What You Should Do if You're Upside Down on a Car Loan - Car Dealership Negotiating Tips

#upsidedowncar #negativeequity #carloan #tradinginacar #carstealership

How to sell an upside-down car when you owe more than the car is worth: We've (stupidly) purchased a brand new car and know the trouble you can get into when financing negative equity into your new vehicle purchase. Here's how we sold an upside-down car and were able to purchase a nice, used car for 1/4 of what we financed originally.

If you're upside down on a car loan, you have to decide if it's worth it to sell or keep the vehicle while you save to cover the difference. Car dealerships aka car "stealerships" will use bully tactics to trick you into paying more for the purchase AND taking less for your trade in.

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[AJservicetechAZ]

I’m not trying to get too emotional here but I legit started tearing up realizing I can actually get out of this awful financial situation I’m in if I just apply myself and take your advice! Seriously thank you!!!

[Fingamyaz]

i'll never buy a new car again. USE FOR LIFE!

[octaviacron]

THANK YOU FOR THISSSS. I’m trying to get out of my car loan and I am

[NowDestinyAriale]

Thank You completely flip the script! Turning the dealers against each other for your good!! Is genius

[davidmarksphotos]

negative equity is what everyone deals with at least once in their life simply because a car's depreciation is the most fastest depreciated asset in the world. you will never win. you will always end up paying more than what it is worth. Cars are so dangerous financially speaking. god bless! Love the video

[Sci-Fi_Fan]

I agree with the other comments. It was great to come across this encouraging and empowering video in regards to this daunting task of getting rid of a vehicle where you owe more on it than it's worth. I'm so ready to see the light at the end of the tunnel. I plan to post my car for sale either tonight or tomorrow. Thanks for the tips.

[iamShepard]

Hi Melissa, you've got some good info in here, but as a used car salesman (work for a privately owned, non-franchise store, so I can't speak to how other dealers work), I'm going to throw something out there for you and viewers, take it or leave it, up to you. When a customer comes to me saying "I'm interested in a vehicle, and I know I've got some negative equity" I will direct them to vehicles I know can "hold" some of that negative equity. By that I mean that the vehicle I'm selling is priced below NADA book value, and can absorb some of their trades rollover without throwing the Loan-to-Value ratios all out of wack. Again, not saying all dealers or salespeople take this approach, but if I know what the problem I'm trying to solve is right off the bat, I can better serve my customers. Just my $0.02, again a lot of excellent info in the video, especially about KBB vs NADA.

[NoFaceNoCaseREVIEWS]

Great advice. You are the 1st & only person to turn this into an empowering situation,

[CaedmonWalters]

I made a down-payment on my current car using a credit card to redeem the cash back on the "purchase". I promptly paid off the full credit card balance with the cash I had saved for the downpayment.

[JonBradleyFilms]

I literally thought you meant escape from an overturned car. Then you said finance coach and I realized this video was about being upside down on a loan. That makes more sense

[jjjackbird]

Thank you so much. I’m going to try this tomorrow. I owe 25k on a 2016 Altima that I purchased new and payments are 620 per month. I was being young and dumb. Hopefully I can get out of this.

[mikevuk]

I’m just waiting for the next big snow storm I’m going to run my car into the tree 🌲😂😂😂

[curstinw]

I’m 19 and don’t know anything about trading in a car but I want to trade in my car and get an even older car and pay a lesser car payment but i’m really intimidated by the process

[Vshamann]

You get a thumbs up just for letting me know about NADA lol I always wondered what they were actually using because I knew it wasn't Kelley Blue book unless it was to their advantage

[ryanroberts]

Best way to get out of an upside down vehicle...sell it yourself for it's TRUE value, and take out a personal loan for the remainder of what you owe..cars are the worst investment ever..learn to buy cars with cash.

[slingshot]

Thanks for this informative video. I tried to trade my truck in today for a new car. The dealership did not give me a fair trade offer so I walked out. After thinking about it, it's OK. I don't need a new car. I just wanted a new car. Now I'm glad I did not take the dealer's offer. My truck does not look the best but I can spend my hard earned money on lots of things other than a high car payment and insurance.

[centralcoastselfdefense]

So I work at a very large dealership as a sales consultant and I can say that your advice is great... I have had customers do exactly what you said and they got great deals. Another tip would be to never buy any back end products from the sales person because the finance managers will always discount more than the sales guy can... Although you literally will be the exact customer every sales person hates Because they will spend more time with you and make no money

[HammyTV]

I cross reference CarMax all the time against our Toyota dealership. On Toyota Certified, we are always a better deal and value.

Carmax gross profit, more than double the industry standard. 14% vs industry is 6%..

You could have easily said here's my CarMax quote, will you match? They'd probably said yes.

No business can be the cheapest, or offer the most every time, or they be out of business.

[kellygprofessional]

Oh SHES GOOD!!! I am totally confident I can handle this now! thanks so much for sharing !!!!

[grandlyfecuhh]

I like the Idea of saving money on GAP insurance but I come to find out that after about 2 or 3 years your insurance company is liable to drop the GAP because the car is not considered "new" anymore as for the dealership GAP last for the lifetime of the loan