I have a 2003 ford focus, which I still owe about 11,000 on. My interest rate is huge and I am looking to get rid of it. Does anyone know what I can do without taking a huge monetary loss?
2007-05-17 04:50:02 · 8 answers · asked by Sapphire 1 in Cars & Transportation ➔ Buying & Selling
No. You could try to re-finance the loan to lower your monthly payments, or you could go try to trade it in for a Yaris or some other economy car. You could trade it in and see if they'll pay off the loan, but you'll still be stuck with another loan. The best idea is to try to refinance it (www.capitaloneautofinance.com) and get better monthly payments.
2007-05-17 04:55:11 · answer #1 · answered by Wah! 2 · 0⤊ 1⤋
You've got to make good on what you are upside down on. That can take many forms.
1. You can pony up the cash.
2. You could buy a new car and the dealer/lender might be able to roll the upside amount into a new car loan.
3. You can refinance to a lower interest rate - not likely though since you are so upside down.
None of those are very good options. #2 would almost certainly cost you a lot more in the long run.
I'm afraid you just need to stick it out and pay it down.
I'm really surprised you are so upside down. Even brand new they cost what, like $17k. After 4 years you still owe most of the money on it. Even if you bought it used, it should have been a lot less. Did you trade in some other car you were upside down on to get into the Focus?
2007-05-17 12:29:14 · answer #2 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
You are "upside down" in this car. According to Kelly Blue book, it is worth about 6000 in a trade-in or maybe 7000 if it is in top shape as a private party sale.
This means that you must come up with the difference at the time of sale in order to pay off the loan holder.
You will need 4 or 5 thousand to do this.
2007-05-17 11:57:35 · answer #3 · answered by ignoramus 7 · 0⤊ 0⤋
Is there any way you can refinance the loan with a lower interest rate?
I'm surprised you owe that much on a 2003 model.
2007-05-17 11:54:23 · answer #4 · answered by MechBob 4 · 0⤊ 1⤋
nah,you are screwed. you are gonna take a loss, nut the advise i can give you is to go back to ford, it seems that the dealerships that you bought the car from ( or that same brand )give you more for your car. i was in the same situation. i had a mercedes and everywhere i went they offered me less than what i owed, but the mercedes dealership actually offered more than the owed amount, go figure
2007-05-18 00:13:06 · answer #5 · answered by Dexter 2 · 0⤊ 0⤋
Yes you can sell it, just be prepared to pay the difference. You can borrow you shortage, the amount your upside down, from the bank or credit union as an unsecured loan and make payments. Sometimes its better to cut you loses.
2007-05-17 11:59:48 · answer #6 · answered by BS 3 · 0⤊ 0⤋
Never trust a car sales man. Now you are stuck with that payment. Just pay it off and never trust those wolves again, buy from a private owner.
2007-05-17 11:58:47 · answer #7 · answered by lbflow562 2 · 0⤊ 1⤋
insure it for everything and roll it off a cliff?
2007-05-17 11:56:11 · answer #8 · answered by Dotr 5 · 0⤊ 1⤋