Open Question: How can I get out of an upside down vehicle loan?
I'm in a tough situation. I owe about $20,000 on a car loan, but the car is only worth about $14,000. I rolled over a lot of upside down from a previous car. I also owe about $15,000 in credit cards. I stopped using the cards already and am paying them down. I need to know if there is anyway to get rid of the car and start over. I'm tired of paying $500 a month for a car. I want to put money aside to buy a house, but it just seems impossible with the 1,000 i spend on just the car and credit card bills every month. I have a baby on the way in two months and the money would be better off going to the baby and to a house. The only solution i can come up with is to total the car since i have gap insurance but thats illegal so i dont want to do that. Anything else I can do?
