|
 Dear
Terry,
I read your article on not trading in a car too early. Well, I did that last year and am now several thousand dollars upside down. Is there any way to get out of this car, besides waiting for the payoff amount to come down?
-- Matt
 Dear
Matt,
Unfortunately, there's no magic bullet to solve the problem of being upside down on a car loan -- owing more than the vehicle is worth.
If you're unable to make some extra payments to bring down the balance, the only viable option is to keep the loan current until it matches your car's value.
One thing to avoid: Don't get talked
into trading in yet again and rolling the negative
balance over into the new loan.
 |
| Here are this week's reader questions: |
|
|
|
|
