I got a car in Feb of this year, the payment is more than my mortgage payment at $760 a month and I have a high interest rate of almost 11% despite having relatively good credit ~670 FICO. I've been turned down for refinancing because I'm 7-8k underwater due to depreciation. Anyway I can handle to payment for another 6 months or so but looking at it long term the car will always be worth way less than I owe unless I can throw down some serious cash which I dont see happening. IF there is a company which might refinance I'd be willing to give it a shot but I'm wondering if I should even bother, yes I know a repo will seriously damage my credit but I already own a home and would probably be better off buying cars cash in the future anyway since Im on a fixed income. Any insight or advice? Thanks
Read more: I'm about 7-8k underwater on a car loan thinking about letting it get repoed pitfalls? Advice?
