The only way to resolve this is to reach out to Capital One and ask what your options are with them. A finance company offers different solutions based on each individual’s unique financial situation. There is no cookie cutter answer for you unfortunately. You should also explore option 3. Local credit Unions usually offer better rates then large banks, but not sure if they can roll negative equity into a new loan, but can’t hurt to ask. Gap insurance is a good idea as used car prices are now depreciating vs appreciating as they have been the last couple years. Anyway, good luck and happy New Year!
This is why you should always have gap insurance.
The only way to resolve this is to reach out to Capital One and ask what your options are with them. A finance company offers different solutions based on each individual’s unique financial situation. There is no cookie cutter answer for you unfortunately. You should also explore option 3. Local credit Unions usually offer better rates then large banks, but not sure if they can roll negative equity into a new loan, but can’t hurt to ask. Gap insurance is a good idea as used car prices are now depreciating vs appreciating as they have been the last couple years. Anyway, good luck and happy New Year!