Hello everyone. What are ways of taking care of an upside down car loan?
Aside from having the cash to pay the difference, not much. If you try to private sale it, you’ll need cash and a way to get the title from the bank. If you want to turn it in to the dealer to get rid of it, you’ll need cash to do so. And if you trade it for another vehicle, the underwater part will just get tacked on to the new loan defeating the purpose. Some people have had success with getting small personal loans to use as the cash to get out from an underwater car and then pay that back without the weight of the car payments, insurance, repairs, etc hanging over them.
