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Signed a 6-year loan on a used SUV in Phoenix and now I owe $9,400 more than it's worth
Back in March I walked into a lot on Camelback Road because my old Civic finally died on the I-10 and I needed wheels for work. The salesman kept pushing a 2019 SUV with 62,000 miles and I let him talk me into 72 months at 11.9% because the payment was $438 and I was tired and just wanted to go home. Fast forward to now and KBB says it's worth about $14,200 while I still owe $23,600, so I'm buried. My insurance went up $70 a month too because it's a bigger vehicle, and I'm putting maybe 400 miles a week on it just driving to job sites. I tried Carvana and they offered $12,800, which is a joke. I called my credit union about refinancing and the guy flat out laughed and said nobody will touch it with that much negative equity. I feel stupid and stuck, and I still owe 52 more payments. Has any of you dug out of a hole like this without just paying it down for years?
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clark.faith4h ago
Getting gap insurance now won't help since you already signed, but check if your loan somehow included it. If not, your best bet is probably paying extra every month to knock down that gap faster, even $50 helps. Also look into whether your credit union will refi just a smaller chunk, some will do that even if they won't touch the whole thing.
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