Through the Mailbag: What You Should Do With an Upside Down Car Finance

Through the Mailbag: What You Should Do With an Upside Down Car Finance

Not long ago I received this e-mail:

Just how can we start downsizing our car we are upside down in? We are about $8,000 over this vehicle to our head and desire to get something less expensive, but essentially are stuck along with it. Just offering it straight back is not an alternative because of the negative credit struck that individuals would simply simply simply take. We’ve tried offering it ourselves, but because the fuel fiasco inside the this past year no one would like to purchase the full size SUV (we have been a household of 5, two of that are teenagers). We’ve attempted to trade it in nevertheless the dealers will not provide us with such a thing near what we requirement for it.