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anyone know of any ways to....

My sister is backwards in her car loan, the loan is more than it is worth. Anyone know of any ways to get it even? Re finance?

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Anonymous

Asked by Anonymous at 10:20 PM on Sep. 12, 2010 in Money & Work

Answers (5)
  • How long was the original loan for? How much longer does she have to pay on it?
    Courtney610

    Answer by Courtney610 at 10:39 PM on Sep. 12, 2010

  • If she can scrape up a chunk of money, she may be able to re-negotiate the balance and pay it off. This is possible if the lending institution thinks that she might walk from the loan. Don't use debt consolidation companies, they'll mess this all up.

    Maureenmich

    Answer by Maureenmich at 11:26 PM on Sep. 12, 2010

  • The only way to get it even is to pay down on it. Refinancing generally will make it worse - unless she makes it so that her payments are higher and a shorter period of time (she will be un-even for now, then catch up faster).
    science_spot

    Answer by science_spot at 6:07 AM on Sep. 13, 2010

  • BTW - it is very common to be nackwards on an auto loan... in general car loans are not a good idea since they lose value so fast!
    science_spot

    Answer by science_spot at 6:08 AM on Sep. 13, 2010

  • I'm not sure what you mean by the loan being backwards?
    HotMama330

    Answer by HotMama330 at 12:13 PM on Sep. 13, 2010

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