How long do i have to trade in my car or sell it?

You are going to have a lot more remorse when you find out you are upside down on your loan. My guess is you will have to pay on the loan for several years before you can get out from under the car.

FOR is right, currently the vehicle is worth $8 to 9K on a trade in. If you are at $16k, you will be paying on it till the end of the loan to recoup any cash out of the car. SO here is my thinking, as you pay down your loan, the car depreciates more and in five and a half years or 66 months, the Mustang will then be 15 years old and be only worth around $1000 on trade. A little more if you sell it outright.

If you can send a little extra each month you will bring down the principal amount (what you owe) faster. If you are consistent you will pay the vehicle off early. Since you pay mostly interest at the beginning of the loan and very little toward the principal the car will never be worth more than you owe on it. In my opinion it's never a good idea to finance a vehicle that's more than 6 years old. Plus you should always think ahead about how old the vehicle will be when it's paid for. I bought my 08 Grand Marquis in 2012. I had to fight to get a 4 year loan for the monthly payment I wanted. The salesman kept saying I can get that payment with a 5 year loan. I kept telling him I only do 5 year loans on a brand new vehicle. I knew the car would be 8 years old when it was paid for as opposed to 9 years old! Let this be a lesson learned. Hope that helps! Jim

Try and refinance through a bank or take the car back and take the hit to your credit. You have 3 months to save up enough cash to buy another vehicle before you let it go back. That's a long time to be stuck in something that you can't afford all for the sake of your credit. If you could get a small loan you can pay some of that off and try and knock something off of there with a better finance rate. And certainly be very careful that you don't park it anywhere and accidentally leave the keys in it and somebody steals it because then you would really really be in a bind.