I have a 2005 pontiac G6 that has 92000 miles on it....I owe about 15,000 on it and

C

Cheryl

New member
I have 5 years left on the? loan...I know, I know...I was stupid. wells fargo won't let me refinance and I'm kinda screwed. My credit sucks anyway, I'm considering letting it go back to the bank and getting another car through a buy here pay here place. I know its not the smartest idea, but I'm so upside down on it I don't know what to do. Any advice would be appreciated.
 
You are really upside down. You do know that if you "let it go back" to the bank, that you still owe them the money you borrowed after they sell the car at a junk auction? Right? The only difference between then and now is that you are now making monthly payments but if you let the car go back, they want CASH for your loan payoff -- no more monthly payments. In other words, letting the car go back to the bank doesn't solve any problems for you. It just makes them worse.

You should try every way possible to keep making payments on this car until you are no longer upside down. There is no magic solution for getting out of a situation like this.
 
Back
Top