I have an '05 Xterra my husband and I purchased new when we were married. One month after purchase we split and I have been making the large payments on one income, which has been tough. I have about $5,000 in negative equity, which has made it difficult to trade to a cheaper vehicle. Does anyone have any suggestions? The bank wont refinance with just my income.
2007-07-26 12:10:43 · 8 answers · asked by Avery's mama 3 in Cars & Transportation ➔ Buying & Selling
What is your negative equity based on, trade in value, retail, or private party, also take into consideration your local market conditions, it is much easier for a dealer to sell a used car less than 5 years old or over $7,500 since dealers can offer financing. Even the market conditions here have me begging for LESS THAN TRADE IN at a retail transaction, even the best new car dealers are settling for private party just to move units, remember they are still paying comissions, detailing, and setting the cars up in tip top shape.
I would assume that you are upside down more than 5K. Without seeing your tri-merge or at least knowing your fico mid score I don't know which way to lead you. If you have a 650 or better go to Citibank, B of A, Wells Fargo and they will help you refinance into a A loan. If your credit is poor then Capital One, Orchard etc might be best for you. Your credit score, and your auto finance history is of prime importance when securing a car loan, your income is secondary and there are creative ways around that just ask your banker.
Yes I know Mitsubishi, Hyundai, Kia even Chrysler dealers may give you a really good trade in, but they will give you no incentives, and no discount off list, so your equitity position will be worse than it is now, and if your credit is poor your payment will not be much different than it is now.
2007-07-26 12:56:40 · answer #1 · answered by J H 3 · 0⤊ 0⤋
Can you sell the car? It may take some extra money to pay the loan off, but you'll be out of debt. Could you get an advance from your family, to help you out?
Did you talk to your lawyer and see what he has to say? He may make your husband come up with the extra money you will lose when you sell the car.
Would your husband want the car, to take over the payments?
I wish you luck
2007-07-26 19:20:19 · answer #2 · answered by Fordman 7 · 0⤊ 0⤋
Have you tried the credit union? They can usually help. either by getting a personal loan to pay off the car, which will lower your interest rate, which will then lower your payment, or they will take the car loan over.
2007-07-26 19:19:35 · answer #3 · answered by luv2help 5 · 0⤊ 0⤋
I like his answer above.
I had a simmilar problem with a Ford. I had to suck it up for four years. Now it is paid off and I hate the car.
You can trade it in on a less expensive car and they will add the remainder on to the new loan.....but you will have to buy a cheap car for your payments to go down
2007-07-26 19:17:04 · answer #4 · answered by mybuttstinks2001 5 · 1⤊ 0⤋
try selling the car or maybe someone can take over payments..then you just have to get you a cheaper/affordable car.
2007-07-26 19:14:53 · answer #5 · answered by datchik 4 · 0⤊ 1⤋
pay off youre credit even if its just 5 dollars at a time it will work.
2007-07-26 20:24:25 · answer #6 · answered by sunshine 1 · 0⤊ 0⤋
Call the dealer and ask him to take back all the expensive options like floor mats and air conditioning.
2007-07-26 19:15:49 · answer #7 · answered by Anonymous · 0⤊ 2⤋
leave it running at the airport.
2007-07-26 19:13:47 · answer #8 · answered by Anonymous · 0⤊ 2⤋