Desperately need to lower my van payment

[CatsInTrouble]

I have a nice Honda Odyssey- but it's costing me 373 a month, which I feel is pretty steep. My husband is leasing a newer Honda Accord for 260- more than $100 difference.

Is there any legit way to deal with this huge payment? I think I owe more than I've paid, still. . . Probably don't lease vans. Not that I COULD get a lease- we were discharged on our 7 in August. . . WE reaffirmed the van, which I am now reconsidering, but needed transport anyway.

[aces67]

Your only option is to refinance it but that would probably be a long shot right now. Banks will likely offer you a higher interest rate that would actually raise instead of lower your payment.

[StartingOver08]

How far upside down are you? Do you think you can sell it and pay the difference or get a small loan for the difference and buy an inexpensive vehicle ( 'beater')?

[jribe]

you might be able to refinance it at a longer term. you'll end up paying more overall (for sure) but it will lower you payments for now.

Either that, or sell it (if you can get what you owe). Otherewise- stick it out and you'll have it paid off in a few years...

[Stilltheone]

I have a nice Honda Odyssey- but it's costing me 373 a month, which I feel is pretty steep. My husband is leasing a newer Honda Accord for 260- more than $100 difference.

Is there any legit way to deal with this huge payment? I think I owe more than I've paid, still. . . Probably don't lease vans. Not that I COULD get a lease- we were discharged on our 7 in August. . . WE reaffirmed the van, which I am now reconsidering, but needed transport anyway.

The only legit way to deal with your payment is to pay it.

I am in the exact situation....Reaffirmed my Escalade, payment is 460/mo. Since gas prices hit $4/gallon, my value has tanked, even though gas has lowered. I currently owe $15400, worth $13K private party.

We looked into trading it in, but were told we couldn't downgrade...Well, that defeats the purpose of lowering my payment!

So, for now, we have 3 years left...almost halfway done with the loan...and I'm not getting rid of it! I'm not starting all over with a new loan. I'll drive it till it dies.

[ravs]

Hi

I have a nice Honda Odyssey- but it's costing me 373 a month, which I feel is pretty steep. My husband is leasing a newer Honda Accord for 260- more than $100 difference.

Is there any legit way to deal with this huge payment? I think I owe more than I've paid, still. . . Probably don't lease vans. Not that I COULD get a lease- we were discharged on our 7 in August. . . WE reaffirmed the van, which I am now reconsidering, but needed transport anyway.

If you reaffirmed the loan on the vehicle, you must pay as agreed. However, you may negotiate with the creditor to reduce the payments.

(Name and active link removed - forum rules)