When you purchased your car, no doubt you were very proud of your automobile and wanted to show it off. Then, reality set in and you realized you had been taken advantage of. Either the car sold to you was a lemon, or you found out that the car you had is not worth what you agreed to pay. Finding yourself in such a condition is known as being upside down or underwater. While you certainly may have agreed to all the conditions imposed upon by the dealer, you don’t have to be a victim.
What you need is help from an attorney who is used to helping clients victimized by such deals. You need an attorney who can help cram down underwater vehicle loans. You need to know that you can get out of such a loan, but there are some basic things to understand.
- Find out exactly how much the car is worth. You can use such tools as Kelly Blue Book or Edmunds to get a free estimate of your car’s worth.
- Find out what the balance is on your car to the last cent. Chances will be very good that if you purchased the car with zero down or made some deal similar to that, you are probably going to wind up being upside down, or in other words, owing much more than the car is actually worth.
- You will probably find that if you sell the car, you will still wind up paying off the additional balance of the loan. In such cases, you may wish to try to go to a credit union and get a good deal on interest rates, to where you can at least come out paying less in the long run.
In most cases, you will find yourself with a financial mess and may need to secure the services of an attorney. Smeloff & Associates are attorneys in Massachusetts who have been providing legal solutions to clients in the area for over 20 years. They are able to help you with all kinds of financial woes, as well as with cramming down underwater vehicle loans. If you have financial troubles and need their assistance, visit their website.