The Expert Podcast

If you have a vehicle that you owe a lot of money on and you're having trouble paying for it or having trouble selling it because of what the balance is, maybe you're upside down or out of equity, maybe you've been to a dealership and they told you, "Look, you can't trade it in because you owe 7–8,000 more than what it's worth." What are your solutions?

Well, what you may not know is that your original loan may have had add-ons to it that can be removed. Many times there's add-ons placed on a loan for things like gap insurance, maintenance contracts, extended warranties and service repair agreements—sometimes even things like undercoating, rust proofing, all kinds of stuff that are added on. Even sometimes false interest charges are added on.

If you remove a lot of these items, now you're closer to equity. You still may be out of equity, but you may actually be close enough to be able to trade in the car. And also, even if you're still too much, you can do a car short sale or request it from the lien holder.

Don't despair if you think you owe too much on a vehicle. You have to take a look at your contract, and we have services for that. You can click the link below to see what add-ons or what inflationary items were put on your loan.

We will be back in your video in just a few seconds. In the meantime, remember that actualhum.com offers you live one-on-one private video consultation with an expert in this exact subject. We want to listen to your story. We want to hear your questions. We want to give you expert advisement of your options and tell you what we know about your particular situation.

Now, back to your video. Arbitrarily raising up the principal amount—now, if you remove them, it's not going to lower your payment, but it will get you closer to being able to sell the vehicle, to trade it in, to do something else with it.

In addition, there may be programs with your lender to either refinance the lower amount or maybe sell it, and whatever balance is left, maybe have small payments on that. Don't give up just because you think you owe more than it's worth.

Get a proper payoff without the interest. Look at what your add-ons are. Look at the hard add-ons and the soft add-ons. There's a difference between the two. Take a look at how you can get a lien release for that vehicle so you can sell it, trade it in, maybe trade down to a lower payment, or maybe just get rid of the vehicle altogether and buy something for cash that's cheaper.

Maybe sell it outright and then go to a dealership and buy a car without a trade-in. A lot of times you can get a better deal if you go without a trade-in that you have negative equity on, because they're going to have to roll that negative equity onto your new car and jack up the price. If you don't have that negative equity, you can get a car for a lower price and a better deal.

So, look at all these options. Look at the add-ons. Look at what inflated or bubbled up your loan amount and see what your pathways are to escape that high payment. You can click the link below to get more details on what these processes are.

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