Facts: 2016 Dodge Grand Caravan SXT 60,000 miles Original Loan length: 8 years Payment: $454/mo Interest rate: 3.49% I currently owe: $22,258 Expected payoff date: June 2024 KBB value: $11-14k
Story Time: We bought this with the plans to grow our family. Financial situation changed and we decided not to expand.
Starting to feel like this is a waste of cash.
I asked my local dealer what my options are with them and they said there is nothing they can do unless I trade it in for another new car since it has an outstanding loan balance. He said this is because they can roll the remaining balance over to the new loan. But they can't do that if I wanted a pre owned car because rolling over a loan isn't allowed by law when purchasing a pre owned vehicle. Probably bullshit?
So I'm wondering, what are my options to get out of my commitment without impacting my credit score? This monthly payment is killing me and freeing up half the payment would help.
My plans are to purchase a used car (cash) for less than 10k but would it just be wiser to pay $10k on the loan and then trade in for something more economic?
TIA
Submitted March 28, 2019 at 07:29PM by randomsnowflake https://ift.tt/2CGM5Jq
