Trade in to get out of being upside down ?

So I messed up to improve morale and bought a new gt my credit was good but I traded it for a new truck because I was upside down. So I’m forced to lay 800$ on the loan for the new and previous loan. Now being I’ve missed a few due dates for credit cards is it possible to trade in my truck. Example. Loan balance 40k trade in value 25k new truck 20k. So if I’m correct would it be worth paying off the new truck and the remaining goes to the 40k? I was in the corps I don’t know if that matters or if there’s special things for military 

7 Answers

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  • Anonymous
    3 weeks ago

    Volunteer for overseas & take the truck back. Then re-enlist. By the time you get out of the second tour, your FICO will have recovered. A "Special" deal is a sucker deal.

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  • 3 weeks ago

    No, military members don't get an "out" for making bad decisions. 

    You're stuck in the truck, sadly. No lender on the planet is going to roll over $15K (taking your figures at face value) to another loan. You're $15K upside-down now, and with the stroke of a pen you'd be $25K or more. You don't want that. 

    Tighten the belt, cut back on expenses, take another job, etc. Don't keep digging a debt hole. 

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  • Scott
    Lv 6
    4 weeks ago

    Congratulations. You've dug a hole for yourself you can't climb out of. You owe $40,000 for a truck worth $25,000. You win the prize for the week.

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  • 4 weeks ago

    The only way you're trading in a $25k truck that you owe $40k on for a $20k truck is if you're able to also throw in about $20k of additional cash on your own.  

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  • Anonymous
    4 weeks ago

    You just need to trade a few more times. That will fix everything. Sarcasm.

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  • Add in the costs, ie license fees, title changes, and taxes, and other miscellaneous fees for buying and selling and you gain little or nothing.

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  • Anonymous
    4 weeks ago

    l see no difference there,s really.

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