REALLY upside down on suv
Date: Thu, 08/20/2009 - 08:11
I was wondering what I should do. I have a 2006 dodge suv that has 63,000 miles on it and is worth 7,800.00 The problem is that I owe $19,800. I am not late on any payments. I have tried to refinance it but my credit is so bad I can't get a better interest rate than 11.6%. What would anyone suggest I do? Trade it in on another vehicle? Do a voluntary surrender of the vehicle? I don't know what to do but I want to get my monthly car payment lower than $478.00 per month. Please any advise is appreciated.
Thank you,
Thank you,
First off, learn the lesson of not starting upside down on a car
First off, learn the lesson of not starting upside down on a car loan in the future. Honestly, there aren't many options available to you. Even if you sell the car or surrender it to the lender, you still would be required to pay off the lender.
Quote:
Trade it in on another vehicle? |
You'd get yourself into more debt by doing so.
Default for 3 months, then call your lender and re-finance. They
Default for 3 months, then call your lender and re-finance. They would rather refi then repo the car.
