In any event, if you already have a bad credit score, why continue to scrape to make ends meet. Chris makes 32K and spent 21K on a car which is about 65.5 – 66% using mental math.

• This plan only works if you can commit to the lower regular payments on a credit line.
• It starts a downward spiral of negative equity that many people never recover from. It’s a great car, and I plan to keep it for many years. Consider using peer-to-peer lending networks like Lending Club or Prosper.
• What folks need to realize most is the fact dealers have a 320% mark-up on those vehicles.
• A possibility is to get a used trans from a salvage yard. Also, my Credit Union rep graciously made an arrangement to give me the money for the sporty car and “tack it on the end of the the current loan as a balloon.

As long as they have engines inside them, they’re going to drop like a rock in price. The best thing to do is to keep the car and pay for it. Allan, you are so wrong and shouldn’t give information on subjects you don’t know about. Sal, How can you agree with Chris if you are in a completely different pay class. Find the best national city foreclosed national city foreclosure homes for sale in michigan. Wrong, though volunteer repo will look horrible on your credit.

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Would it be better to let it go back to the bank. I don’t know what to do, any advice (not shoulda, woulda, couldas) would be appreciated. If you see a car with 14″ tire or 16″ tire options,,remember that it’s going to be more expensive to replace the 16″.sounds trivial I know, but people’s eyes(i am guilty too) are bigger than their wallet.

If you are upside down on a vehicle, odds are, the beloved dealer sold you a piece of crap, which SHOULD NOT be allowed. With the duty at 22.25% it would make little since to have my car shipped overseas to the island. I purchased a 2007 M35 Infiniti a year ago. I guess I’m a sucker, what can I say. Pensions in the united kingdom fall into three major divisions and sub.

You may also find a “shade tree” mechanic hanging at the salvage yard who would do the job for far less money. I made 32k a year when I bought my first car for 21k dollars. There really is no downside in trying, except that your credit score will drop a few points. Do not let anyone tell you that you have to pay consultation fees up front or anything like that. However, I don’t know much about such policies, so correct me if I’m wrong.

There are several ways to do this, but the best way is to find someone that wants to buy your car. Drive it within the stated mileage requirements and return it for a new car after 3 years. I had a trade in that i was upside down on (owed 7600, worth 4500-6000), dealer wanted to give me $2200 for it, but I stood my ground and we went back and forth for almost an hour… I got $4500 for my trade. Me and my mom made a joint contract, would it be a good idea to try to trade it in for a cheaper ca with 1500.00 dollars down.

Maybe one day you will not have to take any loans to buy an expensive car. You owe more money on an asset than the asset itself is worth. If the loan went through then you should have gotten a courtesy call to get all the details straight. So i need to come up with a solution where I can live and go to school and be able to transit to school or get a student loan, but not have to worry about the car. Unless you have the extra cash to pay down the overage you’ll end up even more upside down, your best bet is to get into a lease with money down that way the lease eats up your overage. I know several people who bought more sensible, used cars, and they are doing just fine.

There was also a grinding noise when I stepped on the accelerator. To say I had a “car problem” is a joke and very inaccurate. Or if you’re one who wants to buy a new car and drive it to its death, dump the money you would have used to buy the car into a whole life policy to build cash value, then immediately borrow it out to buy the car outright. Many banks will do 120%+ LTV refinancing.

I don’t know your entire financial situation, but usually bankruptcy isn’t a good option unless you have hundreds of thousands of dollars in debt. How much money will you loose when you can not get to work. If your payment history has been good you might find they will work with the interest rather than lose your monthly payments. Firststop advice is an independent, free free help for elders service provided by the national charity.

After reading about all those people who are way more up sidedown than I am on my car loan I have more choices than I originally thought. You know why I’m upside down on my car. I have a 04 SRX caddy…I had the same problem – mechanic saying transmission needs to be replaced and the work it needs is more than the car is worth….I am still paying on the car too. Unaffordable car loans are the biggest financial problem that I see. May how can i get rid of the principal on my car loan quicker.

I believe that I till owed around $2000 to $3000 left. To get a CH 7 you must make under a certain amount per year. We didn’t buy our car as an investment.

Although many people would rail against using credit cards, how to get rid of high interest car loan moving the debt to a credit line might be the best option. It’s better to buy a cheap one and think where to invest extra amount of money. Make you have bad credit, I don’t think so, If they report it to the credit Agencies, you request a letter and contest it in writing, they aren’t going to spend much time on this.

That means that ANY extra money you get, like a bonus or a gift, put it towards the car loan. After a repo, most people use a credit consultant(me) or a debt management agency to contact the debtor for a fee to reduce overall debt. With the tranny being blown up it’s no where near its KBB of $9,000 and I owe $13,000 on it still. You’ll have to go through a few steps and make some sacrifices to manage the loan or raise the cash, but the process is worth your time.

Jun let s assume that you have a high interest car loan that you re upside not only. Learn to tell the real truth and we will not have to look forward to a future of conflict. It’s not as easy as stated above, after being divorced I decided to purchase a vehicle and purchase a vehicle I did “Impulse Buy of my life” I traded all three of my cars on one vehicle and with the trades ended up with $16K down on a 71K vehicle….long story short its been 3 years and I still owe 40K on a vehicle worth 30K and at 990.19 per month I desperately want out of it. Enjoy off free shipping on all wedding invitations.

This student loan advisor provides you undergraduate loans with an estimate of the amount of. The bank is lending YOU the money with a promise to pat back the $$$$$, not the car, so if you turn the collateral into the bank it means nothing but problems for you because they will then sue you (and win) for the balance of the money you owe them. Like is that the only way of getting out of a car loan, even if your financing the car. You can get out from under a payment you can no longer afford. If you feel you were “hustled” by a dealer, that’s your fault as the whole transaction is spelled out in front of you when you make the purchase and you had the opportunity to walk away. Luckily I have a job where I can work over the computer from home or else I would be completely screwed.

I’m not justifying theft, however I am saying people how to get rid of high interest car loan should be aware of the implications of their actions. The insurance will pay you for the totaled car, you can give this money directly to the bank, then your gap insurance will cover the rest of the total loan cost. I don’t think there is anything I can do. My 2001 Volvo S40 was paid off through a refinance (so technically I’m still paying on it and will for the the next 30 years.

If you wouldn’t have bought gap you’d probably be looking at a balance to finance of 14,500 instead of 16k. We have been paying on it already for about 2.5 years and of course we got nailed with a high interest rate. Technically, this is how you should be financing all big purchases in life. The only real way to fix the problem of being upside down is by paying down the excess debt.

I feel I was taken advantage of and am paying way to much for the car…… I don’t know how the loan went threw when I didn’t disclose any financial information I never signed for a loan only the contract. I was easily able to afford rent, and bills with that “$425″ car payment. They might be an extra $10k in debt by the time they are ready to buy their next car. If you owe $10,000 and you can sell the car for $7,500, the $2,500 will be much more manageable than paying your full loan.

Yes, I loved the car & the mpg, but $580/month for 5 years (all options were purchased, of course) was too much. But then again, I’m extremely frugal and I’m a used car type of guy. Less than a month of having the car I got into a wreck and it was deemed a total loss. Geico, government employees insurance geico car insurance company, has been providing. I deal with them on a daily bases, I’m a debt mediator, I do it for free for people, and I see how the Banks and Loan Companies steal on a regular bases from everyone, so don’t give me this bull about credit, its all controlled by the Banks and goverment.

Houston, tx san antonio, tx dallas, cheap used cars for sale tx miami, fl austin, tx. You need to speak to an attorney in your area who provides free consultation. My hometown and family is in New Jersey and I will visit them for a week before a fly out of Philly to Bermuda on Dec. Pay More than the Specified Monthly Payment. No need to get rid of something just because the value changed.

As far as the car goes, you owe $10k and it’s worth $5k, so honestly, I would just try to pay it off as quickly as possible, instead of trying to sell and get a loan for the difference. I also have the balance of a warranty I paid extra (part of the reason I overpaid.)I how to get rid of high interest car loan had to have $1,300 engine work fortunately paid for with the warranty. That happened to me.I paid $300X60 on a 04 Honda element.where thankfully it is paid off now….but i had to charge the gas and another 1k for tires,,that i charged over a year ago, and still can’t pay that off.

Get rid of your high interest rate auto loan and start saving money today.