I got a SUV last year in May becouse I needed something bigger becouse my cousins moved in with me... (Fosterkids) but I did not get kind of help becouse I was family and was dealing with 2 different states. So anyway I got this truck and they went back to there mom and now I dont need such a big car...I know I am upsaide down 10k and if I get something else my payments are going to be the same becouse I will be rolling over that much... I hope this makes sence. So my question to you is: How can I get out of this SUV that I cant afford? Dont say give it back to them becouse I dont want to hurt my creidt any more then what I have by beening behind on the payments.... PLEASE HELP!!!!!!!
2007-06-25 04:11:25 · 4 answers · asked by mlscsp2 1 in Cars & Transportation ➔ Other - Cars & Transportation
The truth is you're pretty much stuck. If you're upside down, it's nearly impossible for a vehicle to gain value. Typically cars only continue to depreciate.
If you don't want to let the vehicle get reposessed and ruin your credit, one possible thing to try is to attempt to refinance it. Check out credit unions and banks and see if they will allow you to refinance the vehicle and extend payment times. (ie if you have 36 months remaining of payments, see if they will refinance for another 60 month term). This WILL NOT save you any money, but it may make the payments low enough for you to afford the vehicle.
2007-06-25 04:23:45 · answer #1 · answered by hsueh010 7 · 0⤊ 0⤋
There is no way you are going to be able to get rid of it at this point without having to add some negative equity to the new lean. You have too much negative equity to roll over to be able to trade it in and not have a huge payment still. I would try to find a dealer that has a good sale going and that has "dealer cash back options". They use these to basically help out the people that are upside down in loans and want to trade there cars in for something else. My friend was upside down in his truck and went to trade it in, the dealer was offering $7,000 worth of dealer cash on the car he was looking for, and he ended up only having to roll over about 3 grand in negative equity onto the new loan.
Goodluck!
2007-06-25 04:22:44 · answer #2 · answered by Heather B 5 · 0⤊ 0⤋
As a severe college senior with a area time activity who's additionally attempting to save up for college you rather do not choose to be making money on a truck. it may help to renowned how plenty you have in reductions and in the experience that your mum and dad could cosign a loan. purely save the added expenses in innovations, alongside with interest on a loan, gasoline, maintenance (oil substitute, brakes, etc.). additionally, in the event that they are close to to 100k miles they'll choose a sparkling timing belt quickly, which will run you approximately $500. and don't ignore approximately tags, and coverage. yet easily, to pay $5000 off over 2 years will value you approximately $220 a month, upload to that coverage, and gasoline and maintenance and you may desire to have little or no if any money left over to save for college or for any spending money. i does not do it.
2016-11-07 10:04:25 · answer #3 · answered by ? 4 · 0⤊ 0⤋
talk to the dealer . maybe you can get what you want and not have to comprimise.
2007-06-25 04:24:34 · answer #4 · answered by martinmm 7 · 0⤊ 1⤋