Once upside down, always upside down?
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Once upside down, always upside down?
| Tue, 04-07-2009 - 6:49pm |
Good evening, I have a car question. I have a 2003 car with 93,000 miles on it. I owe roughly $10K on it. I obviously drive a lot. It had about 45,000 miles on it when I bought it in Sept. 2006. It was a five year loan. I am upside down in the car and was thinking of selling it or trading it for a cheaper commuter car. My question is: once you are upside down in a car can your ever get out from under that or are you stuck? I know some loans are structured where you pay most of the interest in the first years and more of the principle towards the end. Does anyone know about car loans?
Thanks,
Jenny

I can't give advice on the specifics of car loans, but DH had a similar situation.
Sadly, I worked in finance for 20 years at a bank and I'm still upside down on my vehicles.
Norma
"Patience is the best remedy for every trouble"- Plautus
Even with a 0% car loan you will probably be upside down at some point in the loan.