Christian (Caller)

So I have a car problem.

So I was in the military several years ago.

I went through about a two-year period where I went through five cars and racked up a ton of negative equity.

Wow.

What happened?

I was 21 years old and really didn't know what I was doing.

I bought a car that was about three times what my salary was with a cosigner at one point, and it just kind of spiraled out of control.

How old are you now?

Now I'm not in that situation, but I'm moving to New York, so I no longer need a car.

Until a couple months ago, I was about $25,000 underwater on my car loan.

Now I'm about $15,000.

It's the only debt I have, but I'm not really sure what to do since I have to move in a month and I can't bring the car with me.

The car was worth about $30,000 as of...

about two months ago, but I, Kelly blue book did a few days ago and I noticed a drop another 3000.

So now I'm wondering, uh, in this kind of short period of time, I have to deal with this.

Do I either leave it at my parents' house and just keep making payments on it and throwing more money at it than just a payment to get rid of it as fast as possible?

or do I take out a loan to cover the negative equity and then just pay off the loan as fast as possible?

Uh, my income right now is about a hundred thousand net, and that's going to be going up to about 175,000 net, uh, with salary.

And then with bonus, it's going to, we're probably household going to be clearing about 270,000 a year.

So it's going to be a short term issue, uh,