No. of Recommendations: 0
"Don't even think about refinancing the caddy!"

The economy is not that great and he might have a hard time selling such an expensive car and one I assume might not be that great on gas. He is upside down in his loan. If they repossess the car they will sue to make him pay for a car he no longer has. Refinancing could lower his payment enough to at least be able to pay it untill he can sell it and if he can make the payments he won't ruin his credit. It would perhaps give him a little breathing room, though I agree with you that he bought more car than he could afford and should try to sell it first.

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