i have 6,000 negative equity on my car- cant trade it - noone will buy my car for 17 grand - what do i do???
2006-06-14 10:02:39 · 7 answers · asked by Anonymous in Cars & Transportation ➔ Car Makes ➔ Volkswagen
Pay bigger payments until you get it caught up. Make sure you designate the extra payments to go to the principal. Not all loans are set up so that you can do this.
Most banks will not finance a trade in with that much negative equity.
And next time, don't pay more for a car than it's worth, or add a bunch of stuff to the loan like negative equity, warranty plans or health/death insurance.
2006-06-14 10:08:01 · answer #1 · answered by insanatie 2 · 0⤊ 0⤋
Pay it offf or keep it. Then if you still want to buy that new car, you will probably take a loss. If you dont pay it off and try to buy a new car, sometimes the dealer will make some allowance to meet you part way just to make the sale. I wouldnt tell him of a trade in until you worked out a price for the new car without a trade 1st. Then tell him you want to trade in your car and see how much the payments can be reduced from there.
2006-06-14 10:07:15 · answer #2 · answered by mailbox1024 7 · 0⤊ 0⤋
Apply positive equity in the form of cash
2006-06-14 10:50:48 · answer #3 · answered by Search for Truth 1 · 0⤊ 0⤋
cough up the cash and start paying down the principal on the loan
2006-06-14 10:29:48 · answer #4 · answered by Absolute Genius 1 · 0⤊ 0⤋
Keep it awhile longer and pay it down more.
2006-06-14 10:07:04 · answer #5 · answered by Starr 5 · 0⤊ 0⤋
Full coverage insurance, a match and a lighter. oh and a good alibi.........
2006-06-14 10:08:54 · answer #6 · answered by tyler.durden 2 · 0⤊ 0⤋
crash it into a lake if you have gap insurance or replacement cost insurance.
2006-06-14 10:08:31 · answer #7 · answered by chevydavehartwig 2 · 0⤊ 0⤋