Car Loan Mistake
- Took an upside-down LOAN(8yrs to Pay) from Hyundai, got top of the line.
- Year 3, heard a friend with similar loan total their car, insurance only paid for market value of car, they still had about $10k left to pay on upside-down loan and no car to drive. (Car value depreciated way too fast, and payments not fast enough to be on par with depreciation)
- Panicked. Traded Hyundai in. Got an entry level BMW on 5 yr LEASE(to have about same monthly payment) for peace of mind and with negative equity from Hyundai. (When a leased car gets totalled, even with negative equity, it would be dealers headache to claim. We would just then start fresh with a new car loan or lease.)
- Now 3 yrs left with lease, life changed, monthly payments are becoming a burnden.
IS THERE A WAY OUT?
OR JUST FINISH IT AND MAKE BETTER DECISION WHEN IT'S DONE?