Overhaulin'

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..

Public Comments

1. You pay it. Simple. The reason that you are upside down is this: You have enjoyed a certain amount of use and value and "newness" of the car. You didn't pay enough to cover that. Make sense? You have underpaid. So - you have two choices. You can continue to underpay and eventually you will catch up and begin to overpay. Keep the car until it's paid off, at which time you could continue to drive it for many years without making a car payment. That's what smart people do. Or, you could work and earn some money and pay faster, so that you could trade for a faster-depreciating car. You could work harder and spend faster your whole life to support your habit of driving newer, faster-depreciating cars. It's your choice. I understand that you're asking this because you're looking for the third option, where you never ever pay what the car actually costs to own. You can do that by driving stolen cars, but honestly, working and/or controlling your spending is a lot easier than driving stolen cars over the long haul.
2. Keep making the payments, then. The only way out is to pay off the loan. The interest rate can't be that high, or you wouldn't have bought the car in the first place, right?