Having a problem. I am financing a car I am upside down with the loan...want to trade in need advice?

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  • 1 decade ago
    Favorite Answer

    Best bet it to go to the dealership you got it from and ask them to appraise your vehicle. Make sure you make it sparkle first....it counts. When I looked into getting an appraisal for my 2005 vehicle they told me it was worth such and such which ended up being the amount I still owed. Sometimes it's best to just stick it out for the long run, my car is financed thru a credit union and I was unemployed and missed 3 payments...I sat down and talked with someone at the credit union and we filled out a form to defer all of those payments...then I had to wait a while to see if the board of directors approved it. The did. So it all depends on the situation. Think about it and talk to people about it. Oh and if you do want to sell it and pay off the loan you might be better off selling it yourself rather than thru the dealership! Check autotrader.com for comparison prices. Good Luck!

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  • 1 decade ago

    If you are upside down (owing more than the car is worth) you will nee to find a way to pay the difference. You may be able to roll the balance into your new car loan (which means that you will have much higher payments) or you can put cash down to pay the difference.

    Unless there is a compelling reason to trade your car now (such as you have a 2 seat sports car and your wife is expecting twins), I would recommend that you keep your current car and try to pay your loan off faster. By trading now, you are just putting yourself deeper in the hole!

    Source(s): 27 years in the auto business
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  • 1 decade ago

    let me give you the best advice of all.. stick with the one you have.. keep it in good repair and pay it off.. here is why.. if you find someone who will trade with you and pay off your old car..YOU are making two, not one, but TWO loans that are combined into one.. the first thing you need to do to get out of a hole is to STOP digging.. if you make the mistake of borrowing money to pay off the difference and put that on top of the new loan you are combining two loans and are going to get killed on interest and payments.. instead of buying now.. try to double up on the payments and get right side up.. if you can't afford to double up then make one and a half payments each month or as often as you can.. any extra money you pay goes to principle.. at the end of the contract you will have paid it off early and there will be significant savings.. live with what you have and keep it in good condition..don't dig the hole any deeper..oh and if you want a new one..next time LEASE it on a 24 month lease and flip it for a new one.. that way you can have a new car every other year for the same payment.. J Paul Getty had it right when he said..if it appreciates, buy it. If it depreciates, RENT it.

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  • kenton
    Lv 4
    3 years ago

    i'd contact an lawyer and performance them call the broking service. i imagine you'll hear from them exceptionally rapidly and get your vehicle decrease back. The previous "you basically qualify for a larger interest and we bought your vehicle so that you do not have a call" trick is used everywhere. do not ever take the motorcar until eventually the deal is very last. in the journey that they did actual promote your vehicle, they ought to supply you the cost of the motorcar decrease back. not what they agreed to provide you for commerce in regardless of the indisputable fact that the actual honest marketplace cost which should be so a lot more desirable. yet you want some criminal help in the different case they are going to easily walk over you because you're stuck in a complicated position and they imagine they have the better hand.

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  • Anonymous
    1 decade ago

    The place that you are going to look for the nevt vehicle will not approve the new loan.

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  • 1 decade ago

    here's some good advice once you dump the pos (take the hit, live and learn) ...put a little more time and thought into your next car.

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