What can I do? other than selling it
2007-11-30 08:09:03 · 10 answers · asked by caramel122usa 1 in Cars & Transportation ➔ Buying & Selling
I am in the same situation! Hold on it is going to be a bumpy ride. This is what I am currently doing. I am upside down in my loan (the car is worth less then what my loan is for). I know I can get it refinanced through companies, but that will increase the percentage rate and increase the loan a year or more, so I have decided not to take that route. I saw two ways out 1) Volunteer repossession. Yes it looks bad on your credit but it isn't as damaging as a regular repossession and you can rebuild your a little credit faster. The only problem with this is you will be out of a car for a while or stuck with a junker! 2) make smaller payments more frequently, which is what I have done! My car payment is over 420 dollars a month. So I pay my car payment of 220 every other week when I get paid and sometimes I try to pay more!!!!Some places don't allow you to split you payment up like that, but I would just do it anyways! That way your are always paying something Never get behind! You have to come up with your car payment and a half when starting so you don't get behind on you payments. After that little hump you should be okay! Also Call the place where you took your loan out and explain to them that money right now it tight. Sometimes they will work with you!!!!
2007-11-30 08:29:32 · answer #1 · answered by tjnw79 4 · 1⤊ 0⤋
You can try to trade it in on something with a huge rebate. You will probably end up with a higher payment however. If you can go to your bank and get a loan for the payoff amount and extend the term you can ten lower your payment. If you do this plan on keeping the car for a long time because you will remain upside down( have negative equity) other than that or getting the car repossessed that's about all you can do.
2007-11-30 08:20:53 · answer #2 · answered by Bill W 3 · 1⤊ 0⤋
Since most leases are designed to completed according to the date specified in the lease agreement, ending a lease early can often be troublesome and expensive. Of course, the details of a specific lease situation will determine to what extent this is true.
Generally, ending a lease early means returning the leased vehicle and paying cash to the lease company. Unless there was a large down payment or valuable trade-in at the beginning of a lease, the amount owed during the course of the lease is generally more than the vehicle is worth. This difference must be paid to the lease company if the lease is terminated.
One of the best and least expensive ways to get out of a lease is by way of a lease transfer.
The other party assumes responsibility for continuing to make monthly payments, although many car lease companies still hold the original lessee responsible if the new lessee fails to make payments. Some car lease companies do not allow lease transfers.
Although there are some modest fees and service costs involved with this process, it avoids the high cost of early lease termination.
2007-11-30 08:13:08 · answer #3 · answered by Anonymous · 0⤊ 3⤋
You can file chapter 13 bankruptcy. You'll be able to keep the car and if there was an outrageous amount of interest charged on the the you may get the amount of the loan reduced.
This is what my daughter did when she found herself in a similar situation.
2007-11-30 08:24:41 · answer #4 · answered by soaplakegirl 6 · 0⤊ 1⤋
Well i kind of think your screwed. My only sugestion is to take out another loan to pay that one off...If you stop paying your car loan you will first off be stuck without a car, and second of all your credit rating is going to be garbage. N a credit rating is basically everything in life!!
2007-11-30 08:13:54 · answer #5 · answered by Anonymous · 1⤊ 0⤋
trade it in on a much cheaper car(probably what you should have bought in the first place)and pay the difference. trade wont be what you owe either. Atleast they'll pay the old loan. your new loan will be much less.
2007-11-30 09:44:06 · answer #6 · answered by jeff g 2 · 1⤊ 0⤋
Trade it in for a less expencive car and add the difference in price. You will need to make the difference up one way or the other.
2007-11-30 08:23:08 · answer #7 · answered by Big Deal Maker 7 · 1⤊ 0⤋
Only thing you can do is refinance it, get a second job, or borrow money
2007-11-30 08:11:47 · answer #8 · answered by Anonymous · 2⤊ 0⤋
refinance it to a longer term that way u can afford it
2007-11-30 08:11:50 · answer #9 · answered by noelsans 2 · 1⤊ 1⤋
I know the feeling......up sh its creek without a paddle...........damn thats bad........
2007-11-30 08:12:52 · answer #10 · answered by Anonymous · 0⤊ 2⤋