Auto Loans and Financing
Debt Consolidation

If you owe about 45K on a car that is only worth 32K and you can no longer afford the payments what options do you have?


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2015-07-15 19:09:47
2015-07-15 19:09:47

1. Find a car with a large factory rebate(some are over $6000.00). Some lenders will allow you to use the rebate as cash down. Put down some additional cash to help with the payoff of your car, and negotiate the price of the new car down to invoice or less, and you may be able to get out of your current car.

2. If its a lease you are in, there is a service called "swap a lease" which may be able to help. They can be found online by doing a search.

3. Contact the lien holder and find out if they would be willing to refinance the car for a longer term yielding lower monthly installments.

4. Try to find someone to take over the payments.

5. Do voluntary reposesion.


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You could try refinancing for an extention, for example; if you have 12 months left to pay, get a loan for 24 months. You will end up paying more interest in the end, but your payments will be lower. Another option, sell the car for what it is worth then get a loan to pay off the rest of the car in order to get the title and sign it over to the new buyer. The difference ($4000) you had to take a loan out for can be paid off a bit easier than the whole amount. Another option, get a second job to afford the car.

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I would recommend that you buy an SLR if you can afford it. They are well worth the money. They can zoom in far and have many options to make your photos unique.

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