How can I get out of an upside-down car loan on a Mazda CX-5?

"I bought a Mazda CX-5 about 20 months ago. I currently pay $407 a month, which seems excessively high, but my credit is in the 500s.

Right now I'm upside-down on the car loan. Is there any way to get out of it?"

Answer provided by
avatar
Eric Schad
Answered on Jun 07, 2021
“You’re in a rough predicament, and there’s no straightforward way to get out of this loan.
You probably won’t be able to refinance the loan, and, even if you can, chances are your interest rate won’t go down.
Your best bet is to put as much money as you can toward the principal each month. Although you’re playing catch-up, you’ll eventually break-even between the loan balance and the value of the car (hopefully!).
From there, you can continue to make payments until the vehicle is paid off, or you can sell your car and get rid of the loan altogether.”
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies