'My Car is Worth Less than What is Owed'

Often clients will have an existing vehicle loan whereby the fair market value of the car is worth way less than what is owed on the remaining loan balance. This becomes problematic for the client when they attempt to refinance the loan for a better deal, or they attempt to sell it. Neither option is viable, since the vehicle is strictly speaking, considered financially underwater. Of course, there is always the very bad financial option of rolling the negative equity into another vehicle loan purchase. However, this option only serves to perpetuate the problem more by submerging your latest vehicle loan even deeper into the 'worth less than what is owed' cycle, even before you drive it o

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