36Rock, this quote bothered me a bit:
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the blue book value would not give me enough to buy another car.
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when combined with this one:
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Should I have to give up my nice car when I earn it and pay for it?
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You said you only have one car note, and you pay $500 for it - with great credit?! That is one really nice car it sounds like. Did you roll some negative equity into it that caused you to be upside down? What was the purchase price for the car? How much is the kelly blue book value now? If you took out a loan for the difference you're upside down + $3k for a car that runs great but is a bit older, you'd probably free up another $300-$400 per month and it seems that your troubles would be over...am I missing something here? Sacrifice the nice car in the short-term so you can get out from underneath this. I still would NOT refi.