Upside-down car loan.
July 10, 2008 11:50 AM Subscribe
Outrageously upside-down with a car loan. Help!
posted by Brocktoon to work & money (26 answers total) 2 users marked this as a favorite
The current pay-off amount for our car loan is right around $20K. We went to CarMax last night to see if we could get into a cheaper, more efficient car, however they appraised the car we have at about $8K, and as far as I know, no one would roll-over such a huge deficit. We like the car we have (aside from it's somewhat average fuel efficiency), but the monthly payments are a real killer: $550, and we're also about 2 months behind thanks to a severe income drop last year. My wife wants to do a voluntary repo, but I think that is a terrible idea, and leaves us with very few transportation options. No bank that I know will give us a re-fi, due to less then stellar credit and a general tightening of belts by lenders. Any advice?