In Oct 2003 I bought a 2000 Chevy Blazer for 10888. In Jan 2005 the engine basically imploded. My auto insurance said it was not a covered loss. I still owed 7500 on it. I ended up rushing into a Chevy Colorado pickup. I owe 22k on the loan and the truck is worth 11000. My current payments are 475 a mo @9.5%. I still have 52 mo left on the loan. I need something more fuel efficient. I drive 20 miles r/t to work daily. What should I do?
〉 Answered on Dec 29th, 2007 by Burnam Eubank, Dealer Principle at Palmetto Jaguar
Please shop around for a LEASE DEAL! Some manufactures are providing excellent financing alternatives. A lease with a good residual would be the best way for you to go. Some lease programs will come with a rebate! Go online shop around first! If the dealer is willing to discount their vehicle to you and with a rebate incentive this could be one way to get out of your trade into a vehicle with better gas mileage. You do not want to extend terms if possible that will only get you further into debt! A lease will help you get into a new vehicle while paying off your old balance sooner!
〉 Answered on Dec 29th, 2007 by Rebecca Chernek, President and Founder at Chernek Consulting Inc.