2013 Honda CRV Turning in

Tiny
PATRICIADODSON
  • MEMBER
  • 2013 HONDA CRV
  • 4 CYL
  • AWD
  • AUTOMATIC
  • 23,000 MILES
I am upside down in a car loan. My last car was a lease and was turned in, or so I thought, but was treated as a trade. Therefore, I am paying the remainder of the lease plus the car I am buying. Honda is getting their money twice due to selling the lease and I'm still paying for it! Anyway, it has been suggested to 'start over' by getting something with lower payments and do a voluntary turn in of the Honda. I know my credit will take a hit by doing this. In one way, I guess it's a little like declaring bankruptcy but just on the car. How wise/unwise is it to entertain this idea? I drive a lot; have had the car 1 yr and approx. 23000 miles. Payments are $750/mo and balance is close to $40k due to the lease/trade.

Thank you for your considerations.
Monday, August 25th, 2014 AT 6:42 PM

2 Replies

Tiny
JACOBANDNICKOLAS
  • MECHANIC
  • 109,747 POSTS
I have to be honest. We're not really qualified to answer that question. What I think I would do is speak to one of the sales managers or finance managers at a dealer to see what they recommend.
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Monday, August 25th, 2014 AT 6:57 PM
Tiny
PATRICIADODSON
  • MEMBER
  • 2 POSTS
I appreciate your quick response. Actually, it was a finance mgr that made the suggestion. Thank you again
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Monday, August 25th, 2014 AT 7:09 PM

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