I'm up-side-down about $6,000 and loking at a vehicle priced at $22.900 and have $2,800. to put down.?

Question

My existing loan is $21,000 my vehicle is worth around $15,000 or $16,000.That makes me $6,000 up-side-down I'm looking at an 03 priced at $22,900and hoping to negotiate for $20,000, and at least $15,500 for mine .Should I offer $20,000 for this vehicle and then meet in the middle or should I try even lower?Does the $2,800 then go towards my old loan and the other $3,200. get added onto this loan? How should I go About this? I currently pay $548.00 a month now and can only afford to go to $615.00 higher on my payments.Is this a lost cause or do I have a shot at fixin this mess.

PLEASE HELP

I traded last year and got my first lesson on why to make sure it's what you want before you sign the papers.I had a 96 Suburban , I now have a very nice 04 super small SUV I haven't liked it since I got it .I had one of those salesmen that was just there in-between jobs and after he made this sale he was out of there.They would'nt let me trade out. I can not afford a new Suburban but, will have nothing else.I don't know any other way to have the vehicle I want and not totally lose out.I'm hoping the payments will be less or about the same.If I gotta make those kind of payments I will at least have what I think is worth it. My credit is also a factor it's 608 ish. Do you think there is something newer than an 03 in a Suburban that I could get a better deal on ? I have to have the third row seat and 4WD.I have three kids and help my husband run a roofing business.I don't want something so new I get sick if something gets ruint.But I want something that will last a long while and still

Answer 1

Why would you want to pay $600+ a,month for a car that is 4 years old and probably has no warranty. Do you know how many nice new cars there are on the market with that kind of payment which would have a warranty.

Answer 2

My advice is to STAY PUT!

If you trade-in cars now you will be getting deeper and deeper into the rabbit hole! I know that sometimes looking for a cheaper vehicle seems like a good idea, but it just SEEMS that way.

The 6000 upside down does not... I repeat.. does NOT go away. You can only add it on top of the other vehicle and this makes the situation alot harder for later on when you trade the new one in!

A word of advice: With a Credit Score of 608 no bank will finance over 100% of a vehicle's current value.

There is only one way to do a Ctrl-Alt-Delete on your financial situation at this point: Your car gets stolen, or totaled, and you have Gap-Insurance.

The car business is always a losing business for the consumer. The only way to come out ahead EVER is to give a hefty down payment on a car from a clean start.

Sorry!

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Answer 3

that 22.9k car is worth 18k if that,and they will need to roll 6k into your new loan, if you get it for 20k and they give you 15k for yours you will also have the taxes of the 5k difference rolled into the the new loan and new tags and license and the "doc" fee, TTL+doc, so your new loan would be, 20k+6k+tax on 5k-your 2.8k down=23.2k+ttl+doc($500+or -) so you would then owe 23.7k on an 18k car AFTER you just put 2.8k down, you would be approx 6k upside down in the new one after all is said and done, you could take that 2.8k down payment and put it towards you current payoff making you only 3k+or - upside down, i think you best bet is to STAY AWAY FROM CAR LOTS, if you came to me during the 6 years i sold cars, you would be leaving 8k-10k upside down after your trade and down payment;)
and i see you like the suburban, i got an 03 z71 3rd row Tahoe with EVERY OPTION and 60,000 miles for 18k last march, where? eBay! check the prices on completed listings try items 150086131155 and 130074969896 as a start or move down to an 02 like item 230090257225, as for you current car, buy gap insurance and leave the keys in it with the windows down all the time!

i found your car, ebay Item number: 230093379660

Answer 4

It depends on how bad the dealer wants to sell... you can always try.