Overhaulin'

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!

Public Comments

1. yeah finish paying the loan and next time get a better deal
2. The *only* way to 'get out' of a loan is to pay it off. You are obligated to repay the loan amount. Period.
3. if you can get the cash you can offer them a payoff for less the amount. like around 15,000. or find a dealer ship that really wants to sell you a car and tell them only if you make my trade in for the amount owed. don't let them roll the remaining balance in the new note.
4. You have $5000 in negative equity. No lender will refinance a $19K car for $24K. No dealer will be willing to roll $5K in negative equity into a new car. Nobody in his right mind will want to buy a car for $24K that is only worth $19K. Therefore, your best, and only, option is to simply find a way to keep paying for your car until you are no longer upside down on your loan.
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