How can I get out of an upside-down car loan on my Lexus RX 350?
"I'm $8,000 upside-down on my Lexus RX 350 car loan.
Is there any way to get out of this upside-down loan?"
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Answered on Jun 17, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“You certainly could trade your car in, but you’d have to roll over that $8,000 into the new loan, which effectively puts you even further upside-down.
The best plan of action is to put money toward the principal of your loan each month.
Doing so will shorten the length of the loan as well as quickly get you closer to a break-even point.”
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