Posted by glennster on July 10, 2008 at 06:53:57 from (75.57.91.65):
In Reply to: OT Financial Fiasco posted by dave guest on July 09, 2008 at 21:18:35:
like the other guys said, she will need to pay it down. one option if available to her is if she has a home and equity, she can take an equity line of credit loan on her home, pay off the auto note, then at least the interest will be tax deductible in most situations. something she will need to do is buy "gap" insurance on the auto loan if she is stuck with it. in the event the car is a total loss, the insurance policy will only pay up to the "actual cash value" of her car, not the full loan amount. gap insurance will pay the difference between the value of the car and the balance on the note. if the car is damaged beyond repair without gap, she is on the hook for the 10 grand that she is over-financed.
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