Me and my wife moved into our house a year ago this month, we've paid extra every month on our mortgage. In January we bought a Camaro. She was upside-down on her current auto loan but we rolled that into our new auto loan, therefore we are upside down on this car. Being that this car is our dream car we are trying to figure out what is our best option to keep this car for many years to come. We arent missing payments or having problems for that matter, just trying to see if theres a way for us to lower our monthly note on the car since were gonna keep it in hopes it will be a collector car one day. A friend of mine told me you can add your auto loan into your mortgage.

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Posted by Golfer

Member since Nov 2005

75052 posts

Posted on 11/3/10 at 11:06 pm to livewire225

First, make sure you have Gap Insurance on this car.

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Posted by Martavius

Member since Nov 2005

16019 posts

Posted on 11/4/10 at 4:37 am to livewire225

Even if the car becomes a collector's item 20-25 years down the road, you're never going to recoup your initial investment once you factor all costs of ownership in. Your best bet is to pay it off as soon as possible to minimize the interest expenses.

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Posted by Croacka

Denham Springs

Member since Dec 2008

61441 posts

Posted on 11/4/10 at 8:12 am to livewire225

quote:
A friend of mine told me you can add your auto loan into your mortgage.

only problem i see with this is that if you fall behind in payments in the future, you will potentially lose your house

whereas if you keep them separate, you can quit paying the car note if need be and only lose the car

what kind of rate do you have on the car?

not sure about upside down loans, but most CU's can beat any mortgage rate for an auto

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Posted by diat150