Overhaulin'

upside down car loan need more room?

I have a 2004 mustang, i recently got married and have 2 stepchildren. the mustang won't hold us all and i need a more economical car to drive. i owe 9700 on the mustang and the trade in is like 4500. my credit isn't great...waht can i do??

Public Comments

1. Learn to live with the mustang until such time as you can come up with a down payment of about $1000 more than you are upside down. Even that may not be enough. In other words, to stand a chance right now, you'd need $6200 in cash plus your trade.
2. The only way to bury neg equity is a good rebate combined with a god down payment from you. There was a time when lenders would wash all that into a new loan. But since so many people were doing that & screwing up, they stopped. What can you do? Go through the house, find all the worthless crap you can, & eBay it for some extra cash.
3. You will need to make up the difference somehow. Or do a voluntary repo, that means take the car to the dealer, hand them the keys and walk away. Then once that is done you can buy another car.
4. go to www.why pay sticker price my son picked up a brand new jeep liberty 2009 for$15800. dealership was $23000.00 this is where you can make up the difference
5. You owe 2x what the car is worth. I hate to tell you this, but you need to keep the car, there's no easy way out of this.
6. Well, that's some seriously great future planning there. My mom made a 91 Camaro work for a short term boy-toy and three kids. I sat on that damned middle hump for quite a while. Your scenario won't fly. And you have a car to pay down first. Good luck.