What can I do to get out of financing a car I'm paying way too much for? And get into something cheaper?
I'm financing a 2010 Honda Accord for 473 Dollars a month. I still owe 19K on the vehicle and its only worh 11.5 K. Sounds like i'm pretty ******, huh? Anyways what can I do to end this finance term and get myself something cheaper without destroying my credit?
You can't! You will have to continue making payments until the balance owed is closer to actual cash value so you can sell it.
You can't. It's your's for a LONG time. No way you can get rid of 7500.00 negative equity without a lot of $$$ out of your pocket. "Sounds like i'm pretty ******, huh?" Yes, you are fu(ked.
This is why you should pay cash for cars or do not buy.
Your only option would be to take out a lower interest loan, like from a credit union and pay it off from the dealer, then sell the car and hope to break even. Keeping the loan you have is a death wish to your wallet!
Get a 2nd job & get rid of your negative equity.
No other way out without a repo.
This is something you should have considered before you overpaid for this car. Now there's not much you can do because you have a contractual obligation to repay the money you borrowed.
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