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Money and Finances
Reply to "What to do first? Debt vs Savings/Retirement"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Can I get a strategy for getting rid of the expensive car that is underwater WITHOUT it ending up as a repossession on my credit report? [/quote] How “underwater” are you and how is your credit? You trade it in for a much cheaper car. Then, you either roll the existing loan amount into the new loan (not a great idea but if you don’t have a choice you don’t have a choice) or, preferably, pay off the balance with cash. But even rolling 5k remaining after trade-in nto a much cheaper loan at a lower rate will save you so much money. You can cut that payment at least in half.[/quote] I owe 30 and the car is maybe worth 24K and that's assuming I trade it into a dealership and not sell it via private party. [/quote]
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