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by nick on December 30th, 2007

nick

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I have a big loan for my 2006 crossfire which i just can't afford anymore. I want to get rid of it. I owe more than what it is worth with all the interest and fees so i can't sell it. what legal action will be taken against me.

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  • by Yarnlady is happy every day on December 30th, 2007

    Yarnlady is happy every day

    What you have is called an "Upside down loan", because you owe more than the asset is worth. What you can do it take it to a reputable dealer. He will pay off the loan, and sell you a car you can afford, with lower payments, longer term, but higher interest rate.

    Another solution is to take out a personal loan for a longer term, with lower payments, but both of these solutions are based on higher interest.

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