About 3 years ago I got myself into a bad car loan on a used car, for a car that I think I paid more than blue book value. I refinanced about 6 month into it and it came down just a little. I had poor credit at the time so not alot of dealers/banks would work with me. I desperately needed a car to get to work/school/etc. So I found a dealer to work with me and I got a car. Turns out I paid a little more than blue book. My credit right now is a work in progress as I've been in a debt management program for about 2 years now (CC's and loans in the program) and that area of my debt should be free in about 2 more years. My question is would there be a way to get out of this bad loan? I love my car but i'm willing to trade it in for something older if it means getting out of this loan. Its a 2002 jaguar x-type w/roughly 75k miles and I have about $15K left on payments. I've thought about selling it but I'd have to pay it off first or I'd have to pay off the difference because I know I can't sell it for $15K. I don't have the money right now to pay off the difference. I also thought about trading it in, but that would involve using my credit and I may end up with an even bigger loan than what I have now. I've also considered maybe trying to get refinanced again, but with my credit the way it is I probably won't get approved right now. Any advice??? Just keep it and pay it off???
On a trade in they would add the difference on to a new loan so then your paying more for an older car.Most dealers won't do that now.So your left with slicks auto sales.
Welcome to the new economy. I hate to be doom and gloom, but GMAC has publicly stated they won't finance anyone less than a 700 credit score. I realize that is only one lender, but I'm sure others will be following. Who refinanced it for you the first time? Do you have perfect history with them?
