Reply to What to do first? Debt vs Savings/Retirement

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[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]

You'll have to sell it and write a check for the difference and come up with money for a new car (or find a way to be a 1 car family).
If you're going to a place like CarMax and buying a reliable slightly used car that is considerably cheaper than this one you could roll it into the next payment and still come out ahead.  You've really got to do the math on this--look up the value of your car on edmunds.com (appraisal of used cars) for both trade-in and private seller. Calculate the difference between that and your loan balance.  Look up the impact of changing interest rates on loan terms etc and also differences on insurance, maintenance, taxes etc.
See how much you come out ahead and if it's worth it.  If it's NOT worth it, cut some other luxuries in your life, keep the car and still start a funding plan for emergency fund, 529 plans.

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