Upside Down and Under Water on a Car Loan | Edmunds.com

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edited April 2015 in General
imageUpside Down and Under Water on a Car Loan | Edmunds.com

Being "under water" or "upside down" on your car loan means you owe more than the car is worth.

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Comments

  • Linda1973Linda1973 AlabamaMember Posts: 1
    Hello, I am in need of advice. I am currently in a car loan with buy here pay here dealership. My income has been reduced recently and my payments are too much. Ofcourse my car has been up to date on payments but I owe too much. How can i get out of situation . I need transportation .
  • nmbestnmbest Member Posts: 1
    Hello, I am in such a dilemma. I am financing since February 2018. My car was vandalized, phantom hit and one at-fault. As a result maintaining full coverage insurance is beyond what I can afford on top of my car payment. The fact these three things remain for three years. I have no choice it seems then to surrender vehicle. I am so, so disappointed in myself.
  • LadyteeLadytee Member Posts: 1
    I owe $24,000 on a car that is only worth $5,000. I can no longer afford the car and I previously traded in a car and they attached negative equity from that car to current car. I don’t know what to do! Thinking of just giving the car back!! I’m stressed out!!
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