Posted by Money Guy on July 10, 2008 at 04:57:03 from (70.184.169.114):
In Reply to: OT Financial Fiasco posted by dave guest on July 09, 2008 at 21:18:35:
She bought more car than she can afford at a reasonable payback period. She probably stretched it out 5 or more years for payback. Anytime you do that, you will be "upside down" at some point over the course of the loan.
She is hosed on this car. She has to pay back the loan, regardless of the value of the car. If she walks away from it, it will be recorded on her credit rating as a defaulted loan. She does NOT want that!
Next time: She should buy a car that she can payback in as short a time as possible, preferrably 3 years, but no more than 4. If a car requires more, it is too expensive for her.
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