Question about car redemtion

[cfgdag]

How is the car valued thru blue book to determine redemtion? Do you use the trade in value, retail value, or private party value?

[whipster1]

I think private party. Remember to reduce the amount for door dings, windshield cracks, brake jobs that need doing, tires,....get my drift? Good luck

[cfgdag]

How does one decide whether to do it?

Here is my situation.

2005 Honda Pilot - Owe $20K at 7.75% interest for another 5 years, bb value is approx 14K.
2007 Honda Accord - Owe $19K at 6.9% interest for another 5 years, bb value approx 15K.
(we had to refinance both a little over a year ago to reduce payment amount)

Obviously we are upside down but is it enough to warrant a redemption?
Should we reaffirm?

[aces67]

Have you talked to a lender about redemption to see if it's an option? I only asks b/c so far the redemption lenders that I've found aren't licensed to do business in my state.