What is the best thing to do when you upside in a car and you want to get out. 5,000 upside down.?

Answer 1

By reading your question, I bet you have been told by a car dealer that you are "upside down" on the car you currently own. Now, this maybe true, though I would shop around at other dealers or call your bank and ask what the loan value is on your make of vehicle.

Let's assume your figure of $5000.00 is correct. And let's also assume that your car is worth say...$8000.00 Retail. What you have to ask yourself now is "How much can I afford in car payments and insurance a month?". Now, what I am suggesting is perfectly legal and is done many times by any dealership. Choose a vehicle that you WILL own, not trade, but keep for 60 months (5 years) and trade the car you have now in on it. There are many deals with low finance rates going on right now, so this is a very good time for someone who is in your position to get out of it. The only other way is to pay the darn thing off. I hope this helps.

Answer 2

What you need to do is talk to whoever has the loan on your car. Tell them that you are going to sell the car, but it is not worth what you owe on it. Ask them to give you clear title when you sell the truck. Have them write you a personal loan for the difference and then pay that off. The lender WILL do this. They already have an Uncollateralized loan with you for the difference between what you owe and what the car is worth. Call the payments after the car is gone your 'Stupid Tax' This is what payments are after you did something stupid!

We all do stupid things sometimes with money, yours was buying a car that you could not afford. If you have to borrow money to buy it you cant afford it! Always pay cash! NEVER borrow money to buy a car! That is just Stupid! Get this car sold, buy a little Escort or something cheap to drive around while you get this loan paid off as quick as possible. Then start saving up some CASH to buy a better vehicle!

I recomend you read the book 'The Total Money Makeover' by Dave Ramsey. Follow his teachings about money and you will be able to win the money game of life. I KNOW THAT YOU CAN DO THIS!!! It will be hard. It will be Humbling. But it is what NEEDS to be done. Good Luck!

Check with Edmunds.com to appraise your car to see what it is ACTUALLY worth when selling it.

Answer 3

Unfortunatley there isn't much you can do. If your buying from a dealer you could have the 5000 put into the new loan but there is no way not to pay it. Or you could get a personal loan for your loan balance and then you would have the title in hand and be able to sell the car privately. Hopefully you would get a higher price than you think it's worth now. Your better off selling private because dealers will really low ball the trade in value of your vehicle.

Answer 4

Trade the car in on a new IMPORT with a big rebate.Imports hold their value more than domestics.The rebate will absorb some of that "upside downness".And since you bought a IMPORT, the next time you go to trade it in you will not have "upside downness". Problem solved!

Answer 5

Why are you $5000 upside down? Did you go over in mileage on a lease? Miss a bunch of payments, drive a lot of miles? Well, anyways, there is no good way out. Pay it up, and try to learn from what happened.

Answer 6

You'll just have to keep the car, unless you're willing to pony up the extra $5,000 to pay off the loan. Either that, or let it get repossessed and ruin your credit rating!

Answer 7

I can't even understand the question. Stop trying to write with ebonics.

Best thing is to call 911

Answer 8

This person, Natell, actually emailed me because I didn't understand her lame attempt at asking a question!!

Kind of disturbing, like a stalker....

Answer 9

open the window