my phone bills, my kids, just everything. Its costing me about $1000 a month including insurance and gas and to maintain it. Refinancing is not an option because I don't even want it anymore. But I am stuck with it. I have considered just giving it back and dealing with the repo. Yes its a very bad ding on my credit that sticks for about 7 years. but at least I will be able to live my life and I wont continue to struggle like this. I do know that when you repo that they sell it at an auction and still come after you for the difference. but I just wont pay that either. I just can't afford this thing. My only worry is that when that happens do they take you to court over the remaining balance after it gets repoed? or do they eventually just give up, write it off and give you a really bad ding on your credit? If that is the case I am actually willing to take the ding and deal with it for 7 years. At least I will be able to get back up on my feet. And who cares about not being able to finance another car for 7 years. If i am saving $1000 a month I can save up for 6 months and just buy a used car in cash. Please I would like to hear opinions. Yeah Alhaji Abu Isah auto loans doesn't sound shady at all. Ha Ha Ha. Listen guys. You're not seeming to understand. We got the car together when we were still married. now I am stuck with it by myself and I can't even afford to live. What's the worst than can happen? They take me to court and garnish my wages? So what. I'd be stuck back in the same position I am in right now, which is having to pay it off. At least if they take it then it will probably take quite awhile for everything to take effect. I can't afford this damn thing. Its affecting my rent, my child support, my cc cards, everything.
I want to get out of an upside down car loan..what should I do? Okay, I have a 2005 dodge neon with about 38,000 miles. I bought it a little over a year ago and it is in great condition. Problem is, it was my first vehicle purchase so my interest rate is pretty high and I owe about $11,000 on it and it's not worth that much and I really want to get something better. I went to look to trade it in only to find i wouldnt get over $6000 trade in value so that would leave me roughly with $5000 in negative equity. So basically I want to get out of this loan so I can get a car that I really want without being upside down again by rolling over the unpaid balance to the new car. What should I do????
Getting out of an Upside down car loan? I have a Nissan Murano, and wanted to trade it in recently and found out I owe about 10 grand more than it's worth.... is there anything I can do about this? I don't really want to roll that much over on a new loan...
How to get out from under a high apr and upside down car loan? Bought a 2002 Mini Cooper last year with 30,000 miles. Since then I've had to replace the clutch, thermostat, entire transmission, and now coolant is leaking. The dealership convinced us that the extremely high apr they were offereing was the best we would ever get anywhere, and to add insult to injury slapped on 4 wrong tires to get it through inspection faster. Now I'm upside down on loan, and warranty is about to run out. How do I get out of this car and into a different one?
I am in an upside down car loan. Is there a way out? A year ago this month i bought a 99 pontiac for about 4600 total and still owe about 2500 on the loan now. Kbb says my car is only worth 1500 on a trade in and NADA says about 3200. Which is correct? Kbb said that the value to sell it privately is only 2500. Am i better off keeping the car and paying it off or trying to trade it in? I cannot afford to just sell it because its the only car i have.
Does anyone have any advice for a person with negative equaity/Upside Down loan on their car? I currently own a 2001 Ford Escape. I am interested in trading out of my vehicle into a smaller, more gas efficient car. The problem I run into though is negative equaity (or an upside down loan). I owe less than $14,000 on it but it has been appraised anywhere between $5,000-$8,5000 which leaves me anywhere from $5,500-$9,000 to put towards the new vehicle. I have no money to put down and I think I've visited just about every car dealer in Virginia and can't quite find the price range I'd like to be in. I work full-time and also go to college full-time so I really don't have a lot of free time for a second job to support that large payment. Is there any advice or deals that anyone knows of with new cars? Any help would be great. Thanks! :) I currently own a 2001 Ford Escape. I am interested in trading out of my vehicle into a smaller, more gas efficient car. The problem I run into though is negative equaity (or an upside down loan). I owe less than $14,000 on it but it has been appraised anywhere between $5,000-$8,5000 which leaves me anywhere from $5,500-$9,000 to put towards the new vehicle payment. I have no money to put down and I think I've visited just about every car dealer in Virginia and can't quite find the price range I'd like to be in. I work full-time and also go to college full-time so I really don't have a lot of free time for a second job to support that large payment. Is there any advice or deals that anyone knows of with new cars? Any help would be great. Thanks! :)
Upside down in my car loan but want to sell? I am upside down in my car loan and want to sell it however I am confused as to how it works. Say that I sell it for what I can and there is still a lot that I owe on the loan. The buyer will want the pink slip and I still owe the bank. I do not have the money to pay them back all at once so can not get the pink slip from them to give to the new buyers. Any way to get the pink slip from them and still be able to make payments on the remainder of my loan?
upside down with a car loan and do not want a vehicle at all? my family member is upside down with her car loan. she wants to get rid of the car and does not want another vehicle as she is going to use public transportation. how does she get rid of this car?
Should I get into an upside-down car loan? So, I have a 2004 Nissan Altima. I checked KBB and it said it worth around $7000, but I still owe a little over $8000. I'm thinking of trading it in for a 2010 Nissan Maxima. I'm thinking of saving up $2000 for a down payment to go to the car, but my main question is this: If the previous loan is added onto the new loan, will the monthly payments be the same as if I put that amount as a down payment or would I have higher monthly payments than I would have gotten with just a down? Also, I'm planning to send more a month for my current car until I gather that money (maybe 2 months) and telling them to pay the principal with the extra money. Oh! I just thought of another question while typing this lol If I DO trade in the car, will the entire loan be added or will they buy my car and add only the $2000 remaining to the new loan?
Help Needed, upside down car loan, divorce, no refi option? My wonderful ex husband left me with a ton of credit card debt and a car worth 12K that we owe about 18K on. I signed the loan while married because I felt intimindated and pressured (really wish I hadn't..) I owe on this car for $400/mo for 4 more years. Present bank won't rewrite loan and have offered no assistance when I tried to talk to them about this. My ex husband has been court ordered to pay credit cards he racked up in our joint account (he isn't doing it) but I'm stuck with the car that's now been in two accidents. I'm drowning under this debt and can barely pay rent. I'm contemplating a voluntary repo but wonder if they will really come after me for the difference (I now live in a diff state). Should I just take my chances and deal with bad credit for a while (already did that once before when ex caused us to file for bankruptcy..he's a peach of a guy!) any advise appreciated. thanks in advance. Let me also say that if you want to respond saying how its all my fault that I waited 37 years of marriage in an abusive(alcohol and gambling) situation that it was my fault...I get it. Don't need to hear it again thanks so please keep it to yourself, it doesn't help anyone. Unless you've been there, you have no idea and I suggest you keep your ignorant rants about that to yourself please. Also, with the new bankruptcy laws I can't even afford to file for bankruptcy again (unless I take a cash advance off a credit card for the legal fees?)
Is it illegal, in Texas, to get an upside down car loan? I have a crappy little Celica GT, and I still owe $3500 on it. The engine is about to go out, and my brother in law works for Honda. He lowered the price of a Honda Civic, so the negative equity can be placed on top of the loan, but he could only lower it about $2000, so I will be put $1500 upside down. My parents claim that it is now illegal, in Texas, to be put upside down. However, my brother in law and others say this is not true. I can't find anything online about this litigation they are speaking of. Any answers?
How do I get out of of my upside down loan on my car?? I have a current car payment of $314.69 on a 2005 Ford Focus. It is worth about $7900 and I owe almost $14K. How do I get out from under this loan and maybe lower the payment without killing myself on interest?? There is a program called 'Drop the Payment". But it sounds too good to be true. Can anyone help me?
upside down car loan need more room? I have a 2004 mustang, i recently got married and have 2 stepchildren. the mustang won't hold us all and i need a more economical car to drive. i owe 9700 on the mustang and the trade in is like 4500. my credit isn't great...waht can i do??
Upside down car loan? So I bought a car three years ago and couldn't get a better interest rate because my credit score was not good. I am in a better situation now. I went to refiniance my car loan and I couldn't because I owe $7000 ($315 a month - two years left onit) on it and it is worth $4500. Is it worth it to buy a new car at a decent price, let's say $12,000, get $4500 for trade in, and then adding the $2500 difference to the newer car? I want to lower my car payments so I can pay for school. I have a 2000 Mercury Mountaineer V8 and would like to get something that doesn't suck my wallet dry on gas. Barry because then I would be stuck paying $2500 after the car was totaled because insurance covers what the car is worth not what you owe on it...silly THANKS EVERYONE!
Catch 22 with Upside Down Car Loan? We were very badly ripped off on a vehicle we purchased last year. Our interest rate is in the.18% range, and we owe about 10,000 dollars more than the car is worth. It is impossible to refinance the car, and we were told more than once that we are basically throwing our money away. Someone suggested we just buy and take the credit hit, but now we are in the process of buying a home, and don't want to jeopardize that process. Now we need to decide between a few options. Should we buy a vehicle, pay 2000 dollars down that was otherwise reserved for the house, and pay 125 more per month for another vehicle? Or should we continue to throw away the cash in the car, which is nearing 100000 miles, buy a home, and then try to purchase vehicles at a lower rate, lower payment, and then give back the current car we own? Should we try to sell the car to a private party, and ask the bank to take the loss? Any suggestions or experience would be extremely helpful.
HELP PLEASE! What are my options with my upside down car loan? I have a car loan that I owe $19,000 and the car is only worth $15,000. My payment is $460 a month and I cant afford it now in my current situation. I have excellent credit, a steady job history, and ideally I would just like to have a decent reliable used car with a loan around $8,000 and a payment around $100 to $150 a month..if possible. What are my options at this point?
I'm stuck in a horrible upside down car loan. Please help!!!? I currently am paying on a 2007 Malibu. I owe 21000 and the value is about 14000. I had bad credit 2 years ago when I bought the car, and now, not so bad, my score is over 600. I've made all my payments on time but because my interest rate is so high, I've pretty much just been paying off interest. My payments are almost 600 a month, so it is not possible for me to send in more than my payment every month to pay the loan off faster. Because the value of my car is so much lower than how much I owe, nobody wants to refinance me. What can I do? I just can't keep paying this much every month, I have no money!
Please help me get out of my upside down car loan!? Im currently am paying on a 2007 Malibu. I owe 21000 and the value is about 14000. I had bad credit 2 years ago when I bought the car, and now, not so bad, my score is over 600. I've made all my payments on time but because my interest rate is so high, I've pretty much just been paying off interest. My payments are almost 600 a month, so it is not possible for me to send in more than my payment every month to pay the loan off faster. Because the value of my car is so much lower than how much I owe, nobody wants to refinance me. What can I do? I just can't keep paying this much every month, I have no money!
upside down car loan..help please!!!? I have a 2004 Mazda 3 that I owe 14,000 for. The car itself is worth 12000 and the dealership wants to only give me 11,500 for it. I am trying to get a cheaper car and wish I could lower my payments, but it doesn't look possible. They are telling me that the bank will only fiance me for 11,500. Need help!!! what do I do? is it possible?
Looking for Best Tips on Buying a New Car and being upside down the loan? Should I pay off the remainder of $3,500 on my current car first or just trade it in and be upside down on the loan? Does it really matter? Am I not spending the money anyhow? How much higher will my new car payment be with being upside down on the loan?
Upside down car loan, grabbing it by the balls and running with it? I own (well, borrow from a bank) .. a 06 malibu that I currently owe 15k on. It has around 60k miles and is off its warranty. And is depreciating hardcore due to the fact its a malibu. It has high interest/etc. I can't seem to get it refinanced and dont have the money to do anything that would enable me to get out of it. I've talked to the financer and they won't help - even said come get it (they still said ok but we have no options). At the moment my options are a voluntary surrender - get rid of the car, take the hit on credit/whatever random number they throw at me to pay off for the car. Or possibly try to trade it in... There is a third more subtle and wise recourse which involves keeping the car and not screwing myself by paying the payments/building credit... But basically I dont really want to be driving a car that is worth less than dirt and be paying off 10k in a year, lol. So my question is, everyones been bothering me to go by the ford/chevy or another dealer, hand them the keys to my car and ask them to put me in a truck - which I actually need. Unsure if that would actually work (I'd really like a f-150) .. But what should I do, any suggestions? I wouldn't mind a higher payment, its just at the moment I'm being royally screwed.
Can I buy a new car if I have an upside-down loan already and a low down payment? I have a 2004 Dodge Stratus that has been giving me nothing but problems for the past year solid. Now it's the transmission, which I really can't afford to fix right now. The mechanic even said that the car wouldn't be worth dumping more money into. Problem is, I still have a loan on it, and I'm completely upside down on it. The car is now worth only 2K at most, and I still owe 6K on it. I really need a car for work, so I have to do something asap. I've heard good and bad things about rolling over an existing car loan to add it to another. But is this a bad idea? Also, I just got married 2 months ago, and wedding aren't cheap. I'm still recovering financially from that. AND it's almost XMas. Which means that I don't have much for a down payment. Does anyone have advice on what I should or might be able to do? Just to note, I actually have excellent credit. And I already work 2 jobs. I'm just in a financial slump this time of year. :-(
What can I do? I wasn't offered GAP insurance when I bought a brand new car. I have upside down loan. ? I never even heard of GAP insurance before a relative totaled her car. Now I am concerned about owing big $ if my car is totaled. I am in TN.
what happens when your car loan is upside down and it gets totaled? What if I am found at fault? And I'm not sure if I have GAP insurance? How do I know whether I do or not?
What should I do if I am upside down in my car loan and had a total loss accident? My husband and I have a car throught JDBYRIDER/CNAC. We all know they are a rip-off company. My husband got into a wreck and since the 2000 neon was worth way less than the repaires the insurance company called it a total loss. The finance company has received way more than what the car was worth through us making timely payments and the payment from the insurance sompany. Now, we still owe $4,400 for a car we do not have. Should I just not make any more payments and let them takes us to court? We had to finance another vehicle and did not want to do so with them but I cannot afford to pay both the new payment and the payment for a car ($312-monthly) that I do not have. Any advice??????/
what is the best thing to do when I am upside down in my car loan.? I have a 2007 Jeep that I owe $18,000 on. Ive had the car since 9/4/07...but my car payment of $415.00 a month is killing me as well as gas prices. I want to trade down for a less expensive car payment how do I go about this and what options are out there?
Upside down on car loan? I am in a bit of a quandary, as I am upside down on a car loan. I have asked the loan company to come and get the vehicle and they're not willing to do this peacefully. They are recommending that I try to sell the car, but I don't know how I can sell a car that there is going to be a balance left on. In essence, I have already acquired another car that is more affordable and I'm not going to pay anymore payments on the car I'm upside down on. I realize that I am responsible for the remaining balance, but my feeling is they will have to stand in line with all the other creditors. Another part of this is my bank account is with the same company I have this loan with, can they take funds deposited into my bank account to pay for this loan? I would appreciate any help on what I should do, that would be beneficial for me.
I am about $3000 upside down on a car loan and I am wondering if there is a way for me to trade it in? I got screwed on my first car purchase about three years ago, between the sales person and the bank. I ended up paying just about 3000 more than the vehicle was worth, and that is how I got into the situation. I have been on time with every payment, and I am now in an area where my current vehicle is not suitable for the climate. I live in Alaska, with a rear-wheel drive car. Not a good combo. Any help or advice would be very much appreciated.
I am upside down in my car loan and really want to get out of it. Any advice? Trading my car in several times over the last few years has finally caught up with me. I want to get something cheaper but of course can't roll in all that negative equity. Any advice would be awesome.
Im upside down on a car loan and need to get rid of the car how can i go about doing that? i already have another car and dont need this one and really wanting to get out of the loan of the 2nd car but realize im under by 4 grand still, any ideas out there how to get rid of this car
options if you are $9,000 upside down in car loan? we are trying to get a new car but seem to not have any options since we are $9,000 upside down on a 2007 saturn aura. we owe about $23,000 and the trade-in value is about $14,000. are we just out of luck on getting a new car for under $600/month (trying to get about a $25,000-30,000 car if possible). thanks!
New Car with upside down loan? I currently have a 2001 nissan maxima with about 7800 left on its current loan and 146k miles on it. Now I would not consider buying a new vehicle due to what I know of how purcasing a new vehicle while upside down can put me in a worst situation. The thing is here the only reason I cant keep this car is because for the past year I spend alot more money to keep it going. It seems to always have a mechanical problem and Is gettin to a point that soon i KNOW it will break down on me. I would like to buy a 2008-2009 toyota corolla. I just want a reliable vehicle and I personally wouldnt mind the long-term loan, because i plan to keep it a long time. Is it still possible for me to buy a new car and keep my monthly payments 350-400 per month. I know the main thing to do is to keep a car until it is payed off or until its worth more the payoff amount.. but im in a situation where i dont think i can do that... I would really like to know what kind of options do i have here? thank you
How do I get approved for a car loan on a current upside down loan? I have a 2006 Dodge Stratus that is already falling apart. Just to fix it will be around $2,000 - $3,000. It use to be used as a rental car and I didn't know at the time that it isn't a good idea to buy a rental car because usually people don't take care of them. Anyways, I owe just over $12,000 on it and I can get $4,500 trade in or $6,500 private party. That sucks. Instead of putting a ton of money into a car that's no good anyways, I'd rather trade it in, and I don't have the best credit. However, I have enough income coming in and I can put down $2,000. Do you think it's even possible to get approved for a loan for a good car of jeep with this much upside down? Should I go through a dealership, or try to get a private loan? Can you recommend a "bad credit auto loan" company to me that is legitimate and trustworthy? Any advise is welcomed. Thanks!
Upside down Car Loan... what to do? Got an 08 Chevy Malibu back in Aug-2008, and due to the economical situation of the time, the loan was upside down. At this point, the car is worth (blue book wise) about $3500-4k less than the loan is for (Through GMAC). The loan is up to date. As far as the car, it is in great shape, except the mileage, in two years I took it from 20,000 to 72500 miles. This is a lot, for a three year old car. The thing is, what to do? I had to go Chapter 7 over a year ago, and because of work, I had signed up a promisory note, in order to keep the car from being included on the bankruptcy (may not have been the smartest thing). But long story shorty, I got the BKPTCY on my credit history, and I am sitting low on about 500 points of Credit Score. No dealership I have gone to will even touch the issue, as soon as they realize I am upside down, and below 700 score points. They either ask for about $5000 cash, or a co-signer. What would you do? Keep the car for another three years and pay it off? Find a way to sell it and move the loan to a newer vehicle? Right now I am commuting 50 miles one way to work, and I do work full time. So far I have not gotten any co-signers that would be willing to help me out, and also not come across such a great amount of cash. Are those really the only options? My goal would be to get another car (better or similar mpg, lower total mileage, regardless of year) and make similar payments. Not sure it can be done though. Help?
Upside down car loan options? Background In 2006, my Grandfather signed for a car for me. At the time, we paid $30K for the car (including the balance owed from a previous vehicle). The car is now worth (maybe) $10K and the current balance due is $22K. We are locked in a loan until 2013 (we got screwed from the dealer). Question My Grandfather just turned 93 years old and currently has a paid off car in his name. We are so upside down with the loan on the car in question...Is it possible to return the car back to the lender? What happens if my Grandfather passes away. Does the debt just go away? He doesn't have an heirs or estates/assets except for his paid off Honda. Is there anything out there that allows us to return the car in question to the lender without incurring penalities or poor credit rating? My Grandfather may be losing his license soon anyway due to the his old age. Please advise.
How to get rid of a high mileage, upside down car loan? ive got a 2004 dodge ram that has 120000 miles on it and i owe about $7000 more than its worth due to havn such a large interest rate. i need to get out of it cuz its hard on gass and with hours getn cut its strapn me on cash. i want somehen cheaper and smaller but dont know how to go about it.
How do you get disabled seniors out of a upside down GMAC car loan? My folks are disabled senior citizens and are trying to find a way to get out of a upside down GMAC car loan. They were taken advantage of when they attempted to trade in their old Saturn sedan for a vehicle that had onstar. The agent didn't give them even the blue book value on their trade in which was in excellent condition. Every time they go in for service the Saturn dealership takes advantage of them by telling them they need work done which they really don't need. Any advise or help would be greatly appreciated. They are both at the end of their rope and I cannot afford to help them right now since I'm attempting to help my brother with his mortgage.
im upside down on my car loan but am really looking for a new car.? i have a 3 year old car but am upside down on my loan about 10,000 dollars but am looking at at a new car for about $18,000 but i may only get 6,000dollar for it.whats the best way to go on this or if anyone knows any car loan companies that give a very low interest rate?
I have and upside down loan on my car and want to refinance, my interest rate is currently 12%.? I have good credit and i have been paying extra each month on my car note. If i refinance will that benefit me and will I pay less each month.
If your upside down on your car loan, is it worth it to buy a new car? Just how does this work, I owe $10,000. on a kia that blue books foe $7,000. The engine is blowin and that will cost around 4,500. Saw this thing on TV that says We will pay off your old vehicle and put you in a new one and you just pay the the differance from trade in value. what is this all about and has anyone of you ever done this?
how to lower my car payments and i am upside down on my loan? i really need to lower my car payments. i am upside down about $4000 on my car loan. my payments are $522. and i am trying to lower my payments about $100 a month. i did call the company that handles my loan to extend the life of the loan a few months to lower my monthly payments, but refuses to help and i can not afford to pay off the difference to refinance my loan. is there anything i can do.
Im upside down on a car loan and need to get rid of the car how can i go about doing that? i already have another car and dont need this one and really wanting to get out of the loan of the 2nd car but realize im under by 4 grand still, any ideas out there how to get rid of this car
I'm upside down on my car loan, what should I do? I want to get rid of the car and get something with lower payments. Should I take it to a dealer, or should I try to sell it myself? Thank you!
how do you get out of a car loan that your upside down in due to a high interest rate?? any ideas... ? I cant refinance because im upside down so no one will refinance me..
What can I do if I'm upside down on a car loan? I got a 2001 malibu in Jan. 07 from JDByrider. I know they suck. Please dont comment saying they do. I know this! But anyways, now I want to get into something nicer. I have perfect payments with some bad credit card debt, however, have good income. No one wants to give me a car loan to trade in the Malibu bc Im too far upside down on my loan. I owe like 5k on it still and its only worth like 2k tops with 133k on it. I NEED TO GET OUT OF THIS CAR. I deserve a good, reliable car. Is there something I can legally do to get myself out of this mess with this junker that I'm paying way toooooo much for? Please help, any advice would be great!
Upside Down Car Deal? What can you do if you have an upside down car loan w/payments that are too high? Is there any way to get out from under?
"Upside down" in car loan and want new car, anything I can do? I financed a 2003 Hyundai Sonata about a year ago to help build my credit and was told by the dealer that after a year of making payments I could trade it in for a higher value car. What they DIDNT tell me was that my car is now only worth about $2,000 and I owe over $7,000 leaving $5,000 negative equity. The car has 138k on it and I was not planning on keeping it for long when I bought it because of the high milage and I want to trade it in before I start having problems and dont really want to put money into a $2,000 car. Aside from paying more on it, what are my options...if any.
Want different car, upside-down on loan...? I HATE my current car (a Chevy) and want a Honda. I made a huge mistake when trading a while back. I owe $15k on a car that is probably worth half that. I have credit problems approximately 3 years old, but have paid off all bad debts. I have 1 credit card with a balance that I pay at least the minimum on time. I have student loans in default until I am done with school. I have rent and one job (that I have been at for 5 years). I've never paid my car payment late. I don't even want a new car, I just want a Honda with decent mileage. Do I even stand a chance? Are they going to laugh at me when I go to the dealerships? :( I HATE MY CHEVY POS!!!
What's best thing to do with my expensive car with its upside down loan? Can't afford high car payments because of lousy cut in take-home pay. What is my best course of action? Owe about $13,000; Blue Book is about $5,000. Have no money to put down on new car and credit is getting worse with each passing week due to difficulties paying credit cards. Is there anything I can do here? Can I trade it in? Can you willingly let your car be "repossessed"? Then I NEED my car--a car--too...My car is only half paid; 3 more years of pricey payments...
I am upside down in my car loan, help?!!!? I still have about 4 years left of paying on my loan, but my trade in value is only $4,000. how can i get out of it and find a better car?
What's the best thing for me to do... upside down on my car loan? So here's the deal... I owe $4600 on a car that's booking for $3,300 (with a couple MINOR mechanical problems) and $3,800 in good condition. I had a guy offer me $3,500 for it. But I don't really want to take that much of a loss. It gets better though... I found a car that's priced for almost $2000 less then what it books for. So my bank said they'd roll over the remaining amount on my existing car to the new car... IF that's what I decide I want to do. My husband thinks I should wait and pay the car down some more. But the problem is that it's our primary vehical. The longer I keep the car, the more miles that get put on it, and therefore is worth less and less everyday. SO... Does anyone have any advise for me? =) The main reason I want to get rid of my car I've got now is because I'm expecting and my car is a coupe... Not so great with a car seat... =)
Upside down on loan looking to trade for a different car- How do I do this? Any Suggestions? I need to trade my 2002 chevy tracker in for a car. I owe $12,000 yet on the tracker. Blue book says $7500 trade in value. I currently have every extra warranty and gap on the tracker. What can I do? How do I do it? I'm looking for a Toyota car. Should I go newer like 2005 or older like 1998? Which would be the best way to go? Should I hope and pray for it to get totaled? Can I sell it instead of trade it in? So far where I live I've found: 2005 Corolla $10,500 and 47,920 miles, 1998 Camry $5,944 12,2657 miles, or 1996 Camry $3,977 177,207
How do you sell a car that you are upside down on the loan? I have bad credit and don't want to buy another car. I still owe $8600 and the car if just sold would bring about $6000 retail, $4000 wholesale. Can't afford to keep it.
My dad just passed away and I'm the exector. He has a car loan that is upside down. Is repo and option? The car is worth about $8k but the load has a payoff of $12k. As executor, what consequences would there be if I let it get repo'd? Is that a good option?
How do you get rid of a car when you are upside down on a loan.? My current car needs a lot of work done to it. Some of it warrenty, some of it not. I have only had it for less than 2 years and it is not reliable and I want to get something more reliable and better on gas.
upside down in car loan. ? I co-signed on a car loan for my son to get his credit established. Now Im stuck with the payment which i cant afford. There is a little over 2 yrs. left on the loan. Im upside down about $10,000. Whats the best way to get out of this loan
Selling car on upside down loan and getting new loan? I would like to sell my car and get out of the loan. The difference in what I owe and what I could sell for according to KBB is $6000. My quesion is, my credit is pretty good I'd say but what are the chances is 1. being able to get a personal loan for that amount and 2. even being able to sell my 2006 Hyundai Sonata (good condition) for $10-11,000 per KBB? I have never sold a car so I don't know how hard they are to sell. Has anyone done this type of thing?? Please help!
Upside down on a car loan...? But I want a different car. NOW! I think I could get between $8-10k for my car, but my payoff is around $15k. If I sold this car to a private buyer, how would the bank handle the rest of the loan? And with bad credit, when would I be eligible to finance another vehicle. I wouldn't even want a new one, I just want a Honda that runs better than my Chevy. Please help!
When I am ready to refinance my mortgage, should I take some cash out to pay off my "upside down" car? I have a 4.7% rate on car loan with 4 more years of payments. I'm upside down about $9000 (it was a stupid purchase!). I owe about $20k on the car. If I refinance my mortgage to a 30-year fixed (which would be about $284,000 at around 6%) and pay off the car, I would save about $470 a month (from what I now pay in car and mortgage payments) in the short run. I realize I would basically be extending the car loan to 30 years... Is this a smart idea or completely stupid like the car purchase???
What to do if upside down on car? My girlfriend is terribly upside down on her car. Her car is approximately worth $15k on Kelley Blue Book and she owes $20k, because of interest. It's going to be a hard car to sell for $15k. Does anyone have any suggestions? Is there anyway the bank let her out of the loan if she gives the car over to them? Any advice is greatly appreciated (other than letting us know how expensive of a lesson in economics this is).
When trading in a car, will the dealer pay off the loan if your not upside down? Here is the situation: Our present Car is worth $3,000 We owe $2700 The dealership is going to give us $3,000 toward the price of the new car. The new car is $8526.00 and will be reduced to $5,526.00 when you put the price of the trade in towards it. Will the dealership pay off the $2700 that we still owe the bank? or will we be responsible for it. We will be financing through the same bank..... Can the dealership assume our trade in and resell if there is still a lien?
I need to trade in my car that I am upside down in with regards to the loan....? What's the best way to go about this? My loan is almost double my vehicles value, but I need something more reliable. Does anyone know much about rebates and incentives on new cars, and is there a way those can benfit my situation?
There has to be a way to return a car on an outstanding loan and not ruin my credit, right? Or wrong? I have an upside down loan on my current vehicle due to a bad loan I signed when I was younger. There would be no way for me to sell this car for the amount owed on the loan unless someone was just bonkers. The $500 car payment is killing me. I can afford it but barely. There's always a way out right? Is there ANY way to get rid of this vehicle w/o killing my credit for the next 7-10 years?
How do people get so upside down on car loans? I dont get it. I have financed a lot of vehicles and some with no money down. But I have never owed more than car is worth and have been able to sell the vehicle and put money in my pocket after paying off the loan. I guess I could see if you bought brand new and were maybe $1000 or $2000 upside down, but everyday I see people on here who are $8000 to $10000 or more upside down. How does this happen? Are they just paying too much for the vehicle and trading in there old car for way under value? I am not trying to slam anyone here, just trying to understand how people get in these positions.
I have an upside down loan on my 2008 chevy cobalt, is it be possible to trade down a couple years to lower? I bought the car new in Dec 08....governor cut the budget to my job and am now laid off ... need to lower payments and need help.. the date of purchase was Dec 07...sorry
I am upside down in two car loans, how to get out from before I hurt my credit? Future plans require me to clear myself of debt. what can I do? I was thinking of finding out if i can trade both cars in on one, is this possible?
Im upside-down with my car loan, help!? this 2002 vehicle is falling apart and I owe more than its worth! I've had it for a year and its been in the shop four times for over $2000, and thats with a two year warranty! Amazing how its always a part thats not covered. How do I get into a more reliable car that I can afford?
How to sell a car with and upside down loan? I own a 2003 vw beatle. Currently I owe 17.4k and after looking on the internet I can sell it for at most 14k privately. So, if I were to get 14k for the car privately how would I transfer over the title that I still owe money on? I don't have the money to make up the difference right now. I am thinking the best way would be to trade the car in for a cheaper car and wrap it all up in a package at the dealership. My family income is $250k but my credit is low because I have 5 cars titled in my wife's and my name. My house is ~2400 a month. Any advice would be awesome!
How can I get out of an upside down vehicle loan? I'm in a tough situation. I owe about $20,000 on a car loan, but the car is only worth about $14,000. I rolled over a lot of upside down from a previous car. I also owe about $15,000 in credit cards. I stopped using the cards already and am paying them down. I need to know if there is anyway to get rid of the car and start over. I'm tired of paying $500 a month for a car. I want to put money aside to buy a house, but it just seems impossible with the 1,000 i spend on just the car and credit card bills every month. I have a baby on the way in two months and the money would be better off going to the baby and to a house. The only solution i can come up with is to total the car since i have gap insurance but thats illegal so i dont want to do that. Anything else I can do?
Can anyone help me with an car loan? We are upside down on our loan and behind by two payments. We need to get something with a lower monthly payment. We have to have another vehicle. To top it off we have horrible credit. Anybody know what we can do?
Should I refinance an upside down car that I will sell next year? I bought a brand new 2006 Toyota Prius (that I absolutely love!) in August 2006. I have almost excellent credit and received a fairly good interest rate, which I believe to be 3.79% (I think, but I don't have the info in front of me right now) with 6 years of payments still left. Ugh. I currently owe $23,100 on it, even though I've made extra payments. This is roughly $5,000 more than what Kelly Blue Book is telling me it is worth. Double ugh. Up until now, I thought I would drive this thing into the ground, but my plans have changed and I have decided to move to a city where cars are optional, thanks to public transportation! I'd like to sell my car before I move; however this move won't take place until sometime in 2008 and up until then, I'll need to keep my car and keep paying on it. So, my question is, should I try to refinance now so I won't be "upside down" when I sell it next year? And if I am "upside-down" when I sell it, how do I pay off the difference? With another loan? As for unreliable public transportation in the new city and all of that - I am moving with someone who owns a car and is going to keep the car, so I can always use their car if necessary. Turns out, I was way off on my current interest rate. The actual interest is 7.34% and it's a 75 month lease. Thanks!
upside down loan? my step daughter and her husband (she's 24) are about to make a huge mistake I think. She wants to trade in her 2000 Jeep cherokee that she has only had for 3 months and she owes $5900 on for a 2004 Hyundae XG350 that is $10,700. The dealership told her they would pay off her jeep and her car payments would only be $130 a month at an interest rate of 13%. This is with no money down and neither one of them have very good credit or very good jobs. She barely makes over minimum wage and doesnt even work full-time. He only works when the weather is nice. She is wanting to live like everyone else that works hard for nice things without the hard work. I think they are not telling us the whole story. Are they lying to us or is the dealership ripping them off? This happens to be a major dealer in our area and very reputable.
is it possible to junk a car, with no title,still owing money on a loan? my car is a 1999, and i took it in for MINOR repairs the other day. Turns out, it needs MAJOR repairs, almost equal to the value of the car. The car is still on a bank loan. the car is NOT worth fixing. I feel stuck. I thought about trading it in, but i don't think that work either, because it would be an upside down loan. what i would like to know is: can i junk the car, still owing money on it with no title? the bank has the title until the car is paid off. i feel it would be more affordable for me to get another car, without a trade in. also, if the junk option isn't possible, can i get the loan co. or dealer to buy back the car? i also don't want to keep paying for a car that is not in my possession, if that's the way it ends up going. anyone have any suggestions? what are my options? also, can i get another vehicle through the same loan co. and maybe work it that way? i feel really stuck and don't know what to do.
What are my options ( Upside down on a trade Vehicle)? I recently took over my uncle's car last November 2007 Honda Accord 2006 he owed 16,000.00 and the mileage was high. Now I want to get another car but looking at the Blue book I will be upside down for about $ 5,000.00. I now have the Honda Accord 2006 the mileage is 62,000.00 and I currently owe about 15,000.00. I want to get into a lease for my new car I’m looking at the IS250 Lexus. I haven’t gone to the Lexus dealership to get my Honda appraised since I saw in the Blue Book there is big gap. My only option I see is just pay off my car or since I don’t drive that much weight another year so the mileage doesn’t look so bad and also my bring down my car loan. Is there anything I can possibly do to get rid of my car? I dont want to roll over my difference since the deal for the lease will be no longer a good deall :)
Why are car dealers offering 2 thousand less for my trade in? I am 2 years into a 5-year car loan and no longer upside down on its value. The Kelly Blue Book says its trade in value is $13,625, and I owe 11,509. I would like to use the 2 thousand in equity towards a new car. The two dealers I have gone to have said that they no longer go by what KBB says it is worth. They are firmly offering me just 11,500 for amy trade in. Am I missing something? The car is in pristine condition; no stains, scratches, very shinny paint. Very cute Manual transmission Mazda 3. I am only trading in because our family is growing. Another thing, can someone explain how a trade in can affect the taxes you have to pay in California. They are using some mumbo jumbo to confuse me. The 13,625 is the KBB trade in value. Private resale value is in the 15,000. Thank you for all the great help. ; )
Is leasing a car a way to get out of an upside-down loan? Right now, I am upside-down on my loan. I owe about $18,000 on a car that is probably worth $14,000. I went to a VW dealer who told me that he would give me $17,000 for a trade, and could get me a lease for about $315/month (which is lower than my current car payment). He said that this may be a good way for me to get out of being so upside-down so that in three years I am essentially back to a blank slate. Good idea, or not?
advice on trading in a car and have the money left on my loan put onto my new car (upside down deal)? On December of 07 my parents were in search for a suv they really needed a car and no dealer could help them cause of their credit well there was only 1 dealer we found that supposedly approved any1 so they were able to get a 05 Ford Escape but they could only do it using me as co-signer. Now they have been having problems with this car and it wastes soo much gas we absolutely hate it and we had probs with it since the beginning with the seats being torn. Well they told us that we can go back in 6 months and if the payments have been made good that my parents credit would be a lil better and they can re-finance and get something else by themselves. 6 months is here and now i learned how to look up values of cars on KBB so we dont get screwed again but i need advice cuz i know that we wont get alot for the suv(13,998 and we still owe 13k) and we will have money left in the loan and it will be put on another car but i need advice on how to deal w/ dealers and explain them the situation
I have a car that needs to be sold, but loan is upside down? I cosigned for a car (big mistake, i learned my lesson), ex-friend can't make the payments anymore and is on the run from creditors and whoever else. He was nice enough to drop this problem in my lap. This loan is a major upside loan. The loan is about $23,000.00 and the car might be worth around $15,000.00. My question is if I find someone or a car dealership that will buy it, what happens to the remaining amount of the loan? I know that there is no way someone would pay me $23,000.00 for this car. It's a 2000 Mercedes. I really don't want to pay for this thing. The last thing I want to do is turn it in as a repo. Any advice or suggestions would be great.
What should I do with my upside down multiple car situation? My situation is this...I currently have 2 vehicles. A 2001 Jeep Grand Cherokee and a 2006 350z. My fiance has been driving my Jeep.I am getting killed in it. I need to figure out what to do to get rid of the sinking ship of a Jeep and get her into a newer cheaper car. The Jeep is valued at trade in around $6500 and I owe $17,500 :( What in the world can I do to dump it? I was thinking of either seeing if dealership will eat some of the negative equity and roll the diff into her loan on a cheaper, newer vehicle. She has perfect credit and a $2,000 down payment ready so the interest that I would pay would be drastically better than the 16% that the Jeep is under now plus I would dump this POS off my credit for life. Other scenario is to trade my new 350z and the Jeep in and get into a more expensive car since I'm already paying $1,200 a month in payments and be done with the Jeep and she gets a car on her own. What should I do?
Any catches to an early car loan termination program? I've received an offer from a local car dealership and they're offering to pay off my loan if I finance a new car through them - even if I'm upside down on the loan. Is there any catch to this type of program? Will they really cover a few thousand dollars in negative equity? I appreciate you sharing your experiences too.
Powered by Yahoo! Answers
Sitemap
© 2012 Overhaulin'. All Rights Reserved.
Overhaulin' is powered by Domain Name World.
Click here to enquire about this domain.