The problem started when I bought this overpriced Explorer seven months ago (maybe because this was my first car purchase the dealer took advantage of me). I got it for $19,900 with 39,000 miles and now with 49,000 miles it%26#039;s worth only $15,000 according to Kelley%26#039;s Blue Book. I need a second car and I think a good idea would be trading-in the Explorer and buying or leasing two certified cars; the difference between the trade-in value and the balance of the loan would be put into the new financing along with the purchase price of the two cars.
Anybody out there, I need your expert advise. By the way, what cars would you reccomend (2003 models)?
Thanks in advance for your time
What%26#039;s the best way to get out of a car loan without getting hurt? I owe $19,000 and the car is worth $15,000
The only way out of a loan is to sell the car. If you can%26#039;t sell it for what you owe then you need to come up with the difference.
This is what I would do if I had one car that I could not afford and needed two. I would sell the Explorer and let%26#039;s just say you get $15,000 for it. You%26#039;ll owe the bank/lender $4900. to get out from under that loan.
Talk with the bank, tell them you want out of the loan. Ask them to loan you the $4900 to pay off the Explorer loan and include enough extra money buy two cheap used cars.
Do not lease a car. Leases are a rip off. Do not buy a car you can not afford to drive. Your car payment total (all cars combined) should be no more than 20% of your total take home pay. So if you bring home $4000 a month, your combined car payments should be less than $800.00 a month.
What%26#039;s the best way to get out of a car loan without getting hurt? I owe $19,000 and the car is worth $15,000
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What%26#039;s the best way to get out of a car loan without getting hurt? I owe $19,000 and the car is worth $15,000
There is such pressure to sell new autos, some companies will pay off your balance (negative equity) and put it on your new loan for a new or later model auto. Your best bet but may not be feasible, is to sell your vehicle, probably wont get 15 for it, and get a loan (personal or collateral , and pay off the original loan, get a cheapey car to drive for next year or two until you get back on your feet. I drive a 85 mercury with 85,000 miles which is wonderful transp. and is worth about 1000.00 on the market. May have to live with your bad decision for 12 months or so.
What%26#039;s the best way to get out of a car loan without getting hurt? I owe $19,000 and the car is worth $15,000
Okay, every vehicle loses value(it is not an investment) please don%26#039;t blame the dealer for trying to make a profit. The best way to get out of this is to drive it until the wheels fall off, you will never win when buying a car but this is the least painful way. If you need a second car just buy one and keep the explorer. The more you trade the more you lose, remember you have to pay taxes,tags, and fees all over again. This will only raise your negative equity. Good Luck
10 years in the auto biz
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