I financed a 2005 Santa Fe. It has under 8k on it and it's KBB value is $17k, and I know I owe more than that on it. I have a high interest rate of 13% due to poor credit. Can I 'trade down' and save on monthly payments? I'm currently paying $550 a month, and need to cut it to around $300. I'm willing to get into a smaller or used car. Any suggestions would be appreciated.
2006-09-16 10:45:55 · 6 answers · asked by Steph Gas 3 in Business & Finance ➔ Other - Business & Finance
We owe about $7k more than it's blue book value, which means basically we're screwed. I just want to try to be less screwed ;)
Thanks for the help so far!
2006-09-16 12:34:52 · update #1
How much do you owe on the vehicle? I would suggest you go and talk to a professional debt advisor to work this out. You probably will be giving up the car for one that is not as nice because given the information you have provided, you cannot afford to have such a vehicle at this time. Talk to a professional, they will be able to answer your question much better than anyone here can.
2006-09-16 11:11:21 · answer #1 · answered by msi_cord 7 · 0⤊ 0⤋
you need to call your lender and find out exactly what you owe on the car
then, if you want to be aggressive, you need to sell your car and borrow enough money to pay the extra you owe with $2000 left for some kind of old wreck that will get you around for awhile
that may mean a loan of $5000 or so which will have a reasonable note even with a 13% interest rate
pay the $5000 (or whatever it turns out to be) off as quick as you can, if you can possibly put $400 per month at it, then you can have it gone in a year
if you can keep your old car running for another year you can have $5000 to buy a decent car
4 years later you can buy a new car with cash and have no payment at all
good luck
debt is a monster
don't let it eat you
2006-09-16 10:51:45 · answer #2 · answered by enginerd 6 · 2⤊ 0⤋
Nope....your responsible for the entire loan, the only criminal thank you to get rid of it extremely is to voluntary repo, whether they're going to sell the motor vehicle @ public sale and if the sale does not conceal the loan, they are going to nevertheless pass once you. you will additionally finally end up with a repo on your credit checklist and a judgment against you in the event that they take you to court docket for the steadiness after its auctioned. it relatively is no longer to assert which you will desire to pay it, you do no longer would desire to pay a dime technically, yet your credit would be screwed. additionally some all human beings is telling you to sell and make money on the relax quantity....You cant try this the two, the lender is preserving call to the motor vehicle as collateral for the loan. there's no longer a individual contained in the worldwide that is going to pay you for a vehicle without call, that would mean your nevertheless the owner. additionally via stating you have hollow, you would be thinking approximately it disappearing, yet keep in mind it extremely is legal insurance fraud and would desire to bring about a sentence of two to fifteen years in detention center. Sorry brother your caught with the motor vehicle till you could sell for what you owe.
2016-10-01 01:20:37 · answer #3 · answered by wichern 4 · 0⤊ 0⤋
dont get another hyundai they loose their value like a russia sub sinking to the ocean floor.
2006-09-16 10:55:05 · answer #4 · answered by BCOL CCCP 4 · 0⤊ 1⤋
go to a auto dealer and get counseling by a professional, maybe they can help
2006-09-16 10:51:47 · answer #5 · answered by Linnette4605 1 · 2⤊ 0⤋
do you have the title or is it pending on the loan.
2006-09-16 10:49:21 · answer #6 · answered by Anonymous · 0⤊ 0⤋