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| mindlessbombs |
 Posted: Thu Dec 06, 2007 3:54 am Post subject: Getting out of a Car |
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Investing Associate
Joined: 29 Nov 2007
Posts: 37
This Month: 0
343.10 e$
Net worth: 14,222.10
Portfolio Value: 13,879.00
Monthly Return: -5.79%
Trades this month: 0
Churn Rate: 0.00%Items
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| Does anyone here have an idea on how to get out of a car you are upside down on? I bought this great car which is now raping my wallet every month. I have been checking everywhere to find a way to get out of it, but most places say I will have to just suck it up and pay off some more of the principle. I have another car which I have paid off. When I go to the dealership they say I still have too much negative equity. Even though my other car is valued at 13k and paid off. Any advice from some seasoned veterans on this manner would be greatly appreciated. Happy trading. |
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| vetelmo |
| Posted: Thu Dec 06, 2007 4:06 am Post subject: |
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Moderator
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Are trying to trade in two cars at the same time and you are still so negative the dealership wont cut you a deal? I just stopped selling cars and what I can tell you from my experience is that if the dealership is telling you they cant sell you a car because of your equity, I would follow their advice. I hope you bought gap insurance when you bought it.
You might try selling it as a "Take over payments" deal to a private party. Probably a big hassle with the bank but it might be worth it.
What kind of car did you buy and what else are you trying to trade in? |
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| mindlessbombs |
| Posted: Thu Dec 06, 2007 4:59 am Post subject: |
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Investing Associate
Joined: 29 Nov 2007
Posts: 37
This Month: 0
343.10 e$
Net worth: 14,222.10
Portfolio Value: 13,879.00
Monthly Return: -5.79%
Trades this month: 0
Churn Rate: 0.00%Items
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| I bought a 05 Chevy MC and I am trading in a 02 Oldsmobile Bravada. |
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| vetelmo |
| Posted: Thu Dec 06, 2007 6:21 am Post subject: |
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| Whats a Chevy MC? Is that a truck?? lol I sold GMC, Pontiac and Buicks so i am not tatoally familiar with every type of vehicle. |
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| mindlessbombs |
| Posted: Thu Dec 06, 2007 6:43 am Post subject: |
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Investing Associate
Joined: 29 Nov 2007
Posts: 37
This Month: 0
343.10 e$
Net worth: 14,222.10
Portfolio Value: 13,879.00
Monthly Return: -5.79%
Trades this month: 0
Churn Rate: 0.00%Items
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| vetelmo |
| Posted: Thu Dec 06, 2007 7:20 am Post subject: |
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| Oh, your screwed....... There isnt much value in those as they get older, more so than other chevies. The worst part is that once you drove it off the lot, you likely lost 4k in its value, hwich you were already negative in the value when you signed the documents for the loan and driving it away made the value+ loan worse. Good Luck buddy. Wait another year and you might get lucky but you really need principle to e gone, pay moe on the payment but that wont work for you since you want to get rid of the payment as it is...... |
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| Staggs |
| Posted: Tue Mar 04, 2008 7:46 am Post subject: |
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Investing Sr. Associate
Joined: 19 Jun 2007
Posts: 141
This Month: 0
Location: Wisconsin
3684.82 e$
Net worth: 23,964.82
Portfolio Value: 20,280.00
Monthly Return: 0.00%
Trades this month: 0
Churn Rate: 0.00%Items
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| Sell the car privately that you have paid off and use that money to supplement your payments on the other car. That is if you don't need two cars. |
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| Willcarsrule |
| Posted: Sun Apr 06, 2008 5:23 pm Post subject: umm |
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Investing Sr. Associate
Joined: 08 Jul 2007
Posts: 63
This Month: 0
62.55 e$
Net worth: 18,121.75
Portfolio Value: 18,059.20
Monthly Return: -22.56%
Trades this month: 0
Churn Rate: 0.00%Items
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| pay cash, j/k half down then pay off quickly, also never trade in i cant believe what we pay for tradeins and ppl dont care.. its like they just think well its only money i can make more of it |
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