For sale 2013 Ford Fusion with 118,000 miles on it for the low price of $8,153! Only 3,000 more than it is worth!
I’m not going to criticize helping your child out, that is just being a good parent. But lets talk about that loan.
Your upside down. Good luck refinancing. Pro tip, most banks won’t refinance their own car loans. Its the same as asking you to take a pay cut. Usually you have to take it to another lender, who will only offer 80% of fair market value. Which would be around 4K or so. Most lenders want you to barrow at least 6k or a car loan so they make something off the interest.
The only thing I can suggest is try pulling an ad from JD Byrider and compare your car to theirs. They would ask $14,000 for the same car ( I’m not even making that up), you want $8,000. Thats is a 6K savings !!!!