QuestionHi I have a loan on my 2003 pontaic. I owe around 10,500 on it and its worth about 7500 private party. Its gotten to the point where its too expensive for me to maintain and with gas prices the way they are I just can't keep a v6 car.
I was thinking of refinancing a 3 year term with 1,000 down so the owed amount can catch up to its net worth. Cash flow is not a major problem for me but this car is depreciating way faster then the loan is diminishing and its parts are way too expensive. What should I do?
AnswerHi Jeff
your about 3 to 4 grand up-side down and you realize your going no-where I like that, not to many consumers realize sometimes staying with a loan your no further ahead in the long run
Your thinking is good get rid of the negative and get the loan paid in full, and start fresh.
Stay with what you got and pay it out, trading into a less expensive car on gas will most likely leave you with a negative balance down the road,when you get to not being negative lets make sure your next purchase leaves you in a positive frame throughout your payments, check out my website http://www.usedcartips.org/ when you think your ready to trade get back in touch with me, and I will guide you getting value for your bucks
Regards
Ray
