Every time I log into my bank account I get an ad saying I can lower my car paymennt by refinancing my car loan. Thankfully I have no car loan, paid cash for my bike.
So you got a car that’s underwater already and they want you to refinance at full term at what is likely a higher interest rate. Talk about digging that hole deeper and faster.
And the bank? what is with them? They want to loan you more than the car is worth?
Nailed it. I guess as long as you’re making the payments they will keep tapping that interest.
I have a buddy that ran into a cash flow problem some years ago. He traded his car payment for a lease payment. He likely reduced his monthly payments by several hundred dollars. I didn't pry, but I don't think he was underwater on the car loan.