What do you do when you’re upside down on your car and need to get out of it due to a high note and divorce?
by Mortgage Rates on Tuesday, September 28th, 2010 | 5 Comments
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That is tough…Hope it burns up and you have GAP coverage
unfortunatly, your in a bind. You may be able to talk to the lender and get a better rate. Or give it up and get another car before it hits your credit report
Wow sorry to hear that. Car divorce house. The only way is have equity in a house and refinance roll the extra cash into paying off the car but then you are paying off a twenty, thirty year home loan. Which is not all bad. Talk to bankers arrange to pay off the car as fast as you can. Be sure you have gap insurance on that car just in case, heven forbid it gets totaled. Regular insurance will only pay for the value of the car not the extra money loaned on it.
I’m a professional but the question is confusing. I suggest you talk with a professional there locally.
If you accepted the note on the car in the settlement I’m afraid you’re stuck w/ it. I would however consider it 7-10k in college education. You may just be out of luck.