Best Answer

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.

User Avatar

Wiki User

โˆ™ 2015-07-15 19:09:47
This answer is:
User Avatar

Add your answer:

Earn +5 pts
Q: 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?
Write your answer...

Related Questions

If your annual mortgage payments total 13986.00 how much of a mortgage can you get?

Based on a 30 year mortgage with a 4.5% interest rate, you could afford a house that was worth $230,025

You owe 4000 dollars more than your car is worth you can't afford payments what are your options?

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.

2005 jeep wrangler that is worth 10.000 but i owe 21000 i am screwed cant afford the payments anymore which are 500.00 i can't trade it in i need help?

Time for a second or third job.

How can I keep my house even if I can't afford to make the payments and pay for home improvements and pay for insurance and taxes?

This may come as a shock...but one doesn't just have a right to have things they want...and they should expect major disappointments if they think others should give it to them. But it's a rhetorical, self answering question. You can't afford to have what you can't afford. So, when you find out how to afford what you can't afford, as that trick would be worth billions, you would be able to afford it! Otherwise...begging, stealing or marrying the money is your best alternative.

How do I decide whether to get a point and shoot, or a digital SLR?

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.

What can you do if you have a child on the way and your car payments are now too high to afford but you got a great rate at 2.9 when you bought the car?

Sell the car person-to-person. Never take it to a dealership to sell or trade, you almost never get what it is worth. If you cannot sell the car, try refinancing. You'll get a higher APR and pay more interest in the long run, but you can extend payments and keep your car (plus afford the payments). give the car back buy a 500 dollar special, spend the car payment on the kid

Cant afford car payments anymore?

whatever you do, don't let it get reposessed or voluntarily give it up. Your credit will be ruined for 7 years and you will still have to pay the difference between what they sell the car for vs. what you owe on the loan. If you don't owe that much more than it's worth try trading it in on a cheaper car and roll the difference onto your new loan. You'll be paying for it longer but your payments will probably be a lot less. Or sell it yourself (you'll get a lot more) and pay the difference to the finance company out of your pocket. If you owe a lot more than it's worth you're just going to have to suck it up and make the payments. If you don't you will regret it.

How do people refinance there home loans?

My parents have had to refinance due to the monthly payments being unreasonable for the income. Refinancing is done through the bank. They come out and evaluate how much the house is worth and suggest options on payment.

If you have a 5th wheel trailer that I can no longer pay I owe more than its worth What happens if I stop making the payments?

A nice man/woman called a recovery agent will come and pick it up.

What is Jay Leno's car collection worth?


How much dollars is the 1969 dodge charger worth?

That depends greatly on the condition of the car and the options it was built with. It could be worth $200 or 100,000That depends greatly on the condition of the car and the options it was built with. It could be worth $200 or 100,000

What can you use a a refinance calculator for?

A mortgage calculator can be used to find out if it is worth it to refinance your monthly payments, if it will lower your payments and if you would save on interest and fees. By entering your data you can decide if it is worth it to refinance your home mortgage.

What does hes overpaid but hes worth it mean?

The sentence: He has overpaid but he is worth it, means he is rich so he can afford to overpaid. It is basically an insult.

How much are Rolls-Royce models worth?

It means you can't afford one.

How much is Cuban money worth in the US?

more than you can afford 93 cent but just go to Zimbabwe its worth way more

How much is mclaren stock worth?

its more than any one could afford in elfrida

Is a maverick 12gauge wood stock made by mossberg worth buying?

It it is all you can afford, yes.

If a car was repossessed and you called and said you would pay all late payments why wouldn't they let you have the car back?

Perhaps the car is worth more than the remaining payments!

Does it do any good to write a biography in the sims 3?

Yes there is some worth. You get royalties from it (payments).

How do you go about bringing your car back to the car dealership because you no longer can afford to pay car payments because your situation has changed and don't want it on your credit?

the dealership will probally not take your car back unless u sell it to them at a value that they can resale downside is you'll owe the balance of the loan in which the dealership did not pay your best off trying to resell to a private party and maybe break even you may owe a little money though. but its worth salvaging your credit

When would you not carry full coverage auto insurance?

If you own a car outright and have paid off loans used to buy it, you are no longer required to have full coverage insurance for it. At this point, it a personal choice. If your car has worth that you cannot afford to lose in the case of an at-fault collision or theft. On the other hand, if the vehicle is older or not worth so much, it may not be worth it to pay for full coverage insurance.

Is a Viking Gas range worth the price?

YES! Viking's are gorgeous. I wish I could afford one!

How much will a 2010 Nissan GT-R be worth in 2015?

More than you can afford pal....

How much is my ex partner intitled to from the sale of our house .she no longer lives there but we have a joint mortgage which i am now soley responsibly for paying?

Half minus any payments you kicked in for him/her, although it may not be worth the hassle trying to get that-depends on how many mos. you are talking about.

How much is flavor flav worth?

He makes around $18 per month after child support payments