Overhaulin'

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!

Public Comments

1. that car sucks. lol. good luck
2. If you have a "good income," simply save the $3k you are under water and pay off the loan. Why do you "DESERVE" a good reliable car? What makes you so special, Miss Bad decision making Bad credit card debt carrying can't afford to pay off her loan lady?
3. Either try to pay it off, or sell it, or try another dealership, but bottom line they will add your loan you have to your new loan. You really don't have many options. Then again no one is going to buy a car for 5 k and have your troubles with this car. So you may have to stick it out. or maybe you can get a co signer . As far as legally? No your bound to the contract you signed for that car, or you can let your credit go down the drain.
4. Suck it up ... Unless the car is giving trouble, work toward getting your bad credit issues taken care of first. Unless you do, if you do find someone that will finance you, it'll only be at a high interest rate. You don't want that. As for the comment about you "deserve" a nicer vehicle, well, your creditors deserved being paid and paid on time. Sorry, but you being upside-down is only your fault. I know it sucks, but it's the price you're having to pay for the time you weren't paying!
5. he smartest thing to do with any car regardless of your financial postion onte loan is to drive it until it wont drive anymore and the cost ot repair it have surpassed its current value and remaining life span. A car is usually the worst investment that an American makes because it depreciates from the day yo acquire it and it never appreciates (unless it becomes a collectible antique and you manage to keep it in near mint condition). Pay down - or better yet, pay off the loan - and realize the savings interest. Keeping paying yourself the amount of the car note when it is paid off. Invest it into something liquid and safe like a money market and let that be your fund for a new car whe the one you have is COMPLETELY used up. The money you save in the long run makes more sense than being able to say you have a fashionable newer car.
6. you cant. next time get gap insurance. it will take care of the difference between what you owe, and what the auto is worth.
7. You can pay off the loan and trade or sell the car.