Overhaulin'

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!

Public Comments

1. Since the credit range for "Poor" credit is 200-619, you still have poor credit, which, when coupled with being upside down leads to no one wanting to refinance you. You have little choice but to keep paying until it as least balances out and you can sell it for what is owed. If you let it go back you will still owe the excess, it won't cancel the loan. And no one is going to want to pay what you owe to buy it from you. Sorry, that's just the result of what you agreed to 2 years ago.
2. you got swindeled... in the future dont buy american cars they have terrible negative equity problems, especially new ones. Theres no answer to your problem except your screwd! pay attention to what you promise to next time and dont buy american cars until they get there stuff straightened.
3. i hope this is a lesson for you. pardon my rudeness, but nobody around me that i do or dont know has no control over money. theyd personally be slaves to the government for 3 years just to have it now, just like what your doin
4. Sorry to break it to you, but you have no choice but to keep making those payments. The excessive amount of negative equity has put you in a situation where you are unable to get out from under this. Get a second job if you have to, cut other expenses, just keep paying on time. This will help boost your credit score so you don't get burned on car deals in the future.
5. you got swindeled... in the future dont buy american cars they have terrible negative equity problems, especially new ones. Theres no answer to your problem except your screwd! pay attention to what you promise to next time and dont buy american cars until they get there stuff straightened. I take exception to what "ted ned" said. No one swindled you. You were in a situation where no one wanted to lend you money to purchase a car unless it was at higher interest. That's life. Even people with good credit can and do end up in a negative equity situation when they finance the WHOLE amount for as much term as they can get to help keep the payment down. If ned knew what he was talking about, he'd know it has NOTHING to do with American cars.
6. Most of the other posts have criticized your past decisions, you don't need help pointing out the obvious. You need to get a second or third job. Wait tables, deliver pizzas, whatever you can do. You ned to plow all of that extra income into paying down this car. You say you are 7,000 out of equity. That's 7 months of an extra 1,000 per month. This puts you in October, sell the car and be debt free. NEVER fiance a car, any car, for any reason. Period.
7. Im just wondering what possessed you to buy a car that expensive when you had money issues...
8. Wax it, treat it like your best friend BECAUSE YOU'RE IN IT FOREVER.
9. You can keep paying as you agreed to. Nobody forced you to make the purchase. You know what you should have done but it is too late to back out now. Turning the car back to the bank is not a viable option because you would still be paying for it after you returned it. Honor your agreement.