Help me get rid of this crazy car payment!!!

[by-the-lake]

Hello, I hope you wise ladies can help me here. I got upside down on my car. Now, seeing I will need more room as DS is presenting with special needs, I need something cheaper and more accomodating. I am upside down about $9000 (very scary). I owe $16,667 and blue book is about 7600-8300. Am I just screwed? Any ideas?

[redvlagrl]

Eeek. That sounds bad! The only thing I can think of (not to get rid of your payment, but to get a bigger car) is to go to a dealer and trade in your car and get a cheaper car but maintain the same payments. You'll still be upside down, possibly more so, but you'd have the car you need.

Sorry to hear you're in such a bad fix.

[redvlagrl]

Is the car just an inconvenient size or truly impossible? Like, does your LO use a wheelchair so you need a ramp etc or would it just be nicer to have a bigger car? If it's the latter, then just stick it out. If it's the former then I think there are organizations that will help you out.

[MangoMommy]

That is a lot to be upside down, you'll have to roll that into the new car, which can be difficult.

[chely7425]

We are in a very similar situation, about 9K upside down on our Liberty, we are waiting till tax time and trading it in for a van so we can put some down to off set the negative equity we need to roll into the van.

[JamieCatheryn]

If you have home equity you can draw on you could refi the house to pay off the car, juggle the debt that way then aim to pay it down soon as you can.

[fullofgrace]

I have removed posts from this thread due to liability concerns and violation of the UA.

Thanks for your understanding!