Overhaulin'

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?

Public Comments

1. Well there is no easy way really. I would suggest trying to refinance the loan, get something with a lower interest rate. Selling it is an option, but it wont really help you, if the value is less that what you owe. You will still have to come up with the difference in cash to pay that loan off. Am assuming you own the car, ( not a lease) best thing might be to just keep it, you are using it right??? Sad thing is no matter what you do, you cant change the value of the car or how much you owe still. Good luck
2. Suck it up and make the payments until it's paid off. And learn from this. Think twice about buying a new car next time. A car that depreciates 20% as you drive it off the lot. Also, think about putting much more down on a car than the 0-10% you probably did. At an absolute minimum you should be putting 25% down on a car. If you can't, lower your expectations and by a reasonable used car.
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