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How to get out from a car loan your underwater on?

 
Anonymous Coward
User ID: 683924
United States
06/04/2009 09:15 PM
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How to get out from a car loan your underwater on?
What is the easiest least detrimental way to get out from under a car loan you owe much more than your car is worth. I am upside down about $6000.
Anonymous Coward (OP)
User ID: 683924
United States
06/04/2009 09:16 PM
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Re: How to get out from a car loan your underwater on?
Not sure why it double posted sorry about that.
Moncrieffe

User ID: 538386
United States
06/04/2009 09:18 PM
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Re: How to get out from a car loan your underwater on?
Am I wrong? Aren't you pretty much "underwater" the moment any car leaves the lot (new car, anyway)?
mathetes

User ID: 514914
United States
06/04/2009 09:19 PM
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Re: How to get out from a car loan your underwater on?
What is the easiest least detrimental way to get out from under a car loan you owe much more than your car is worth. I am upside down about $6000.
 Quoting: Anonymous Coward 683924

I could tell you but its illegal
For I would not, brethren, that ye should be ignorant of this mystery, lest ye should be wise in your own conceits; that blindness in part is happened to Israel, until the fulness of the Gentiles be come in.
SubarcticBeef

User ID: 560939
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06/04/2009 09:21 PM
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Re: How to get out from a car loan your underwater on?
What is the easiest least detrimental way to get out from under a car loan you owe much more than your car is worth. I am upside down about $6000.

I could tell you but its illegal
 Quoting: mathetes

Burn it?
Large and Powerful
[link to i154.photobucket.com]
Windsage4 nli
User ID: 625711
United States
06/04/2009 09:25 PM
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Re: How to get out from a car loan your underwater on?
Wow, that's a lot. I just bought a new car on Sunday and they wrapped $3,000 into my new car loan, the difference between what I still owed on my old car (6,700) and what they said they would give me as its value (3,700). I know I kinda got screwed on that but I was sooooo happy to get out from under that old car. It had 104,000 miles on it and was coming up on some *very* expensive repairs.

Worked for me, I'm in a 2010 Honda Insight, their new hybrid, plus I think I get a pretty hefty tax credit for buying a hybrid. I really had no other option, in my circumstances. Well, I suppose I (60 years old female) could have gone carless for about a year and saved up a down payment, not likely. tounge

Car dealers are freakin out these days, they will bend all kinda rules for you, just to make a sale.
mathetes

User ID: 514914
United States
06/04/2009 09:25 PM
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Re: How to get out from a car loan your underwater on?
What is the easiest least detrimental way to get out from under a car loan you owe much more than your car is worth. I am upside down about $6000.

I could tell you but its illegal

Burn it?
 Quoting: SubarcticBeef

I had a good friend who was an insurance adjuster...he once told me everybody gets 1 and only 1 after that the big house

Of course I had no ideal what he was talking about :)
For I would not, brethren, that ye should be ignorant of this mystery, lest ye should be wise in your own conceits; that blindness in part is happened to Israel, until the fulness of the Gentiles be come in.
Anonymous Coward
User ID: 658410
United States
06/04/2009 09:26 PM
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Re: How to get out from a car loan your underwater on?
Am I wrong? Aren't you pretty much "underwater" the moment any car leaves the lot (new car, anyway)?
 Quoting: Moncrieffe

Depends on the deal you make.
Windsage4 nli
User ID: 625711
United States
06/04/2009 09:27 PM
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Re: How to get out from a car loan your underwater on?
BTW, if you take the new car route, be SURE you purchase gap insurance, it would cover the difference between the amount you financed and the replacement value of the car if your car is totalled, an amount which is likely to be many thousands of dollars which you would owe out of pocket if you didn't carry the gap insurance.
Anonymous Coward
User ID: 484868
United States
06/04/2009 09:29 PM
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Re: How to get out from a car loan your underwater on?
Stop paying the loan.
Park it where the repo man won't find it.
Anonymous Coward
User ID: 692701
United States
06/04/2009 09:31 PM
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Re: How to get out from a car loan your underwater on?
I'm driving a 2000 Ford Crown Vic, 8-cyl, 25 mpg highway with 190,000 miles on it. Doing regular maintenance and making repairs when needed. Just replaced universal joints on one wheel. Just bought new tires with 80,000 mile warranty and expect to ride this at least to 250k miles. No payments for me until I figure out which way the car industry is going.

Also, I've bought a bike rack and the bike goes with me a lot of places. Park it and pedal when I can!




Wow, that's a lot. I just bought a new car on Sunday and they wrapped $3,000 into my new car loan, the difference between what I still owed on my old car (6,700) and what they said they would give me as its value (3,700). I know I kinda got screwed on that but I was sooooo happy to get out from under that old car. It had 104,000 miles on it and was coming up on some *very* expensive repairs.

Worked for me, I'm in a 2010 Honda Insight, their new hybrid, plus I think I get a pretty hefty tax credit for buying a hybrid. I really had no other option, in my circumstances. Well, I suppose I (60 years old female) could have gone carless for about a year and saved up a down payment, not likely. tounge

Car dealers are freakin out these days, they will bend all kinda rules for you, just to make a sale.
 Quoting: Windsage4 nli 625711
Anonymous Coward
User ID: 692701
United States
06/04/2009 09:32 PM
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Re: How to get out from a car loan your underwater on?
they always do


Stop paying the loan.
Park it where the repo man won't find it.
 Quoting: Anonymous Coward 484868
The Chef

User ID: 671624
United States
06/04/2009 09:45 PM
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Re: How to get out from a car loan your underwater on?
do you have gap insurance?
Anonymous Coward (OP)
User ID: 683924
United States
06/04/2009 09:49 PM
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Re: How to get out from a car loan your underwater on?
No gap insurance, I have been looking at that gas guzzler credit program they are thinking about passing. If that happens I should qualify for the $4500 credit, that would definitely close the gap quickly. Then a deal with some dealership could possibly get the rest of the way. Other than that I guess I am stuck driving it till the wheels come off.
The Chef

User ID: 671624
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06/04/2009 09:53 PM
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Re: How to get out from a car loan your underwater on?
Since you don't have gap insurance that rules out some of the options considered above. You could possibly find a deal this weekend I believe all the Dodge dealers that are closing have to have cars sold by the 8th. Other than that you have few options I'm afraid. I had a similar situation a few years back and I will never buy a new car again. I now buy all my cars at auction.
Anonymous Coward
User ID: 558772
United States
06/04/2009 09:59 PM
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Re: How to get out from a car loan your underwater on?
i paid 11,500 for a 1997 avalon 7 years ago and it just turned 205K and i will keep it until the wheels fall off and the car is an absolute cream-puff.
Anonymous Coward
User ID: 642285
United States
06/04/2009 10:18 PM
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Re: How to get out from a car loan your underwater on?
I've got a 2008 Range Rover HSE. Not the super-charged version and not the Sport. Just a full sized Rover. Sucks gas until I had the chip reprogrammed (they give you a new one and take out the old one.) And re-worked the exhaust a bit.

The result is that now I pass emissions still, but just barely. However I went from 12-13 mpg city to 17-19 mpg city. MY highway mileage went up substantially, too. It's over 22 MPG now. Not economy car rates, but vastly better than the stock version that's 50 state legal.

The 'new chip' cost about $400 and I'll save that on gas in a year or two. The reworking of the manifold and exhaust system was a bit more costly. They removed a lot of the old system and replaced it while making the computer believe it's seeing the right signals from the involved sensors.

But it worked. Pity you can't buy them like this.
Compu_linguist

User ID: 658664
United States
06/04/2009 10:21 PM
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Re: How to get out from a car loan your underwater on?
The key word is UNDERWATER...
De Bunker Hiding in a Bunker.
Anonymous Coward
User ID: 695077
Portugal
06/04/2009 10:23 PM
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Re: How to get out from a car loan your underwater on?
My underwater?
Anonymous Coward
User ID: 681616
United States
06/04/2009 10:26 PM
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Re: How to get out from a car loan your underwater on?
if you can't pay cash for it, you don't deserve a car.
lol at the repo business i will have next year )
thanks for keeping me in the lap of luxury chumps
Anonymous Coward
User ID: 429261
United States
06/27/2009 01:44 PM
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Re: How to get out from a car loan your underwater on?
if you can't pay cash for it, you don't deserve a car.
lol at the repo business i will have next year )
thanks for keeping me in the lap of luxury chumps
 Quoting: Anonymous Coward 681616


Goofy Thum
Anonymous Coward
User ID: 413608
United States
06/27/2009 01:48 PM
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Re: How to get out from a car loan your underwater on?
I was sooooo happy to get out from under that old car. It had 104,000 miles on it and was coming up on some *very* expensive repairs.


 Quoting: Windsage4 nli 625711

A dispensable society.

was it $3000. worth of repairs?

fix the damn car and keep driving you fool! the garbage dumps are full!

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