not sure if anyone can help, but here goes..... my wife and i bought a used SUV for 17,990.00. with taxes and fees the grand total was around 22,000.00. our monthly payment is 470.00. we still owe 21,000.00 on the loan. we started inquiring about refinancing, to lower our payments, when we were told that the car is only worth 15,000.00. what should we do now? i'm not sure if the any bank will help us because of the difference between the value and the balance. i'm pretty sure we made a mistake when we signed for the car (hindsight 20/20). is there anything we can do without making our situation worse?

open for suggestions.......

Fr_Chuck

Sadly there is almost nothing you can do at this point except just keep paying the payment. A second job to help get it paid down quicker so you pay less interest over the life of the loan.

you can't let it go back, you would still owe money and not have the car.
You can't sell it most likely

I wish I had some word of wisdom but no you are basicly stuck

One thing, depending how many years you have it for, if you just can't make the payment, see if the current lender will let you extend the loan for a longer time, Not really a good idea since you pay more interest, but it may lower the payment to something you can afford better