Truck note problems

[Anonymous]

We have our 2006 Nissan Titan financed through Wells Fargo currently.  We are upside down on it.  We still owe about $18,000 on the loan, and trade-in value is about $8,000.  The note every month is $456.95 not to mention the money it takes in gas every month (approximately $400/month).  We have tried, and we can't get out of the note because my husband's credit is garbage and because we are so upside down on it. 

We need to get this thing paid off ASAP.  Does anyone have any advice as far as tips to pay it off early or any programs to help people in a crisis with auto loans? 

We have tried calling Wells Fargo to have them extend the loan in order to get smaller montly payments, but they will not help us.  We have also tried to re-finance, but we cannot due to poor credit history.  We are current on the note, but it's killing us.  Any suggestions?

Thanks in advance,

J Mayer

[Anonymous]

I don't know of any way out of the predicament when you are under water 10K and you have questionable credit.  You just have to pay whatever you can on the vehicle to get it paid down while working on credit.  At some point they will meet at a point that you can re-fi or trade in.  

[Takunda1]

Because you are current on your loan, they probably will not work with you. What you need to do is cal them and inquire about what hardship programs they have available. If they have a hardship programme, they may be able to extend your loan so your monthly payments can be lower.

[Anonymous]

Extending the loan would be the worst thing you could do with this vehicle.

Sadly you are upside down 10 grand....extending the loan will only make that upside down number get higher and higher as you pay less equity on it per month.

Just sending $10 more a month to the note helps....sell stuff that you don't use anymore or go ramen noodles for breakfast lunch and dinner.....

I've been there and done that so hang in there.... You can get yourself out of this mess, but the only way is to pay down the loan as fast as you can.