I can't make headway on this loan. I have been told to pay double, and make extra payments and so on. The value of the car is under 10k. Currently, if I continue paying on my car I will spend over 36k on it.
I went to a dealership to explain my situation, they said that even if I threw 10k at my current car, it would be like burning that cash, even if I refinance it I would still owe 10k on a car not worth that.
I asked about surrendering the car, they suggested waiting after getting another car loan established for about thirty days to do that.
Mathematically I'm screwed with my current car and loan, and would be able to get a new loan for under 8% at the very most.
I don't take the situation lightly as I have brought my credit up from 520 up to the 650 in the last year and a half. They say the impact to my credit score might not be as bad if I secured another car loan before before giving up my current one.
Thanks ahead of time for the feedback on my situation.
Submitted February 26, 2017 at 12:04AM by migzors http://ift.tt/2lSCw2r
