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ErisaFirehawk
Level 1
Feb 27, 2019 6:21 PM UTC
Question

Upside down car loan

I'm quite upside down in my car loan. I still owe about $7.5k and the car is only worth about $3k. I am bringing home almost half what I was when I bought the car. What exactly are my options? I just can't afford this payment.

    3 replies

    NCperson
    Level 15
    Feb 27, 2019 6:33 PM UTC

    call the lender and discuss your predicament with them and see if they can  work something out.  

    jlohani
    jlohani
    Level 2
    Apr 9, 2019 6:20 PM UTC

    Hi there - I know your question was a bit ago, but I wanted to let you know it inspired a blog post to go into more depth on what to do in this situation. It published today and you can find it here:

     

    https://blog.mint.com/consumer-iq/what-to-do-when-your-car-loan-is-higher-than-the-value-of-the-car/

     

    I hope the article is useful to you!

      Skeemy
      Level 2
      Apr 14, 2019 2:25 AM UTC
      Csr
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