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What can do if I am contracted with a bad loan?

Berkeley, CA |
Filed under: Used cars Car loan

I have a car loan for a used car through wells fargo dealer services with a 9% interest rate. I put $5,000 down and got a loan from the dealership for a car that is not worth more than $12,000 (2010 Chevy Malibu). The beginning loan amount is $9,700 and still owe $8,200. I recently began working this past month so no banks will lend me a loan with a lower interest rate. Is there any programs that can help me or possibly any way that I can return the car and not lose all the money I have put into it so that I am able to buy another car?

I also have a credit score of 746.

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Attorney answers 1


I don't know of any program for underwater car loans similar to those for underwater home loans. (Among other considerations, cars depreciate so rapidly that it is expected they may be underwater in short order.) I gather you don't have friends or family who can act as lenders.

All I can think of is going back to the same dealership to find out whether you can trade up. However, that approach may well take you out of the proverbial frying pan and put you into the fire.

This information does not constitute legal advice and does not establish an attorney-client relationship.

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