How can i get out from under an upside down car loan?
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There is no legal and honest way other than to pay down the debt. If you need to trade cars, you might be stuck.
A car loan longer than 24 months is not very smart for just the issue that you bring up.
If you have a big loan, get a second job and apply all of that to the loan until you are back topside. Then keep saving until you can buy a new vehicle with no more than a 24 month loan.
Hard work. Hell ya. Doable. Hell ya.
How can i get out from under an upside down car loan?You can't just "get out"- if you owe more then your car is worth.. well.. you just have to pay for that extra you owe.
If the car ISNT totalled and your still driving it... and your just worried b/c your upside down... i suggest you start making more then minimum monthly payments. Also, get gap insurance in case it does total so you wont have to pay the extra.
If your car is totalled.. well.. nothign you can do now. They will pay actual cash value.. and you will owe the remaining balance. Just try to not get yourself in that mess in the first place next time.
How can i get out from under an upside down car loan?Take out a huge insurance policy and dump the car in Mexico, or jump it off a cliff. Otherwise you are screwed! Good luck and remember insurance fraud is only illegal if you get caught.
How can i get out from under an upside down car loan?Pay it.
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