Credit Question

[obarrera]

I have a question, my mom has a mazda 6, she is paying around $410.00 a month for it, it is a 2003, the reson why the price is so high, is because she use to have a van, she traded in the van for the car when she barely had like 5 months with the van, so she still owed like 5 years. They told her the payment was gonna go down(by refinancing) in a few months(which is why she decided to get the mazda). Few months later, they said she needed to pay $5,000 for the payment to go down. So now she is thinking of returning it, but she has very good credit(and doesn't wanna ruin it permenantly), would this permenantly ruin her credit, or would it erase after a few years? I don't think there is anything else she can do other then return it, right? :confused:

[odyssey07]

She can refinance (with another bank/credit union/broker) if she has good credit, but it sounds like she got taken advantage of either on the trade-in value or on the loan term. What was the trade-in value of the van and how much did she originally pay for it? What is the APR on the new loan? I don't think she'll be able to just "return it" see it has been several month since she bought the car. PM me if you want.

[SECTER1]

If her credit it that good it really is not worth taking the hit for the $100 she may save a month.