ATV Loan

[haychalet]

I got married in October and took over as the CFO of our finances. My husband's credit is in really bad shape and his payment history is not great. Since I took over payments are now being paid in full and on time. I know we'll get through this and it will take a lot of time before his credit is good but the one issue I have is his ATV (4 wheeler) loan. He now owes more than what it's worth, probably about 3K and the interest rate is 23%!!!! My credit is in the process of rebuilding so I don't think I would be able to refinance it or purchase it in my name. It's killing me that only about $40 of the $190 is going toward the principle each month. At this rate we'll be 80 years old with a 4 wheeler payment! ha ha... what do you suggest I do? Do I have any options or something I can do to get the interest rate down so we can get this paid off?

[terry1156]

How much is left on the loan? $3,000? How do your credit cards look and what interest rate are you paying on them? Is their room to squeeze that loan onto a lower rate credit card?

[amomof4]

Sell it! Even if you have to come up with money out of your own pocket.

If he refuses to sell it, make it a priority to get it paid off. On about.com, they give you a menu to feed a family of 4 for $10 a week. I would think it would be worth it to eat beans for a few months just to get rid of the aligator.

[haychalet]

Balance on the loan is $7,600 Checked the blue book this morning and the retail is $4,360, so $3,240 upside down. It's sad to say but I have 1 credit card and my limit is only $300.