Overhaulin'

What should I do with my upside down multiple car situation?

My situation is this...I currently have 2 vehicles. A 2001 Jeep Grand Cherokee and a 2006 350z. My fiance has been driving my Jeep.I am getting killed in it. I need to figure out what to do to get rid of the sinking ship of a Jeep and get her into a newer cheaper car. The Jeep is valued at trade in around $6500 and I owe $17,500 :( What in the world can I do to dump it? I was thinking of either seeing if dealership will eat some of the negative equity and roll the diff into her loan on a cheaper, newer vehicle. She has perfect credit and a $2,000 down payment ready so the interest that I would pay would be drastically better than the 16% that the Jeep is under now plus I would dump this POS off my credit for life. Other scenario is to trade my new 350z and the Jeep in and get into a more expensive car since I'm already paying $1,200 a month in payments and be done with the Jeep and she gets a car on her own. What should I do?

Public Comments

1. I would dump them both and get a more expensive car of better quality and have her get one on her own since she does have a reasonable amount of money for a down payment as well as an excellent credit history.
2. 1200/mo is crazy for a car payment. Do you have any problems with the Jeep? If so then get rid of it, but do not trade it in. Sell it off the streets. I personally would try to sell it for 9k or 10k, or whatever the market rate is. $ just doesn't go away, and by trading it in becuase if you get rid of the negative equity in the jeep, and into the new car, then you would have more negative equity in the new car. You would go out of your mind!!! I personally do not believe in car payments, but if you have to buy a car or truck try to spend less then 15,000, and pay less then 300 a month. If you don't have any problems with the jeep, then I think you should keep it to avoid paying more in taxes and fees for the other car.
3. trade in the jeep and the 350z, get a better car, and let her get her own