I have a 2006 Kia Optima that I purchased in July. I have a loan balance of $15000 and it is only worth about $9000 trade in. I am going back to school and cannot afford the monthly payments on it anymore. I want to get something that is cheaper monthly than what I have. What are my options?? PLease HELP!!
2007-03-01 05:18:21 · 5 answers · asked by tashanichole04 1 in Cars & Transportation ➔ Buying & Selling
Unfortunately, unless you can find someone to buy it for the loan balance, you don't have many options. If you trade it in they will add the remaining balance on your loan to the new car, if you have been making your payments on time and you have good credit you may be able to get a lower rate which could equal a lower payment. Another option may be voluntary repossession. You could call your finance company and ask someone there if they know how much a voluntary repo affects your credit. Sorry!! Good Luck!!
2007-03-01 05:34:58 · answer #1 · answered by lover_of_paints_&_quarter_horses 4 · 0⤊ 1⤋
Trade it in for a very inexpensive car. You will have to roll the negative equity on to the next purchase.
For instance if you are upside down by $6,000.00 and you buy a $4,000 car you would then be financing $6,000 + $4,000 = $10,000.
Problem there is most banks will not lend $10,000 for a $4,000 car unless the dealer is so far back of book that the numbers make sense to the lender.
This is the toughest of the tough positions to be in when wanting to get out of a car loan.
If you are a member of Navy Federal Credit Union, they look at loans and borrowers differently. They sometimes will not look so much at the collateral as the lender and your ability to meet your obligations.
Check out Navy Federal Credit Union.
2007-03-01 08:11:42 · answer #2 · answered by Jaunty Jalopy 3 · 0⤊ 1⤋
you may substitute oil AND filter out each and every 3 to 6 thousand miles. the difficulty with no longer doing it extremely is that oil gets grimy, inspite of a filter out and the combustion technique contaminates the oil with acid. enable it bypass long adequate and the filter out clogs so there's no filtration of airborne dirt and dirt and steel debris and the acid builds to the point that it eats away engine aspects premiere to early engine failure. while you're having to characteristic oil in many circumstances then you the two have a leaky gasket someplace or the acid and airborne dirt and dirt have worn aspects to the factor that your engine is burning oil. in case you notice a bluish smoke popping out of your exhaust you're burning oil.
2016-11-26 22:20:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Do what Homer did with Moe's car... drive it off a cliff and then jump out... be sure not to roll back inside.
2007-03-01 06:50:41 · answer #4 · answered by Anonymous · 0⤊ 3⤋
Pray someone steals it,and wrecks it.
2007-03-01 05:22:17 · answer #5 · answered by Anonymous · 0⤊ 1⤋