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I'm upside down on my current vehicle, but need to advice on moving forward!?

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  • I'm upside down on my current vehicle, but need to advice on moving forward!?


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Answer #1 | 23/07 2014 14:44
You were upside down when you drove it off the lot unless you put down a big down payment - keep paying the car payments and pay extra every month toward principal and you will be right side up sooner than later.
Positive: 66.666666666667 %
Answer #2 | 23/07 2014 18:21
The good news is that you are aware of being upside down. Most people don't find out, till in an accident, is totaled, only to find that insurance pays fair market value and if not to pay off loan, then no car and still owe on the loan till paid. Unknown how old the car is, but look into GAP insurance. I believe you can buy up to 8 years old vehicle. Then if in an accident, if insurance not enough, GAP picks up and pay off loan. Do as the others posted also.
Positive: 66.666666666667 %
Answer #3 | 23/07 2014 14:50
My advice is the same as CB - try to pay extra so you can catch up and pay it off ASAP. If you are thinking about trading it in when you are upside down, think again, you'll just be rolling one problem into another, then you'll be even more upside down than you are now.
Positive: 50 %
Answer #4 | 23/07 2014 15:06
Make extra payments and get it paid down as soon as possible. Then start saving for your next car. Save up an extra big down payment before you buy your next car. Don't push the limit on what you can afford. Buy something less.
Positive: 50 %

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