how can i cut my car payment down,when refinancing isn't an option?

Question

LAST NOVEMBER I HAD A 2003 CHEVY TAHOO FINACED AFTER ALL SAID AN DONE MY PAYMENTS ARE 667.79 A MONTH,NO ONE WILL REFINACE,I STILL OWE ABOUT 29,000,SHOULD I DOWN GRADE TO SOMETHING MORE RESONABLE WITH A LOWER PAYMENT AND IF SO HOW CAN I DO SO WITHOUT MESSING MY CREDIT UP?

Answer 1

As a car dealer I can tell you that there is nothing productive that will come out of your situation. The only thing you can really do is keep what you have until you pay down some of that negative equity. Even if you could THEORETICALLY trade it in on something cheaper, you will have the same payment and here is why. You owe $29000. The truck is worth $13000 wholesale (approx). You will have a $16000 car note if you trade it in on a pair of shoes and walk everywhere. Add that $16000 to whatever you buy and that would be what you would finance. Guess what....get a $5000 car and your payment might be $600 instead of $667. This is all in theory anyways because there is no way anyone would finance that much neg. equity. Here is what you do. Pay for what you bought and love it because you are going to have it awhile. A repo is a bad idea. Sorry for the bad news!

Answer 2

that depends on your credit, trading in your current vehicle for something cheaper might not be your best bet. Look up and see what the current trade in value is of your vehicle, be sure to figure in mileage as well. When you trade in your vehicle, if you owe more than the trade value you will have the difference added to the new vehicle that you bought. Was this financed in 2006? or 2005? If it was 2006, your best bet is to keep the payments current and on time, dont be late with them and after you have the vehicle financed for a year and a half, then someone might be willing to refinance it for you. More than likely you are still paying the interest rate on the vehicle and no principle yet. Its weird how it works, but usually for the first year you are paying interest on the vehicle with your payments. If you knew when you got the vehicle financed that the payment was too high for you then why did you get it? Rule of thumb for the next time you purchase a vehicle, make sure that you vehicle payment along with your insurance payment on the vehicle is never more than your bring home paycheck. (payments should never be more than one paycheck.)

Answer 3

Damn, Dude, did they see you coming or what!? You paid nearly double what that truck is worth.

Sorry to say, but "gin and juice" is dead on the mark on this one -- give him the 10 points. You're married to this one for years to come and it's going to be 3 or 4 years at least before divorce will even be an option.

Answer 4

im curious how much of that 29,000 is princible and what part is interest..hopefully you mis wrote this question..what are the terms your under....if you actually owe the whole 29000...go to church and ask the priest to marry your *** to that suv..its your wife..