Just purchased a new car a week ago and wife decided she don't like it. How can we trade it in for what she likes? More info in chat?
Wife downgraded her car that she owe 20k on and they have us 15k for trade in. We purchased a new car for 20k which total up to 29k and she doesn't like it at all. I'm just curious on what can I do to get her out that car and into something she really likes. The reason for downgrade was to save at least $100 on monthly payments. Can someone point me in the right direction with a bank or tips on what to do. She got the car out of pure emotions due to pregnancy
- AlCaponeLv 72 months ago
So you owed $20K and bought a new car for $29K to save money????
Now you can go trade your $29K car (actually only $24K because you rolled $5K from the old car into the new loan) and maybe get $19K in trade, making you $10K in the hole. Remember you paid retail price, and you only get wholesale when you trade. Your wife's emotional purchase decision is going to cost you more than her hospital bill for the baby.
- Anonymous2 months ago
You lose thousands in the best case scenario.
- 2 months ago
So to save $100 a month you went thousands of dollars deeper into debt? You Sir, are an idiot.
- ElGrandeLv 72 months ago
Not happening without some serious cash outlay. You went from being $5K upside-down to $10K upside-down with the stroke of a pen.
No lender on the planet is going to overallow that much negative equity on to a new loan.
She'd better become fond of that new car quickly. She's in it for awhile.
- How do you think about the answers? You can sign in to vote the answer.
- ErikLv 72 months ago
Tell her to get used to it. A car is an important purchase, you should take your time. It's like when I'm in the drive-thru, and the person in front of me is taking a long time, and I'm thinking "Let's go, you're not buying a car here."
- jimanddottaylorLv 72 months ago
You originally traded in a car in order to save a mere $100 per month. It is going to cost you way WAY more in the long run and she is not happy. If she wanted to save the $100 and she chose the second car, the best thing you can do is let her solve her problem. If you pushed to save the $100 and you chose the second car, you had best learn your lesson and start throwing money at the problem, because there is no cheap way out and it is going to be a long pregnancy
- CBLv 72 months ago
Trade the wife in for one with fewer unreachable requirements - it would be cheaper in the long run.
- Pearl LLv 72 months ago
i would let her do it, that way you wont make another mistake with it
- ScottLv 62 months ago
You are way upside down. Only a fool would trade in their car after a week. It is not a financially smart thing to do.