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Posted in Auto Loans
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Question By
Izmir621

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0 People Helped
Under water on car loan
Needed a car quickly, my tranny was going out. I'm 70 with low FICO about 550. Got royally screwed by a tiny used car dealership. 2005 Volvo S40 they took interior apart and messed it up; brakes going out after 2 months. Stuck me with 48 month loan for $300/month when car KBBs out at about $4,000. I was totally stupid, stupid and now I can't see paying $15K for a car that won't be worth $2K when it's paid off. Should I just walk away from it? I don't know what the hell to do.

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Top Contributor
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Your options are very limited with your low credit score. Your payments are high because you're being charged a high interest rate. You're not paying $4000 for the car per se, but to someone giving you a loan because you're considered high risk. If you walk away from the loan do you have another vehicle you can utilize?  Maybe you can work out a deal with the same dealership on obtaining something more reliable.  No one (else)  is going to refinance your loan on a ten year old vehicle.  

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