PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
What do I do if I have $10,000 in negative equity on a car loan and can't make payments?
"I'm upside-down on my car loan by $10,000. I can't afford to make payments on the loan anymore.
What can I do?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Essentially, you have two options:
The first option is to sell your car and put the proceeds toward the balance of the loan. Then, you should talk to your lender about a payment plan on the remainder of the loan.
The second option is to refinance your car and hope that someone will take over your loan (although this seems unlikely because of your $10,000 in negative equity).
For the future, being $10,000 upside-down on a car loan is a telltale sign you’re making a risky investment. Try to take this as a learning experience moving forward.”
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies