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Picked the $389 payment over the $210 one and I'm kicking myself 14 months later
When I bought my CR-V at Riverside Auto in March of last year, the salesman laid out two deals: 72 months at $389 or a base model at $210 with zero extras. I went with the shiny one because it had heated seats and a sunroof, and now I owe $19,400 on a car worth maybe $13k. My buddy just did a refinance through a local credit union and knocked $140 off his payment, so I'm wondering if that same move works when you're upside down like this. Has anyone here actually gotten a refi approved with negative equity, or do I need to just throw extra money at the principal first?
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reese_taylor6922d ago
So I owe $19,400 on a car worth maybe $13k" is not as bad as it feels, honestly. Being a few grand upside down is normal for anyone who financed a new car with extras, and plenty of people refinance at a lower rate even with negative equity, the bank just looks at your credit and the loan to value a bit closer. Your buddy's $140 drop came from a better rate, not from being right side up, so go talk to that same credit union before you start throwing money at the principal.
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