Edmunds Answers

Voted Best Answer

  • avatar boomchek 07/17/09 5:19 pm PST

    So first thing to do is figure out if you're upside down on your loan or not.

    Find out approximate trade in value of your car.

    Then find out exactly how much you owe on it. Do this by adding up all remaining payments, or by calling the loan comapny and asking them what the payout is.

    Then if you owe less on your car than what it's worth, you an sell it or trade it, and have some money left over.

    If you owe more than what it's worth, then you're going to have to come up with that difference yourself, or carry it over to a new loan.

    However it will be almost impossible to find a car that's cheaper to finance, with your negatve equity tacked on.

    It also depends on how good your credit is.

    Your other options might be to park the car, and take out storage insurance on it only. Cancel regular insurance and you can save a bit of money depending on what you're paying right now.

    Or get creative and save money elsewhere.

    How much do you have left owing on your car and what's the mileage/options on it?

Answers

  • boomchek 07/17/09 5:19 pm PST

    So first thing to do is figure out if you're upside down on your loan or not.

    Find out approximate trade in value of your car.

    Then find out exactly how much you owe on it. Do this by adding up all remaining payments, or by calling the loan comapny and asking them what the payout is.

    Then if you owe less on your car than what it's worth, you an sell it or trade it, and have some money left over.

    If you owe more than what it's worth, then you're going to have to come up with that difference yourself, or carry it over to a new loan.

    However it will be almost impossible to find a car that's cheaper to finance, with your negatve equity tacked on.

    It also depends on how good your credit is.

    Your other options might be to park the car, and take out storage insurance on it only. Cancel regular insurance and you can save a bit of money depending on what you're paying right now.

    Or get creative and save money elsewhere.

    How much do you have left owing on your car and what's the mileage/options on it?

  • brianboneyard 07/17/09 5:38 pm PST

    So first thing to do is figure out if you're upside down on your loan or not.

    Find out approximate trade in value of your car.

    KBB - 16,180 to private party
    18,380 to retail value
    13,975 to trade in

    I will check on how much I owe when I get home form work, but I am sure it is going to be close.


    How much do you have left owing on your car and what's the mileage/options on it?
    The car has 34,000 miles on it and its in great shape, it has the best package for a GLI =].

    Thanks for the quick response! This is making my brain hurt!

  • brianboneyard 07/20/09 9:35 am PST

    Curious if anyone had any more insight into this?


    Thanks.

    Brian

  • boomchek 07/20/09 1:53 pm PST

    So did you find out how much you owe on it?

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