Is there any way to get our of a car loan when you owe more than its worth?

I recently just became a single mom. I have a truck payment of 450$ that I can no longer afford. The truck is in my name and I don't have any extra cash to pay off the loan.I have 5 years left of payments also and owe 20,000 when the bluebook says its worth 12,000?? trading it in is also not an option unless I get 20,000 which is not gonna happen. does anyone have any helpful advice?

Is there any way to get our of a car loan when you owe more than its worth?

You could try to refinance to get your payments down.

You are not going to be able to eliminate the overall amount you owe, but if you can get a financial institution to extend the period of time you need to pay it back, then your monthly payments will be cheaper.

For example, you owe for 60 months. Try to see if someone will refinance the amount for 72 or 84 months. It could be difficult because you say you have 8,000 negative equity, but it is worth a try. It is certainly better than getting the car repossessed.

I would start with a credit union.

Is there any way to get our of a car loan when you owe more than its worth?

You are probably better off selling the car yourself than trading it in at the dealership. You won't be able to get the price quoted on KBB either because their quoted price is way higher than what you will actually get from the dealers.

Is there any way to get our of a car loan when you owe more than its worth?

Sell it outright on your own.

Is there any way to get our of a car loan when you owe more than its worth?

you could sell it outright to a private party, and then what i would do is, if you are seriously that strapped for money, you would have to take out a personal loan for the remainder of the balance.

For example: you owe 20K. You sell it for 17K. Get a personal Loan for 3K and your payments are a lot lower!

Is there any way to get our of a car loan when you owe more than its worth?

When you borrow money, you have to pay it back. The value of the truck has nothing to do with it. What's important is that those people who handed over their money need it back.

If you're simply not going to pay for it, the bank will appreciate you just telling them that and giving them the truck. They will be hurt financially, and your credit will be ruined, but if you CAN NOT pay then they will be forced to allow you to financially hurt them.

If you can't afford what you've already got, I don't think trading it in is going to help.

Is there any way to get our of a car loan when you owe more than its worth?

Hello,

In regards to your question i would advice you to visit Clarkson Micro Finance Incorporated.

Three months ago when i had a bad credit a friend of mine introduced me to them, Inspite of my bad credit they were able to lend me a loan of 25,000, British pounds within the space of two days of which i used to revive my business, I think you too can do the same as well.

You can reach them via clarksonfinancescheme@yahoo.com

Sincerely,

Victoria Dingley,

From Newcastle, England.

Is there any way to get our of a car loan when you owe more than its worth?

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