My wife and I have an SUV and an outrageous monthly payment due to inequity. Any advice to get out?

My wife and I first purchased a car with a salvage title. After about a year, we needed something bigger, so we decided to look at a Rav-4. After trading in our car for the Rav-4, we were faced with some inequity, but not too bad. Then, after driving the R4 for about a week, we were very unhappy with how it drove and sounded, so we went back to the dealership and asked if we could look at another car.


I guess customer satisfaction was not on their list and they said that even though they still had our freshly signed paperwork, we would have to trade it again. We said no and went to look for something else. Finally, we found a dealership that was very nice and they helped us get rid of the lemon, but now we are faced with an outrageous monthly payment and inequity for the next five to six years.





Please help! We are paying on the loan and the monthly minimum is going down, but it will be years before relief is in sight. Refinancing is out of the question. Any advice? Thanks!My wife and I have an SUV and an outrageous monthly payment due to inequity. Any advice to get out?
You should find a way to continue paying on the car you have. The mess you're in can't be easily corrected in a short time. Meanwhile, I would suggest becoming a little more knowledgeable about buying and financing cars through sites such as Edmunds.com. For example, you'll learn that trading cars and rolling over negative equity is a bad cycle to get into because it's so hard to get out of, as you've now found out. Also spend more time researching and test driving your next car so that you won't want to return it later.My wife and I have an SUV and an outrageous monthly payment due to inequity. Any advice to get out?
This dealership that was ';very nice'; messed up your finances, didn't they? That wasn't very nice.





My advice is to cut your expenses, and save up some money. The only way you can change your vehicle is to take ANOTHER whipping. That must be obvious to you after 3 whippings. It takes money to pay for these whippings, so save up some. I'm assuming you have no money, because if it were possible to improve your situation by paying cash, I'm sure you would have thought of that on your own.





In the future, you may also want to avoid the whippings by not over-borrowing on new cars, or not buying them at all, or leasing, or keeping them until they're worn out.
There is no ';buyer's remorse'; law when it comes to auto sales. I don't know why some people think there is, but there is no law in any state that allows you to cancel an auto contract.





You made some bad choices, you signed the paperwork and agreed to the terms. Ever thought about getting a second job to supplement your income so you can make the payments you agreed to? I know that's not the ';easy'; way out, but you'll feel a lot better about the whole thing knowing you pulled yourself out of a self-created financial hole in an honorable manner.
Buy a lottery ticket, and when that doesn't pan out. Check to see if you have gap insurance on your loan if you do have stolen, by a pro. Gap may not pay off the entire negative equity, but it will help unbury you.
looks like your screwed. you cant r=trade in a car twice and expect to be ahead.





you would be better off if it where stolen so you couls start over. otherwise make payment until you are out from under it.





Any solution you choose to refi is only going to make someone else more money and get you deeper in debt.
First, check if there is a ';buyer's remorse'; law in your state. Just google ';buyers remorse.'; But those laws are very limited, you have only 3-days to return the car.





If there isn't, you don't have many options. Car dealers are in the business of selling cars. The moment you drive the car off the lot you are the legal owner. Even if you go around the block and come right back and say ';I've changed my mind'; they will only give you the depreciated value of the car. Could they just tear up the paperwork and start over? Sure. Would they? Not on your life. The fact that you're already upsidedown on your payment makes matters worse. You owe more on the car the the car is worth.





I'd hate to state the obvious, but you should have done this calculation before signing on the dotted line. Though it can't help you, hopefully anyone else reading this will think long and hard about their financial abilities before embarking on a 5 yr financial commitment.
i highly dought you had a lemon Rav 4 they are very cheeply biuilt and have very poor build quality you probably would not have had any problems with it mechanicly they are pretty reliable car but they are noise have harsh ride and are really porly built. as for the prediciment you are in now there is not much you can do you should have dealt with the rav4 for at least 2 or three years so that you would not have had inequity in it and you may even have had some equity. toyotas hold there value well but no car can be traded in in the first year or two and get what you owe back out of it the initial depreciation when you first buy a car (making it a used car) is huge. Best advise is to keep the current car untill you have paid it off and make sure you are sure about your next car dont be afraid to ask for multiple test drives both in city and highway traffic (some dealerships will even let you take a car for a weekend if they think you are serious) we have taken a few vw home for the weekend and it helps alot we almost bought a bug TDI but after having i for the weekend realized it was too small so we took a jetta TDi for the next weekend and ended up buying that.
Get a better job.





You're in a bad position, but you put yourself there by making bad decisions. Take it as a lesson learned and try to save up money to pay it off early. On your next car, don't finance under any circumstances. That, and your inability to pick out a good car, is what got you into this predicament.
Unfortunately, what the others have said is correct in that there is no quick or easy way out of the situation you are in. The best thing you could do for yourself is to pay as much as you can as fast as you can, that will limit the overall amount of interest that you will pay in the end and is the only thing that could help you save some of the extra money that this situation will cost you. Look on the bright side...you learned a lesson, a hard one no doubt, but one that will make you more prepared next time you buy a car.