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Debt Relief – Insolvency – Bankruptcy Information » Bankruptcy Help » I am financing a car but I owe double what it’s worth-How can I get from under this and get a less $$ car?

I am financing a car but I owe double what it’s worth-How can I get from under this and get a less $$ car?

I have just come out of bankruptcy due to divorce, so my credit is tanked. But I kept my car and have been making the payments, but they are really high. I can’t sell the car, I owe 10k and it’s worth 5k. I want a lower car payment, and I am sure that won’t happen by trading it in. Are there any real solutions out there or am I just stuck with this?

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5 Responses to "I am financing a car but I owe double what it’s worth-How can I get from under this and get a less $$ car?"

  1. betotron says:
    find a honest dealer
  2. Charlie T says:
    No dealer can help you, honest or dishonest. The only thing you can do is to try to pay any amount that you can over the payment amount each month and get the car paid down asap.
  3. Scott H says:
    You’re stuck in an upside down loan. With a value of 50% of the amount owed on it, you can’t get rid of it. Pay it down as fast as you can.
  4. n says:
    2nd job. Save every penny & pay towards the car.

    Even then. you can forget trading it because you wont be able to get financed on another car.

  5. crb says:
    Your bankruptcy attorney should have discussed this with you. He could have filed a redemption motion so you could pay off the car for what it was worth.

    Did you file a reaffirmation on the car loan? If so, is there still time for you to reject it? If you did not reaffirm, you can just walk away from the car. If you did reaffirm, and its too late to reject it, then you probably are stuck.

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