Verified answer

You are pretty much stuck . lower your payment ? About the only way you could do that is to sell the car for less than the loan amount . At the same time you would have to take out another loan to pay off the balance of the loan so would be able to sell it. you have to pay off the loan for bank to release the title so you can sell it.

Then you would no longer have the high insurance payment and you would only be paying on the new smaller loan you took out to pay off the balance of the car loan.

Then ride a bicycle or cheap moped until you pay off the smaller loan.

Then you could buy a used car that you can afford.

Or make your husband get a second job so he can rapidly pay down the loan balance on your car to the point you can sell it with out taking out a new loan.

no easy answers , you need to make more money .

1

Your question is hard to read with no capitalization, no sentences, no punctuation -- but the answer to your looooong question is that you must stick with your current car and loan until you are no longer upside down, or very close to not being upside down. There is no other option that will not cost you thousands of dollars in cash -- either to sell your car and use extra cash to pay off the loan, or trade and make a huge cash down payment to get into another car. The simple fact is that you owe the money and that money must be repaid, somehow, some way -- regardless of what your car is worth.

All you can really do is stay in the car you're already driving and pay it off. There's no way you can trade it, even for some dinky used car, and get rid of your current loan. And since your previous loan is folded into that it would just make matters worse. Cars depreciate by thousands of dollars the moment you drive them off the lot, so you're never going to be able to realize money from a car that you've financed. The exception would be if you drive a car for 5+ years after you've paid it off ... that way any money you get for it when you sell or trade it could be considered profit. Of course, that all goes away as soon as you trade it for a new model!

Any time you are upside down like you are you are basiclly screwed if you try to get rid of the

car you are on the hook for the amount it brings and the remainder you owe on the loan.

Find out what the buyout on the loan is if you were to get rid of it. Talk to your local bank or

Credit Union and see if they will try to help you out but don't be surprised if they say no deal.

I wish you well hopefully you will learn to not trade a car in until it is paid for. Also make sure

what ever you want to buy you have the resources for the purchase.

If you could trade, and you cant, your payments would be higher and you'd be more upside down.