Comments on: How to Escape a High Interest Car Loan with Negative Equity http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/ Debt free, financially independent and retired early Wed, 01 Feb 2012 18:00:10 +0000 hourly 1 By: Jerry http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-150002 Jerry Mon, 23 Jan 2012 22:29:45 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-150002 Sounds just like me. I was in a bind and had to have a vehicle. So I went to DriveTime. Got a 2006 Chevy Malibu Maxx. I owe 13000 and its worth 5000. At 23% its killing me. Its been about over 3 years, what happened with yours? I am dying to know. Thanks Sounds just like me. I was in a bind and had to have a vehicle. So I went to DriveTime. Got a 2006 Chevy Malibu Maxx. I owe 13000 and its worth 5000. At 23% its killing me. Its been about over 3 years, what happened with yours? I am dying to know.
Thanks

]]> By: Kayla http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-2/#comment-149998 Kayla Wed, 18 Jan 2012 15:46:34 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-149998 I have a 2008 Mazda 6. I have a 10.25% interest rate, and pay $219 dollars a month. However, I don't get paid enough to be able to have a payment this big. I am trying to trade it in, but the dealers say I am about $2500 upside down. Any thoughts? Need help! I have a 2008 Mazda 6. I have a 10.25% interest rate, and pay $219 dollars a month. However, I don’t get paid enough to be able to have a payment this big. I am trying to trade it in, but the dealers say I am about $2500 upside down. Any thoughts? Need help!

]]> By: michael http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-149990 michael Wed, 11 Jan 2012 18:34:12 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-149990 I have a 2005 3.2 Acura TL/w Nav. The car on KBB is about 12K; I am in a negative equity situation. I think I owe about 16K right now; monthly payments are sky high as i am sure you imagine. A month ago I put new insurance on it, bought four new tire, and got my regular oil change. The transmission went on the car a couple of weeks ago. It is too expensive to fix it (estimate 5500)not including power steering rack!! Is there any way out of this to start fresh? I feel like this is a no win situation; how do I get rid of this car? Thanks! I have a 2005 3.2 Acura TL/w Nav. The car on KBB is about 12K; I am in a negative equity situation. I think I owe about 16K right now; monthly payments are sky high as i am sure you imagine. A month ago I put new insurance on it, bought four new tire, and got my regular oil change. The transmission went on the car a couple of weeks ago. It is too expensive to fix it (estimate 5500)not including power steering rack!! Is there any way out of this to start fresh? I feel like this is a no win situation; how do I get rid of this car?

Thanks!

]]> By: Charles http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-149986 Charles Sun, 08 Jan 2012 23:13:39 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-149986 I have a credit score of 590, my wife 620 and I have a credit card in my name maxed out at $890.00 on a $700.00 card. Filed bankruptcy 3 years ago. I financed a $5,000 car last year then paid it in full in exactly six months, traded on another car and took another $6,000 loan for a 03 prius that now has 145,000, it is a pure lemon. I got a trade in offer of $2,600 and owe $5,500 after paying $300 a month for 8 months. I want out. I already have a dealer working on getting me into another vehicle where my difference will carry over into a new loan, before this car blows up. My wife and i work over 40 miles from home, and she works evenings, the car has left her stranded at work multiple times, and no mechanic can find the problem (even the toyota dealer, I cannot pay for the car AND get repairs, the new car *if this works* will hav 60,000 or less miles and a warranty. I took on a roomate and have added $300 to my monthly income which will be applied to outstanding debts. Am I likely making a mistake, my wife need something reliable as we also have two childeren one 6yrs and one 6mos. This car is dangerous in my belief. Thank you for any advice in this matter I have a credit score of 590, my wife 620 and I have a credit card in my name maxed out at $890.00 on a $700.00 card. Filed bankruptcy 3 years ago. I financed a $5,000 car last year then paid it in full in exactly six months, traded on another car and took another $6,000 loan for a 03 prius that now has 145,000, it is a pure lemon. I got a trade in offer of $2,600 and owe $5,500 after paying $300 a month for 8 months. I want out. I already have a dealer working on getting me into another vehicle where my difference will carry over into a new loan, before this car blows up. My wife and i work over 40 miles from home, and she works evenings, the car has left her stranded at work multiple times, and no mechanic can find the problem (even the toyota dealer, I cannot pay for the car AND get repairs, the new car *if this works* will hav 60,000 or less miles and a warranty. I took on a roomate and have added $300 to my monthly income which will be applied to outstanding debts. Am I likely making a mistake, my wife need something reliable as we also have two childeren one 6yrs and one 6mos. This car is dangerous in my belief. Thank you for any advice in this matter

]]> By: Burt http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-149978 Burt Wed, 04 Jan 2012 00:47:34 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-149978 Once you are not upside down on a vehicle that will have 70,000 miles on it do you keep it for the life of the loan or do you trade it in on a new vehicle? Once you are not upside down on a vehicle that will have 70,000 miles on it do you keep it for the life of the loan or do you trade it in on a new vehicle?

]]> By: ant http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-149932 ant Fri, 09 Dec 2011 16:22:06 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-149932 i traded in a car to carmax and had negative equaty on it, the car for trade in back to carmax was 22k, i owe 24k. my wife has a low payment on her car, if i rolled over the negative into a new loan or give the car back, and try to get a clunker, jst had newborn and need to pay debts. trying to have a low payment under 300.00, wonder if i Idont know if carmax would give me the maximum if I were to volutary give back car. Any thoughts? Ant i traded in a car to carmax and had negative equaty on it, the car for trade in back to carmax was 22k, i owe 24k. my wife has a low payment on her car, if i rolled over the negative into a new loan or give the car back, and try to get a clunker, jst had newborn and need to pay debts. trying to have a low payment under 300.00, wonder if i Idont know if carmax would give me the maximum if I were to volutary give back car. Any thoughts?
Ant

]]> By: Migdalia Presley http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-149782 Migdalia Presley Sun, 16 Oct 2011 09:36:41 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-149782 Dismantle the car and take back to the bank. Dismantle the car and take back to the bank.

]]> By: Jimmie http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-149759 Jimmie Tue, 04 Oct 2011 04:57:58 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-149759 Getting into a store credit card or a secured card will not do much to raise his score above 610 if he is in the low 500s. A Car loan might be his best option. You are always told to get credit cards. These do not carry a high rate so you are essentially working your way up extremely slowly. In about 5 years, making all your payments and only charging 20% on the card and paying it off regularly, you should get to a 650, if you are lucky and you have several of these cards. That strategy worked about 10 years ago but Equifax and Experion caught on to that and reformulated the calculation to weigh more on heavier loans, like cars and houses. The loans are bad loans though and they Government should outlaw these "loansharks" for charging people in a bad situation THREE times the worth of the vehicle and just create a higher interest payment until the Original value of the car is paid. I think it should be CRIMINAL to take advantage of people in desperate situations, but Banks in this Country do not care. Getting into a store credit card or a secured card will not do much to raise his score above 610 if he is in the low 500s. A Car loan might be his best option. You are always told to get credit cards. These do not carry a high rate so you are essentially working your way up extremely slowly. In about 5 years, making all your payments and only charging 20% on the card and paying it off regularly, you should get to a 650, if you are lucky and you have several of these cards. That strategy worked about 10 years ago but Equifax and Experion caught on to that and reformulated the calculation to weigh more on heavier loans, like cars and houses.
The loans are bad loans though and they Government should outlaw these “loansharks” for charging people in a bad situation THREE times the worth of the vehicle and just create a higher interest payment until the Original value of the car is paid. I think it should be CRIMINAL to take advantage of people in desperate situations, but Banks in this Country do not care.

]]> By: Michael http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-149683 Michael Fri, 22 Jul 2011 21:03:04 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-149683 I have a 2010 Lexus IS 250 that I need to get out of... I owe 44,000 on it but it's worth 30,000 ... so I am 14,000 negative and my pym is $810.00 a month... I have awesome credit and just want to cut that pym in half... what do I do? I have a 2010 Lexus IS 250 that I need to get out of… I owe 44,000 on it but it’s worth 30,000 … so I am 14,000 negative and my pym is $810.00 a month… I have awesome credit and just want to cut that pym in half… what do I do?

]]> By: Mike-Looking for Car Loans http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/comment-page-1/#comment-149643 Mike-Looking for Car Loans Tue, 05 Jul 2011 07:50:19 +0000 http://www.mynewchoice.com/2007/06/18/how-to-escape-high-interest-car-loan-with-negative-equity/#comment-149643 I have the same situation as Lynn's. I wonder what happened since it was almost a year ago. Please let me know if you tried to refinance it or trade in was a much better deal? Thanks. I have the same situation as Lynn’s. I wonder what happened since it was almost a year ago. Please let me know if you tried to refinance it or trade in was a much better deal? Thanks.

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