Upside down. Underwater. We hear these phrases a lot about the housing market. But it is also quite possible to be upside down on your car loan. This simply means you owe more money for your car than the darned thing is worth. And if you choose a "cash out" auto refinance loan, you will wind up so far underwater you could drown -- financially speaking, of course.
I called one lender offering such a loan, Wells Fargo Auto Finance, to see how the process works. A chipper loan officer named Heather took my call. Every time I asked a question, she would answer it and then say, "So, let's get you started with a loan application." After the jump, you can see what I learned and why I think these loans are a bad idea.
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