The novelty of a fancy new ride has faded and the impact of reality has set in. The costs of not only the payment, but other related expenses have become more of a burden than the car is worth to you. After using appraisal tools like kbb, edmunds or carmax, you confirm that the value of the car is less than what you owe on it, and you can’t sell either. In this case, however, you may be able to make arrangements with your lender to refinance the loan. Communication with your lender is vital. Reach out to them before you fall behind in payments. If you are paying on a lease, you can try peer-to-peer lease exchanges. Sites such as leasetrader.com and swapalease.com can help match you up with prospective shoppers looking for such deals. Provided it’s allowed by your lender and the shopper qualifies, it can become a win-win for all.
Anthony Montenegro has been featured in: Forbes, The Huffington Post, CNBC, U.S. News and World Report, MSN Money, USA Today, The Simple Dollar, Go Banking Rates and Yahoo Finance!