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?"
“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.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Read advice from car experts at Jerry
Browse by topics
What others are asking
Do I need to buy additional rental car insurance if it already comes with the state-minimum liability coverage?
My credit car company provides the collision coverage, so I can waive that charge on the rental contract. However, they want to charge an extra $20 per day for the liability coverage. The state minimums are included free of charge; why would I pay for more?
Apr 29, 2021
Can my insurance company force me to download their driving behavior app?
My insurance company keeps raising my premium and said I will need to download their driving behavior app if I want to save money. Can they force me to download the app? Should I just switch companies?
Apr 21, 2021
Do I need car insurance to get an oil change in Minnesota?
I am 18 years old and I just got my first car. I need to do a little work to the car for it to be road-worthy, and I want to take it for an oil change. Do I need insurance to be able to do that?
Apr 14, 2021