Tana Dumoulin: First off, sell your car at the dealership where you work - and get as much as you can for it. Then your best bet is to buy a car from the dealer - I assume he would be willing to help you out. See if he can buy a car at the auction for way below wholesale book, and sell it to you for $4-500 above what he paid. Then go to your bank or credit union, and get a loan for the price of the car you are buying plus whatever amount you still owe on your old car minus the selling price.A hypothetical example:You owe $13,000 on your car. You sell it on the lot for $8000.You purchase a car from your dealer friend for $4000, and it holds a retail book value of $9000.You finance the $4000 plus the $5000 difference on your old car - you pay off the old car and have a $9000 loan on your new car.Now, while it may work in a hypothetical example, it may not work in the real world. If you cannot sell you car for enough money and find a car you can buy cheaply enough to co! ver your negative equity, you won't be able to obtain financing for your new car. You need to have all your ducks in a row (knowing what vehicle you can buy at what price, and how much you can get financed on it) BEFORE you sell your old car. Otherwise you won't be able to pay off your old loan, and the person who buys your old car won't be able to get it titled or registered.good luck...Show more
Guy Bonamico: I had around 5000 negative equity in an Envoy that I transferred over to my loan on my 2007 Camry. It can be done but you have to find a dealership which really wants to sell their car, which in these days wouldn't be too hard, I believe. It made my payment a little higher but the Envoy has lost so much of its equity in the 2 years that I had had it it was really my only choice. It did make my payments about the same as the Envoy though. The dealership sold my Envoy online that day for 14,500 so it isn't that hard to get rid of used vehicles as you probal! ly already know. ...Show more
Cassondra Vanholland: A c! ar is a depreciating asset and it makes no sense in going for an upside- down auto loan. A loan is up-side down when you owe more than the car's worth. It's not a good idea to roll in $ 4,000 in your new loan because you are unnecessarily increasing the risk of your new car. If something were to happen to your new car, you will face great trouble in repaying the loan. It's good that you are considering the future and thinking about selling your SUV. But,transferring your negative balance to the new loan is not the right answer. Instead, sell your car or go for a trade-in and pay the negative balance to off-set the loan. If possible try and make a down payment of 10, this will reduce the risk of an up-side down loan. Hope this answer helps you in taking a decision. All the Best!...Show more
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