QuestionI have a 2001 Infiniti I30 with $6000 negative equity and I want to get rid of this car. Any suggestions other than having $6000 cash to pay the negative equity. Why won't lenders put this much negative equity into a new contract?
AnswerHi Stephanie
I wish I had a magic wand to make your problem go away, but I don't.
Your stuck in a no win situation, the lender's on average will allow approx 10% over book value which still covers value of vehicle should you default, with $6000. negative the lender will be way up - side down should you stop payments.
You can let vehicle become a repo, but with that action you will have a blemished credit for years to come, your best bet is to face facts and live with the loan till its paid and start fresh.
Stephanie, with the information you provided thats the only answers I can provide, if you like to explain how you got $6000. negative contact me through my personal email address through my website http://www.usedcartips.org/ with more details from your end, and if there is a better way to get out of this mess I will know
Ray
