I have a problem. I just broke up with my girlfriend and she was currently driving and paying every month for a 2006 kia sportage under my name because her credit was really bad. So now i am stuck with a second car payment to pay for her car. I myself have a 2005 mazda 3 that i make payments on. My goal would be to get rid of sportage payment some how. What are my options? I thought about going to a dealership and taking both cars and trading it in for one new or used car. The problem with that is im not sure if i could do it? The sportage would be negative $8000 equity and the mazda would be about negative $4000. So thats $12,000 negative equity that i would add to a new loan. Is that possible to do? Or is there a better option for me so i could still keep my mazda? Please help me.
2007-01-28 11:35:41 · 3 answers · asked by Cory P 2 in Cars & Transportation ➔ Buying & Selling
You are in a very bad situation here. You will have to somehow make up the difference in the value of one of the cars and the payoff to get out of the payments! You are in a better situation with the Mazda than the Kia, because you are less upside down in it, but you will still need to find a way to pay the balance off on one of the cars and sell it.
You may check with your bank or credit union to see if they will give you a personal loan, or you might see if you can borrow from your 401k account at work, if you have one.
There is no easy way out of your situation. If you sell the Mazda, and take out a personal loan for the difference you will most likely have a lower total payment than if you were to sell the Kia.
If you were to trade both in, and were able to get a loan for a $12,000 upside down deal, you still would have a killer payment, most likely close to what you are paying on two cars now.
Sorry to be the bearer of bad news!
2007-01-28 11:45:22 · answer #1 · answered by fire4511 7 · 2⤊ 0⤋
You definitely want to avoid being $12k upside down on a vehicle. It will take you a long time to get out from that.
Sell the Kia on your own and keep the Mazda. Can you transfer the Kia deal to your ex?
2007-01-28 12:33:04 · answer #2 · answered by eaglefox200 5 · 0⤊ 0⤋
if i was u i would sell it myself that way u get more than book value on her car.and sell ur car like that also & then go get u one after paying them off & with the extra money save for down payment or insurance.
2007-01-28 11:42:18 · answer #3 · answered by shelmustang 2 · 0⤊ 1⤋