Established Member
Posts: 12
Registered: ‎05-30-2007
Quick question about trading in my car.... Please help me.?
Me and my mother basically got screwed 3 years ago (i didnt know what i know now) when we financed through a bank (dont say their name) at 18.2% interest on an auto loan that doesnt mature for another 3 years. So, we're talking 2005-2011 for an auto loan at 18.2%.

The car is a 2002 Ford Explorer XLT, which retailed at around $18,000 when we bought it. Now, I'm stuck paying 459 dollar monthly payments on a USED car that's 6 years old now. What are my options? we have about $17,000 or so dollars left to pay on the auto loan.

I tried to go to a credit union and get my auto loan refinanced, but he told me they cant refinance it at more than what it's worth (my car is valued at 10 grand right now) My auto loan from the bank has a buyout of 13 grand right now. Should i just try to trade it in at the dealer and plead with them to refinance my loan too? I mean, the montly payments are 459, we send 500 dollars to them every month and it's on TIME every month.

PLEASE SOMEONE HELP!! will the lender (dealer or credit union) look at my Perfect, and timely payments so far and say "Hey, you were able to make those high payments on time EVERY month, so you seem to have a handle on it"? Or will they just say fuk it?