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Posted in Auto Loans
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Question By
Samanthaw2012

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I owe way more than my car is worth. What can I do?
I owe 19k on a car worth 10k. It's ridiculous paying for a car I hate with a 400$ monthly payment. Is there anything I can do to help?

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Reality Check!

Helpful to 1 out of 3 people

Most vehicles drop in value as soon as you drive it off the dealers lot. It's a the same for everyone. 

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Most people usually buy a car because they really like it.  Not sure why you bought a car you hate.  I hate liver.  It doesn't mean I'm going to go out and buy some. 

I can tell by the difference in amounts ($9,000) you made a lot of mistakes.  Appears you bought with $0 down and/or traded in another car you were already upside-down in.

My advice?  You better find something about your car that will make you love it.  Unless you have the $9,000 to cover the negative equity,  two are going to be best friends for quite a while.  Pay this car down, or better yet, pay it off before going car shopping.  Put yourself in a positive position instead of a negative one.  Be more careful in the future.  Do your research, and don't be so impulsive.

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