I bought a brand new 2006 Toyota Prius (that I absolutely love!) in August 2006. I have almost excellent credit and received a fairly good interest rate, which I believe to be 3.79% (I think, but I don't have the info in front of me right now) with 6 years of payments still left. Ugh. I currently owe $23,100 on it, even though I've made extra payments. This is roughly $5,000 more than what Kelly Blue Book is telling me it is worth. Double ugh.
Up until now, I thought I would drive this thing into the ground, but my plans have changed and I have decided to move to a city where cars are optional, thanks to public transportation! I'd like to sell my car before I move; however this move won't take place until sometime in 2008 and up until then, I'll need to keep my car and keep paying on it.
So, my question is, should I try to refinance now so I won't be "upside down" when I sell it next year? And if I am "upside-down" when I sell it, how do I pay off the difference? With another loan?
2007-06-13
04:15:13
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6 answers
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asked by
rowdy's mama
2