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New Member
posted Feb 27, 2019 10:21:00 AM

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.

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3 Replies
Level 15
Feb 27, 2019 10:33:41 AM

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

Intuit Alumni
Apr 9, 2019 11:20:36 AM

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!

Returning Member
Apr 13, 2019 7:25:35 PM

Csr