Overhaulin'

I am upside down in my car loan, help?!!!?

I still have about 4 years left of paying on my loan, but my trade in value is only $4,000. how can i get out of it and find a better car?

Public Comments

1. This seems to happen more and more these days.. with the price of new vehicles so high you have to finance longer to get the payments down to where you can afford them...the down side is what you and a lot of others are experiencing now....there is no magic answer.. about all you can do is drive your present vehicle and hope it last until you get it paid for.... next time you may want to go for a lower price vehicle...
2. it's hard to tell from your question, but it sounds like the amount you owe on your car loan exceeds the current value due to the car depreciating faster than the payments have built up, right? Well the sad truth is that the bank who loaned you the money still wants their money, and they don't really care what your car is worth now, just what you owe them. You have to pay what you owe, and that's the hard but true answer. If you really want/need a new car, you can "roll" the payment for this car into the next car loan, by basically borrowing for that car and paying on this loan in one payment, but be careful. You could end up in the same situation, only worse off!
3. you should have gotten rid of it as soon as you could. i was driving a 2004 saturn view. i only had it for one year and traded it in on a better vehicle, a 2005 nissan exterra. already only after one year the saturn had depreciated so much it made me thankful to get something that will hold it's value much better. best of luck, this can be a tough situation.
4. I find your figures a little hard to believe. No one would finance a car worth so little for such a long period of time and who with any sense would go for it if they did? If this is true, the only responsible way to do it, is to find out what the wholesale buy off is on the loan. Take out another loan and buy it off thus lowering your payoff. Or go to the loan office and tell them you'll give them such and such amount to buy off the title, or they can just have the car. If they take the car, they can sell it off cheap and sue you for the difference.
5. Learn to get yourself to live within your means or find a higher paying career.
6. Sell this car and buy a reliable older car - 1992 Honda for example. Pay off the loan with the proceeds of the sale and buy cars with cash.
7. Well you may want to start by paying more then the minimum required each month. Also, how did you go about finding the trade-in value? Kelley Blue Book is only a guide for consumers, and dealers. Some dealers may be willing to give you a little more for your trade based on actual condition and demand. If you are in the Elk Grove,CA. area stop by and see Aaron Thomas at Nissan of Elk Grove.
8. hi,if need help in car loans kindly give me a call at 98511390 john