Posted: 9/17/2016 2:59:06 PM EDT
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So here is the short end of the deal, I am looking at a new vehicle that is $27500. My current truck that I have has been valued at $38k tradin with this particular dealership. Now, there is a $10500 difference in value here but I owe $45k on my truck ( Yeah, Yeah I know, do not talk about the negative equity Sometimes you have to deal with it.) With my trade value and negative equity, what would be my best option going into this trade? I am working towards getting something a little better on MPG as well as a lower monthly note. This is my first time dealing with a trade higher than the vehicle I am looking at as well as having negative equity.
Advice is welcome! |
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Quoted: So here is the short end of the deal, I am looking at a new vehicle that is $27500. My current truck that I have has been valued at $38k tradin with this particular dealership. Now, there is a $10500 difference in value here but I owe $45k on my truck ( Yeah, Yeah I know, do not talk about the negative equity Sometimes you have to deal with it.) With my trade value and negative equity, what would be my best option going into this trade? I am working towards getting something a little better on MPG as well as a lower monthly note. This is my first time dealing with a trade higher than the vehicle I am looking at as well as having negative equity. Advice is welcome! "How much do you your monthly payment to be?" Prepare your anus |
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this won't be what you want to hear but its the smartest thing you can and NOT be like every other dumbass out there, ready?.........
KEEP YOUR TRUCK AND PAY IT 100% OFF BEFORE YOU BUY SOMETHING ELSE. Even if this new $27k car got 100mpg it still WOULD NOT offset the financial ass hatery that you previously did and are planning to do again. Not to be mean but you didn't learn the first time. Debt owed doesn't magically go away aka "I want a lower payment." You won't have a lower payment you'll still have negative equity, it'll just be on something else. Please, don't be like every other financially stupid person out there. Keep the truck |
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$45,000 What you owe
-$38,000 Trade in Allowance _______ = $7,000 Negative Equity Value $27,500 New Car List Price +$ 7,000 Negative Equity Value ________ = $34,500 Total Cost of New Car Purchase. That deal fucking sucks! Not sure how the sales tax would be calculated in this case but probably not in your favor. |
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Quoted:
this won't be what you want to hear but its the smartest thing you can and NOT be like every other dumbass out there, ready?......... KEEP YOUR TRUCK AND PAY IT 100% OFF BEFORE YOU BUY SOMETHING ELSE. Even if this new $27k car got 100mpg it still WOULD NOT offset the financial ass hatery that you previously did and are planning to do again. Not to be mean but you didn't learn the first time. Debt owed doesn't magically go away aka "I want a lower payment." You won't have a lower payment you'll still have negative equity, it'll just be on something else. Please, don't be like every other financially stupid person out there. Keep the truck This. Buy an econo-beater if you drive alot and need better fuel economy |
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With the trade in value only being 7k under water. I would drive it till you got 3-4k saved up to buy and beater then private sell for as close to what you owe and write the bank a check for the rest.
Beater car = low as in no payment Then dump the full coverage insurance even lower payment Dave Ramsey would tell you the same |