What is my best option with negative equity in a truck?
February 25, 2009 by Debt Equity Financing
Filed under More Equity Answers
Can you answer chad c’s question about Equity?:
I have a truck that has negative equity from a previous car. The truck isn’t working for me and I owe more on it than I can sell for. What is my best option in getting into something else?
Home Equity Line Of Credit Rates
I have a truck that has negative equity from a previous car. The truck isn’t working for me and I owe more on it than I can sell for. What is my best option in getting into something else?
Home Equity Line Of Credit Rates
Wow. You traded in a vehilce you were upside down on, and now you want to do it again?!?!?!?!?!
You need to buckle down and pay it off. Quit trying to run from it.
In the future, DON’T FINANCE A NEW VEHICLE. Instead, buy good used vehicles for CASH.
If you buy a new vehicle, you are upside down on it the moment you drive it off the lot. If you are foolish enough to roll additional equity into it, then you will really be in trouble.
You made the mess, pay it off and stop rolling more over.
My first recommendation is to do your best to live with it; unfortunately, you are going to loose out if you try to trade it in on something else unless you can trade down. If you absolutely HAVE to get rid of it, try to trade down as I mentioned before, or try to sell it on your own. You can usually get more for a vehicle it you sell it outright as oppose to trading it in at a dealership. Good luck!
The first two posters are correct. You need to pay down this debt. If you can do without a vehicle, sell it and use the proceeds to buy down as much of the debt you can. You’ll have less debt, no more gas or insurance expense. And in the future save up enough money to pay cash for a nice used vehicle.