What can i do to lower my monthly car payments?

I have a 2013 Honda Accord with 25,000 miles on it
I got it a year ago. I'm paying $567 per month for 60 months. My payoff amount is around 24,000
I'm willing to even get a different care (cheaper) so i will not have to pay that much monthly. What can I do without being "upside down"

Check with a community bank to do a re-financial on this loan, if you have a good credit you will get a better deal. You should not have much problem since you have already had pay the car for one year, is new and the mileage is low.

Wow. You could refinance, sell the car out right try to trade it in.

The only thing preventing you from being upside-down is having cash to put toward the negative equity. Dealers will give you wholesale auction value toward a trade-in… There's no magic one that will give you thousands over what it's worth.

Another problem is trying to roll over negative equity into a new loan. Most lenders will only overallow a certain amount to a new loan, and that's if you have excellent credit.

So, let's say you're $7K upside-down, and you're looking at a $15K car to try and "lower your payment". They add that $7K to the new loan, and now you're looking at $24K AGAIN (after taxes/fees). You're right back where you started. (Naturally, no lender is going to overallow $7K toward a new loan, but I'm showing you just for an example.)

Unless you have excellent credit and a small mountain of cash to throw at it, you can almost NEVER "trade down" into a cheaper car when you have a large amount of negative equity.

. **Note - refinancing when you're thousands in-the-hole doesn't happen.)

Nothing, because you ARE upside down. There's no way that your car's current value comes close to your remaining loan balance.

There's no way out of this kind of a situation that doesn't involve paying every dime that you owe. The only possibility, if you have really good credit, would be to refinance the car loan with your bank or credit union. But, if your car loan is a low interest loan, even that may not help.

You signed a contract based on the payments that you have.

1st of all you can't get another vehicle til this one is paid off; that's just how that works; 2nd - what you may be able to do is refinance the loan you now have… If you have made your payments on time, then either talk to someone at the loan company you now have or ask at other loan companies

You can't do anything for at least 2 years. Maybe 1 year if you make 2 payments a month for the next year.

OMG, i bought a new truck Dodge monthly is 285,00. I put 5000 down

Nothing. You agreed the price which sounds ridiculously high. If you take it back they'll offer you a very low trade value so you'll owe a lot even if you buy a cheaper car.

You already are upside down. Try sell it on your own, and pay the loan off.

You are already upside down. A 3 year old Accord is not worth $24k.