About trading with negative equity. agian...

[jennydowen]

I had an SUV prior to this, wasn't happy with it went to trade it in. I had about 10K roll over. I asked if I was eligible for a lease? The dealership told me that due to the amount of my equity I wasn't eliglble and the only option I had was to buy the car! So that's what I did with immediate buyer's remorse, I have had the car now for 2 years and know that I have not broke even yet. I have thought about selling it and paying the remaining balance with a loan or such. I do have another car that would be with out a note. Just dont' know which way to go!

[Repo Man]

Well, if you can handle the payment, just ride it out until you can sell or trade w/o losing your arse. That statement by the dealer was probably true. There is usually a limit as to how much can be capitalized on a lease. There is on a regular finance deal as well, but in this case it sounds like there was more leeway with the finance terms.

BTW, welcome to NICO! How did you find us?

[lenrok07]

Hey Repo Man....I currently have a 04" audi s4 that i have about 10k negative equity on. I want to trade it in to get an 07" honda ridgeline. because of my negative, what options do i have. Can i get a personal loan to pay off the negative and trade it in then?

[Flyboy_20]

Help! I got a 08 dodge ram thats worthless. I saw your stuff on leasing. Can that work for me. trucks worth 20k I owe 36.

[Repo Man]

Dude, I hate to be the bearer of bad news, but if you're 16k flipped, you're probably stuck. Even if you could capitalize 16k on a lease, the payment would be unreal.

Got a good GAP policy?

[131-in-a-Ls]

well, if it were to be stolen. insurance would pay retail not trade, and gap would fill the other 8k.(dont even think about it flyboy.) say the truck retails at 23-24k. you would be about 12k in the neg. gap would eat the other 8k. you d be stuckwith about 4k. find a newer car(about 20-25k) with a normal 4k rebate or so and have the remaing amount added into your laon. seeing a normal lender would do about 120% of m.s.r.p. (if you got the credit). and presto, there you go. now this would only work if all the planets aligned. seems about right though.

[teggy84]

hello repo mani currently on a 2007 tiburon gs 4 banger 5 speed, and need to get into a four door car due to my wife being pregnant. the payoff is around $18000 and the dealers are only offering between 10k-12k. we can't afford a 550-600 a month car payment, so we have been looking at used cars. the only problem is that there seems to be no way to roll that much over on a used car, and i would like to stay with something kinda sporty or a truck as opposed to like an aveo or something. do you think that leasing would be a decent option, since there isn't any real good option. thanks for any help

[teggy84]

well we have great credit, and with income taxes, money down should be no problem. we didn't trade anything in on the tib, we just bought it no money down. the santa fe is nice but i will never own another hyundia. they depreciate entirely to quickly. i am going to talk to a few people today.

[Ruffin]

First time on this site,

I have a 2003 Cadillac CTS, just shy of 50,000 miles, my wife and I recently had a baby and are trying to trade into a Pathfinder, I owe a little over 18,000 for the CTS.

The 09 S is just about $28,000, it has a $3,000 rebate, and I have $5,000 to put towards the negative. The dealer offered me $10,000. So in my mind I break even.

Problem is my credit, being dumb, I bought an expensive car that got me bad credit, and $8000 in negative eq ( I rolled it over twice ) Luckily we are much older and wiser now, only my credit score has only gone up to the low 600's.

Any advice? leasing? just want some help.

[131-in-a-Ls]

i dont know if its a little to late for advice. but leasing first off would be a problem mainly for the fact that it would harder to lease then to purchase based on your credit score your giving. you would need a little higher score to take advantage of a GOOD lease that would help benefit you. second off. in the price range that you are looking, to acheive that 500 payment wih insurance included that you are used to. Is gonna be hard. Seeing that you do break even on your trade with the money down, rebate and all. your still gonna finance about 30k with t.t.l. even with very good credit your gonna look close to about 420-460.i suggest you look towards a less expensive vehicle. that might help you on your payment deal.