I bought a hyundai elantra last october. The payments are $397.00 a month. I have tried to refinance but the bank says I owe more than it is worth. Anyone have any other ideas on what I can do to get a cheaper payment? I dont know my options, just trying to get some ideas.
2007-07-05 01:46:49 · 5 answers · asked by aimee1433 1 in Cars & Transportation ➔ Buying & Selling
The problem is you have a car that is now worth less than your loan balance! To sell the car, you would have to make up the difference between the loan payoff and the value of the vehicle. If you so not have the cash to do so, you would have to try to get a personal loan
This would leave you with a smaller payment, but no car!!
You could try to trade it in on another car, but the balance you owe would have to be added to the replacement car's loan. Your payment would most likely go up, not down, in this case. In effect, you would be paying for the new car and part of the old one at the same time.
The only real option is to keep your car, and to pay down the loan as fast as possible. Seeing as you can not reduce the amount of the payment, you might want to try to increase your income. Perhaps a part time job would solve your problem. All it would take is something where you make $100 per week, and you could cover your payment!!.
2007-07-05 03:09:50 · answer #1 · answered by fire4511 7 · 4⤊ 0⤋
Basically you are in a situation called "upside down" which means that you owe more on the car than it is worth. Basically the only thing you can do if you have already tried to refinance is to pay off as much as possible or trade in the car, get as much as you can for it, get a really cheap car for the time being that is equal or lesser than the car you traded in, and continue to pay off the elantra. Hopefully, that way the payments will be somewhat smaller and you will still have transportation.
2007-07-05 08:57:32 · answer #2 · answered by Joscelyn C 4 · 0⤊ 3⤋
Sell the car and break even. Then buy a cheaper car that you can afford.
Try to trade it in. There are some dealers that will pay off your car, no matter how much you owe.
2007-07-05 08:53:27 · answer #3 · answered by Joe S 2 · 1⤊ 3⤋
Try Dietech, their on the TV about every 20 minutes.
2007-07-05 08:58:03 · answer #4 · answered by Wisdom 6 · 0⤊ 3⤋
You knew the payments would be $397.00 before you bought it, right? Is this a surprise to you?
2007-07-05 11:49:35 · answer #5 · answered by Scott H 7 · 1⤊ 3⤋