Tips on Buying Cars: Upside down with credit problems, magic wand, car accidents

Question
"My husband and I were desperate to get new cars after we both had car accidents within a month of each other. Well that desperation landed us with two auto loans with 22.5% (whew!) interest rates on two used cars. It goes without saying that both of us have credit problems. Anyway, that was a year and a half ago and my husband's 02 Grand Cherokee with 77,000 miles is having problems that even the dealership can't seem to solve. He is ready to trade in and get something more reliable. But here is the list of problems with that: 1. We are extremely upside down in that loan (About -$9,000); 2. He was 35 days late on one payment last December so our credit hasn't really improved much; and 3. We don't have a down payment to balance anything out. I feel that we should wait as long as we possibly can before we try to get something else but he is anxious because the truck quits on him about once a week. It almost feels that we are in another desperate situation but there has to be !
a better solution, PLEASE HELP!!"

Answer
Hi Bobbie

Ouch, this is as bad situation, I wish I could wave a magic Wand to make your problems go away but at 22.5% Interest along with $9000. negative and late payments there is no answer except ride it out or a bankruptcy and then start fresh.

You will never be able to trade with a negative factor that size, if you want further input as for some options leave a phone number with best time to contact - make sure you check the " make Private box " or your phone number will be posted on the Internet

Ray
http://www.usedcartips.org/