How can I get out of an upside-down car loan?

I owe way more money on my car than it's worth and I really need to get out of my loan. What are my options?

Answer provided by
Eric Schad
Answered on Apr 07, 2021
“Fortunately, you have several options to get out of an upside-down car loan. These may include:
  • Making extra payments toward the principal of the vehicle (putting more money toward the loan or making more frequent payments)
  • Selling the car or trading it in
  • Refinancing the vehicle
  • Getting rid of added costs on the loan, such as an extended warranty or gap insurance

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