Ok_Loquat_8087 OP t1_j2fbqkk wrote on December 31, 2022 at 9:16 PM

The car was 20k. I got it down to 16k. But I had to drop insurance so they put their own insurance which brought it back up to $19k. I understand I will still owe a few thousand.

SkankBiscuit t1_j2fe9ra wrote on December 31, 2022 at 9:34 PM

If you sell the car, won’t you get some of the insurance back? Seems like you should.

Ok_Loquat_8087 OP t1_j2fgbit wrote on December 31, 2022 at 9:49 PM

The letters say I will get some of the amount taken off if I restart insurance on it

swb12345678 t1_j2fcq25 wrote on December 31, 2022 at 9:23 PM

So the principle balance on the loan is $19k now? What’s the value of the vehicle if you were to sell it?

I assume since you said you’d ‘still owe a few thousand’ that this means you have negative equity. If you were to sell the car (either to dealer or private), you’d have to come up with that ‘few thousand’ difference somehow.

If you trade it for a cheaper car, there’s a chance you could roll a bit of negative equity into the new loan, but that is not advisable. Tends to snowball quickly for people with a habit of doing that.