[poundwise]

So, to summarize the above:


1) You can sell the vehicle and buy a less expensive one outright

or

2) You can try to refinance the vehicle to get a lower interest rate

and/or

3) You can send in an extra $100 with your payment (provided that the lender will accept it)

or

4) You can save an extra $100 in a 'car payoff' savings fund (in the event that the lender will not)


One additional note I'd add at this point. If you do refinance the vehicle do so with a lender that will definitely let you send in extra payment in any amount. Then, pay the payment you are paying now plus $100 a month instead of whatever payment the new lender asks for. That should give you the greatest traction to reach payoff.