Breaking Free: Smart Ways to Get Out of Car Payments
Download MP3๐น Why Are Car Payments So High?
- 1 in 5 people currently have a car payment over $1,000.
- This was once the cost of rent, but now itโs the price of owning a car.
- Many find themselves financially stuck, unable to move, change jobs, or make big life decisions.
๐น The Problem of Being Upside Down on a Car Loan
- Buying a new car feels exciting, but after months of paying, the burden sets in.
- Many car owners end up owing more than their vehicle is worth.
- Rolling negative equity from a previous car loan into a new one makes it even harder to escape.
๐น How to Get Out of a High Car Payment
- Car Short Sale:
- A little-known option offered by lenders.
- Instead of voluntary repossession, which harms your credit, you negotiate with your lender.
- Sell your car and have the lender waive part of the remaining balance.
- Check the link below for ways to work with your lender and escape the debt.
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