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Smart Shopper Owe more than it's worth... I'm upside down and I can't get up!
1160 messages, Last post on Oct 22, 2009 at 7:11 PM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Replying to: alteredwithin (Dec 16, 2006 4:53 pm) Why do you want to get another car loan if you can't pay the one you have? |
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| an '03 Maxima is still a fairly new car, and if maintained, will last a long time. So, your best bet (unless you have 8K lying around to pay it off), is to just keep it, and make the payments until you own it. If you do manage to trade it in, the neg eq. isn't going to go away, it will just somehow follow you to the new car, and probably get even bigger. | |
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Replying to: corvette (Dec 16, 2006 8:47 pm) |
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Maximas have good resale value. Keep an eye on the TMV for your car, check it every month or two. And when your cash in hand equals the difference between what you owe and what you can sell it for, you're ready to get out from under the payments. Another idea is to list your car for sale as "take over payments" and possibly someone with less than stellar credit can get your bank to accept them and pay off the note, leaving you free and clear. |
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Replying to: alteredwithin (Dec 17, 2006 10:11 am) This may not be a factor. Reposssession laws vary by state as to whether a "deficiency judgment" (a judgment that requires you to pay the amount above the value of the vehicle in the event that it is repo'd) is permitted. Read the link below from the Federal Trade Commission for more information. That being said, I would either keep the loan current or else try to sell the car on a TOP basis, as was suggested above. Perhaps as an alternative, you can refi the loan or otherwise find a way to reduce the interest rate, if that happens to be high. Whether or not you are upside down, the lender is not going to hesitate to take your car if you stop making payments. You don't want a repo on your credit rating. That will be an expensive mistake that you will literally pay for with all of your future borrowing costs just as long as the repo is on your credit report. FTC link |
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Replying to: alteredwithin (Dec 17, 2006 10:11 am) I'm sure you don't, and you shouldn't have to. Just drop the car off at the dealership and post the keys in their mailbox, they'll take care of the rest. |
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Replying to: alteredwithin (Dec 17, 2006 10:11 am) Wow. Just .... wow! |
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Replying to: grandtotal (Dec 18, 2006 6:13 am) best advice yet.
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Replying to: qbrozen (Dec 18, 2006 8:15 am) Anytime now I expect to read a post from someone who owes $25K on a Chevy Aveo...
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Replying to: div2 (Dec 18, 2006 8:28 am) and doesn't like the color, so they HAVE to get something new ... but want a lower payment. |
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