I got screwed on my first car purchase about three years ago, between the sales person and the bank. I ended up paying just about 3000 more than the vehicle was worth, and that is how I got into the situation. I have been on time with every payment, and I am now in an area where my current vehicle is not suitable for the climate. I live in Alaska, with a rear-wheel drive car. Not a good combo. Any help or advice would be very much appreciated.
2006-11-22 05:50:29 · 6 answers · asked by goody2shoes 1 in Cars & Transportation ➔ Buying & Selling
Look for a new vehicle with a $3000 rebate and trade it in. the rebate will absorb the negative equity. All vehicles depreciate and most people do have some negative equity. Usually the amount is higher the newer the vehicle is. Just to let you know, most states will give you a tax credit on the value of your trade as well which helps reduce negative equity as well. 3k on a 60 month loan equals about $60 a month. Hope this helps. Good Luck
2006-11-22 06:29:19 · answer #1 · answered by typhon1991 3 · 0⤊ 0⤋
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2016-09-26 14:38:01 · answer #2 · answered by ? 3 · 0⤊ 0⤋
The dealer does not care about his customers financial situation. the only he is concerned about is if you are able to buy a car from him. That's how you got in this mess. If you owe $3000.00 more then your car is worth on the retail value,you will be shocked when you trade it in and the dealer only gives you wholesale or trade in value. All you can do is eat the amount that you owe on the vehicle and be more careful next time.
2006-11-22 05:58:10 · answer #3 · answered by kjlh58 3 · 0⤊ 0⤋
Tehr's always a way. Let's say you new carr costs $10000, you end up paying $13000 for it. That is, the $3000 diffreence will be rolled up into the new price.
Alaska huh? You might want to get a 4x4 for there...
2006-11-22 06:21:31 · answer #4 · answered by Wil T 3 · 0⤊ 0⤋
You can certainly trade it in.... but it might be worth less in Alaska than in lower 49 states because I would imagine RWD is not very popular there.
If you do trade it in, you should expect about $5k to be rolled in to the new loan. Meaning if you buy a $20K car, it'll actually be a $25K loan.
2006-11-22 07:35:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋
What you're asking for is almost impossible in in the present day's financial climate. before everything, NO economic business enterprise/lender is going to roll over just about 250% of damaging fairness right into a clean own loan. It would not artwork that way. regardless of super-duper credit, you're watching rolling over one hundred ten% of the vehicle's fee, tops. lenders found out their lesson in this some years in the past (between the motives we are in the credit crunch now) and stopped the prepare of super overallowances. additionally, in case you're turning out to be your $6000 determine off KBB or another internet site, you ought to discover which you're greater upside-down than you're as quickly as you definitely bypass to commerce the vehicle. sellers do not use KBB for his or her figures, they use weekly public sale pricing. yet another situation you are going to stand is calling a lender which will certainly own loan against a $2000 automobile (placing the overallowance difficulty aside). If one will certainly own loan you funds for the older automobile, it is going to be for an quite short term... and you will discover that your fee won't bypass down plenty in any respect. specific, smaller own loan volume, I understand that... yet getting somebody to lend you funds on an old affordable automobile is going to be the biggest hurdle you will face. And, you will bypass from being way upside-down in one automobile to being much greater upside-down in yet another.
2016-10-12 22:21:46 · answer #6 · answered by ? 4 · 0⤊ 0⤋
It is possible. My husband used to work for a dealer and there were putting customers on the road who were $10,000 upside down. It was very tough, but because of many factors they were able to get them done.
2006-11-22 05:56:37 · answer #7 · answered by Anonymous · 0⤊ 0⤋