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| *Loan,banking and credit>>>auto loan |
Best advice if you are upside down on an auto loan, but need to trade in ASAP!? |
Upside down on a '05 Dodge Ram 1500 SLT Hemi- (simply can't afford both the note, and gas anymore!) Truck has less than 10,000 miles and is like brand new, but I owe way more than it's worth! Should I trade in on a cheaper vehicle and try to roll over money owed or try to lease a new vehicle? Any advice or help would be greatly appreciated! Any suggestions of a honest dealership (if they exist) in the Houston, Texas area? Try to sell it on your own first!!! you will get more on a private party value than trade in value...you can go to www.kbb.com and find out what your truck is worth both ways...Trade in value is always the lowest...also look into which company is giving the best interest rates and see if there are any other incentives such as rebates...it sounds like you are shopping on getting the best payment...research what you can before you go to any dealership...when you do go to buy the car you want...don't let them sell you...you may decide to go through your own bank and buy something from a private party yourself...their prices should be cheaper than a dealership...research what you are buying as well as what you are selling I imagine that if you checked you probably could not get a loan that would carry the Ram and a new car anyway. You are probably going to have to just keep on paying for the Ram and the gas for now. I am going through the same thing with a 2000 Astro Van. find an undervalued car that the bank will loan more than the purchase price to offset the difference in what you owe and what it's worth. Maybe a 2005 leftover, new cars are easier to get over loan value. Contact the loan provider. Voluntary repossession is not uncommon. If you level with the loan provider they may be able to help you. If you did not make the proper down payment to prevent this upside down position, the selling dealer may be obliged to take back the vehicle. Don't miss any payments. Don't stop paying. Get the help you need now. |
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