I was hosed on an AUDI A8 Quattro and paid way too much for it. I am trying to get out of the high monthly payments.
2006-06-30 03:36:55 · 11 answers · asked by missouricop 1 in Business & Finance ➔ Other - Business & Finance
It's probably not going to happen. If you trade it in, the dealer is going to add that 8K to any balance on the new car so your payments will likely be a lot higher and you'll have to step down quite a bit on a car (and not sure a dealer will take that risk if you step down)
Better ideas: (some of these require excellent credit)
- Talk to the loan holder on the car and see if you can't refinance it for a lower interest rate.
- Join a credit union and then see if they will do a refi. You might be able to both lower the interest rate and extend the term a bit longer so your payments will be lower.
- Sell you car on the street and get more for it. You will have to have the cash for the difference between what you owe and what it sells for (but still should be a LOT higher than the dealer trade in value). Then you can go get a loan on a new, cheaper vehicle.
Take this lesson to heart and buy cheaper next time. A car really only has to reliably get your from point A to B, so stretching your finances to own something fancy is pretty much a waste. You will never accumulate real wealth if you keep doing that.
Good luck.
2006-06-30 03:44:42 · answer #1 · answered by Lori A 6 · 7⤊ 2⤋
Wow, that is a huge difference. We were in a similar situation just a few days ago. We had a car we were 4,500 upside down on. The ford dealership we went to worked with us though, not many will, and they tacked on the negative equity from the mazda we had to the mustang we bought. Brought our payment up but you have no choice in the matter. Try to put some money down since you are that far behind or it might be a lot tougher. Good luck.
2006-06-30 03:44:06 · answer #2 · answered by Angie 2 · 0⤊ 0⤋
Usining your figures: 28000 new automobile -10000 commerce 18000 total +18000 payoff =36000 finance plus taxes for sure, yet you do get a tax credit for the commerce. that's assuming you will get approved without putting down a set of money. banks do not opt to finance too a lot unfavorable fairness.
2016-10-13 23:57:07 · answer #3 · answered by ruddie 4 · 0⤊ 0⤋
If you trade it in they will tack on the 8000 to another vehicle that you pick. Unfortunately you're so upside down on the vehicle you're better off attempting to pay more of it down or selling it prive sale.
2006-06-30 03:41:13 · answer #4 · answered by jshepard17 5 · 0⤊ 0⤋
Try selling on ebay or through your local paper. You wil probably get more for it and at least not owe as much.
2006-06-30 03:42:13 · answer #5 · answered by holykrikey 4 · 0⤊ 0⤋
Try to hose someone else
2006-06-30 03:41:43 · answer #6 · answered by Bearcat 1 · 0⤊ 0⤋
Interesting question!
2016-08-23 00:52:34 · answer #7 · answered by ? 4 · 0⤊ 0⤋
you will still have to pay the difference
2006-06-30 03:39:48 · answer #8 · answered by rich_below 4 · 0⤊ 0⤋
Good question, hope you find your answer
2016-08-08 02:27:11 · answer #9 · answered by ? 3 · 0⤊ 0⤋
pay it off first
2006-06-30 03:40:12 · answer #10 · answered by Anonymous · 0⤊ 0⤋