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Posted in Auto Loans
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Question By
chellekl

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I have a nissan altima I got new in 2012 Payoff is $23k Can't make the pmts Whats my best option?
I bought my nissan altima new in 2012. I had negative equity when I traded & an unbelievable interest rate. At the time, it basically had to happen & was fine then. Now income isn't as much & most likely going to go down again. I can no longer make the $600/mo. payment & there is no way to trade. What is my best option to get out of this car? I'm trying very hard to repair my credit so I don't want a repossession on it but I'm not sure what else to do.

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What's a car like that worth? How much underwater are you on the loan? Providing that information would be helpful to answer your question. I would look it up, but I really have no desire to know what a 2012 Altima is worth and it is something that you should know. I am not familiar with the Nissan Altima but $600 a month sounds crazy and they never should have let you get into a loan like that.

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Can you raise the money to make the difference up for the amount remaining if you could sell the car? Could you find things to sell that you don't need? Could you get a second job so you can continue to make the payments and pay extra to get the loan above water? Could you get a loan to make up the difference for the balance owed if you sell the car? Questions like this is what I would be asking myself.

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If there is no way to be found, then you can let them repo the car and take a hit on your credit for 7 years and assume that you will be sued for the remaining amount owed after the car is auctioned or you can speak with a bankruptcy attorney and see what they have to say, which that would damage your credit for a long time as well.

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I wish I had a better answer for you, I guess the simplest and best answer would be to find more income.

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