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Kurt is Upside Down In His Mitsubishi Endeavor Car Loan And Wants Out

Kurt

“Dear Steve,

I have a 2006 Mitsubishi Endeavor that i just purchased in June of 2008, I want a truck so I have the box to carry bikes, sleds, and home material like lumber, etc. It suits my work life much better than a SUV.

I owe lots of money as I traded in a truck for a Mitsubishi Eclipse last year then traded the Eclipse for the SUV. How can I get out of this and be able to get a truck that suits all my needs? Can you help me out here?

Can I get out of this situation and get a truck that suits all my needs or is this something that I have buried myself with?

Kurt”

The Answer

 

Dear Kurt,

In auto finance days of old the way you got out from under a car loan where you owed more than the vehicle was worth was to roll the debt forward. The dealer would lend you enough money to pay off the old loan and buy the new car. While this got you out of your old car loan it just buried you further in debt.

I think the recent purchase of your 2006 Mitsubishi Endeavor has buried you deep without a real chance of financing your way out this time. It is very hard for car dealers to arrange new financing and as upside down as you probably are, it would be near impossible. Honestly, I seriously doubt you would find a reputable lender to bail you out of this mess.

The only way to get from under that loan would be to sell your SUV and then reach into your pocket for the difference between the sales price and the loan amount and pay that difference off. That’s the only way you’ll get a clean title to transfer.

The Answer

 

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • sara

    My husband and I have 3 carpayments and a mortgage he lost his job 6 months ago and returned to a new job 5 months ago but it is a commision only job we are behind on our house,cars,and are now falling behind on basic bills how do we fix this mess?

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