rfeltman41

Well I don't think I'm the only one in this predicament. I traded in a 2012 on a 2016 SCrew Sport 4x4 302a XLT 2.7 a month ago. Well reality has kind of set in that I may be in to deep on this one. I financed 39k for 6 years at 589 a month. For personal reasons and peace of mind I would like to try and get out of it without losing my a**. Sticker was 49.5k, financed 39k. Local Toyota offered 30k trade, tried getting into a 2001 4Runner, no dice. Any input on what I could try would be greatly appreciated. Thanks in advance.

rfeltman41

Phil7027

I work for a car dealer out here in NJ. To be honest I have NEVER given anyone a trade value they were happy with. Let people have their opinions and bash on me for saying this but if you do not plan on keep your vehicle (of any type) for longer than 5 years it does not pay to finance unless you do very heavy mileage.

Vehicles depreciate so much in the first 2 years it is very hard to keep up with payment wise.

Your best bet would be to roll the inequity into another vehicle and KEEP IT, or roll the inequity into a lease. Yes the payment would be high but if you truly dont want the car you would be out of the inequity in 3 years.

Now I am not selling you a car here so I am not trying to persuade you to do anything. I am just giving insight on what I advise for my clients. We have over 15 luxury car dealerships I am not a local mom n pop used dealer feeding you BS lol

Ssls6

Upside down by $9k. No real way to trade this 9k delta away and lower your payment.

If you bought a $20k car, you'd be financing $29k and would need a 6 year note to get lower payments but no banks I know of would give you a $29k note on a $20k vehicle. They would want a pretty big down payment.

Your best option in my opinion is to sell it outright. You could get close to the $39k you owe. I say close because most people get ~$10k off of a new $50k truck. I would think you could get maybe $35k for it...maybe.

2slow05

There is really no good way to go about this. Either try to sell it outright and get 34-35k and have to eat the difference.

Or the best option as I see it would be trade it in on a lease and roll the negative equity into the lease and pay off the negative equity over the term of your lease. Yes you would be paying a high/higher note on it but it would be paid off after the lease is up either 24mo or 36 mo. Instead of paying the current note you have now for 72 months

Ral1121

Sorry but I dont see any way that you will not lose quite a bit given that the truck is an xlt. XLT's have the most incentives. I have seen people get into that same truck out the door for less then what you have financed by a couple thousand brand new. I would suggest just taking the loss and going the used route rolling what you owe into the new loan. Then focus on paying off the used vehicle early. This was a hard lesson I had to learn several years ago when I did the exact same thing. I ended up finding an older import car for around 6000 and rolled the 5000 i owed into the new loan. Terms were not great, so I focused on paying it off early. Went from having payments of around 650 to 250. Once I payed it off I sold the car a few years later for 5500. By getting rid of what I could not afford, I was able to pay off everything comfortably.

cransnam

why trade because payment is too high? you cant buy and trade one month later man...get a second job.

OMAC

How do I put this nicely? You foocked, it's so easy to roll into a dealership and sign whatever they want and drive away wth no money down, then comes the hard part paying the bills, I've been there done that, last fall I traded two brand new vehicles for my 15 xlt 302, I had a 13 xlt and was leasing for 4 years and was almost two years in and also had a 45k dollar Honda Odyssey financed, just payments with no maitnace or insurance was 1310 per month and just didn't feel like we could get ahead, we had recently moved and were much closer to the nessacary stores, i.e. Grocery and doc, I ordered last summer and traded the two in the fall at a loss on the van of 10k and 4K on the truck, that loss was rolled into the new truck, so my 45k truck with financing ended up being 70k for 6 years, this lowered out monthly to 1k plus only insuring one car, one oil change one set of tires and so on, it sucks but all poor deductions on my part after I talked my wife into all these mistakes lol, you'll have to bite the bullet and pay your way out, wish I could offer some advice but long story long you shouldn't have bit of more than you can chew, situations do change but as a responsible adult you must account for these changes, job loss and so on


After its all said and done I love love love my truck and I've learned from my mistakes, I'm 32 with a thriving business and I have no place to go but up, keep the truck get rid of the truck, whatever you end up doing keep a positive attitude work extra shift put in the time and everything always works out, it's only money in the end

2slow05

Did you buy gap insurance? If for some reason you totaled the truck

WarSurfer

Scared money never wins. Car dealers can smell the fear on you and WILL take advantage of you. Since you are looking at eating 5-9k anyway and would have to come up with that delta, find the dough (another job, whatever) and pay down the loan enough to refinance and keep the truck. This way all you eat is the refinance charges and you get to keep a nice reliable vehicle with a warranty.


If you can't afford 600 a month, you can't afford to flush 5-9k.