Edmunds Answers

Answers

  • MrShift@Edmunds 06/09/09 11:53 am PST

    How upside down are you? This is a good number to know as it affects the advice you might get. If you don't know, just tell us how many payments you have left.

  • boomchek 06/09/09 1:21 pm PST

    You need to figure out how many payments you have left, or what the payout is right now, meaning what is the lump sum it would cost you to pay off your loan at this time.

    It will be harder to get into something with a lower payment unless you have very little or negative equity.

    Let's say you're $10k upside down. You'll have to add that $10k to a new car loan. Just the $10k with interest will cost you about $200/month, not even counting a new car loan that this would be tacked onto.

    We need more info:

    How many more payments you have left.
    What interest rate you're paying on your loan.
    How many miles on your Navigator.
    It's condition (any accident history, etc)

  • volvomax 06/09/09 5:59 pm PST

    First question is how much cheaper?
    Second is, what do you owe on the Lincoln?

    Right now, banks aren't interested in financing inequity, so if you are way upside down and don't have the cash to help make up the difference, you aren't going anywhere.

  • karjunkie 06/09/09 6:08 pm PST

    The time to ask the question was before you bought the house. No car dealer is going to take it away. You need to pay off the loan to a point you are not "upside down" and then sell the truck. Basically you are stuck with it until then.

  • dstarinieri 06/12/09 10:03 am PST

    This is a prime example of what is wrong with this country. Still making $650.00 payments on a 7 year old car and now I want a bailout. Should have looked at your finances before you bought the house. Dealers are in business to make a profit and not help you. Why don't you call Obama, I bet he will give you a bailout!

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