QuestionI have a 2003 GMC Envoy XL. My payments are 591.05 mo. with
an interest rate of 17.25% with approx. 42 months left.Payoff is 19,693.67. Ideally , I would like to lower my payments , so I can buy something more economical. Thank you
Answerhi Robert
I could be a nice guy on this panel answering this question with pity towards you and not get a bad rating should you decide to enter one, but the truth is you made a major mistake buying an expensive vehicle at 17.25% interest and your in a hole with very few options, your credit is not all that great and every month your making payments you only get in deeper...
your up-side down about $ 5000.- $7000. unless you can find this cash somewhere your stuck with current payments, should you decide to sell, trade is out of the question no lender will tag on that kind of negative towards another purchase...
your options... ask lender to extend to 60 months to lower your payments, its not a good option unless your able to terminate loan way before due date, but this way your credit score will not be affected...
sorry to be very blunt, but your choice is repo and blemish your current credit further or live with your mistakes...
go to my website and check out this page what I think about poor credit http://www.usedcartips.org/CREDI.html
