I have a 2000 dodge durango 4x4 that I bought 3 years ago. I was very foolish and I paid 17,000 for it, which I still owe about 15,000 to the credit union that gave "my mom" the loan because I have bad credit. The car is worth way less than what i owe on it, and I sometimes cant make the payments, which only set me back further. Right now my car is not shifting into 5th gear. Can I try to purchase a different car, using this one as a trade in, and still get lower car payments on the one I want to buy? Considering I would be using my mom to sign on my behalf. I just want to get myself into a much smarter situation financially when it comes to this car.
2006-07-17 14:18:23 · 4 answers · asked by Maria 1 in Business & Finance ➔ Personal Finance
Anything you owe is just going to get rolled over if you trade it in, your monthly payments might be lower, but you will still owe more, getting yourself into a worse situation, unless you get a car that is worth less, than you might win....be careful and don't trust car salesman...ask the bank
2006-07-17 14:27:19 · answer #1 · answered by Alyssa M 2 · 0⤊ 0⤋
The smartest situation you can do right now is to ride this 2000 dodge out until you pay it off, or pay it down to a reasonable level. Trading it in now will put you into a negative equity situation, and most likely you will be unable to lower your payments, but it's possible.
Do NOT buy a car on the premise of what your payments will be. Buy a car because you are getting a good price.
2006-07-17 14:23:09 · answer #2 · answered by miketorse 5 · 0⤊ 0⤋
you are spoiled, if you are old enough to drive, you should pay for it. if you can't pay, don't drive, get a job first
2006-07-18 03:03:01 · answer #3 · answered by jean 4 · 0⤊ 0⤋
i hope your mom isn't stupid enough to co sign again
2006-07-17 14:25:06 · answer #4 · answered by wil_t52 6 · 0⤊ 0⤋