My ex-husband and I purchased a car seven months before we separated. Unfortunately, I agreed to take my car and he agreed to take the house in the divorce. He didn't pay the mortgage and luckily, it's being bought to save it from foreclosure. My predicament is, I have an extremely high car note and to top it all off, we rolled $4K of the rest of HIS note in our new purchase because we got a better interest rate (low and behold I've found out that was not a very smart thing to do).
So obviously, I'm quite upside down and having a hard time living with having to make this very high note each month. What can I do to get out of it without continually destroying my credit? I purchased the car almost two years ago and have four more to go. I must be 7-10K upside down.
Any advice would be greatly appreciated.
Thanks
2006-08-11 15:04:09 · 6 answers · asked by D L 1 in Cars & Transportation ➔ Buying & Selling
I do have GAP insurance but I don't see how that would help unless heaven forbid I got in an accident or the car DID blow up.
The house has negative equity. I'm barely escaping it without having to pay to get out of it. (Unfinished projects by my ex).
2006-08-11 15:24:32 · update #1
Wow sorry to hear that. Car divorce house. The only way is have equity in a house and refinance roll the extra cash into paying off the car but then you are paying off a twenty, thirty year home loan. Which is not all bad. Talk to bankers arrange to pay off the car as fast as you can. Be sure you have gap insurance on that car just in case, heven forbid it gets totaled. Regular insurance will only pay for the value of the car not the extra money loaned on it.
2006-08-11 15:15:48 · answer #1 · answered by John Paul 7 · 0⤊ 1⤋
If you accepted the note on the car in the settlement I'm afraid you're stuck w/ it. I would however consider it 7-10k in college education. You may just be out of luck.
2006-08-12 01:49:03 · answer #2 · answered by wzzrd 5 · 0⤊ 0⤋
A lease will bail you out in 3 years as long as you hold the miles real. Roll the detrimental fairness right into a lease, pay for sufficient miles beforehand. In 3 years, you would be lower back to sq. one, you will owe no longer something on the two, yet you will even have no longer something. yet a minimum of your even.
2016-12-11 07:13:24 · answer #3 · answered by ? 4 · 0⤊ 0⤋
unfortunatly, your in a bind. You may be able to talk to the lender and get a better rate. Or give it up and get another car before it hits your credit report
2006-08-11 15:14:19 · answer #4 · answered by bayareart1 6 · 0⤊ 1⤋
I'm a professional but the question is confusing. I suggest you talk with a professional there locally.
2006-08-11 17:06:16 · answer #5 · answered by sophieb 7 · 0⤊ 0⤋
That is tough...Hope it burns up and you have GAP coverage
2006-08-11 15:11:15 · answer #6 · answered by Anonymous · 0⤊ 0⤋