Trading In Your Car When You Still Owe

In this video, I am going to explain what you can do if you’re upside down on your car loan and want to keep it or get rid of your car for a new one.

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[TristaSwafford]

I really needed this and the way you explained it didnt make my brain explode haha. Earlier this year i needed another car asap after my first car left me stranded in the middle of an intersection, being so naive, the salesman bamboozled me and im stuck with a 2017 forte with payments that i could be making on a 370z that I actually want which I didnt know i could afford until after i got the car. The car was sold to me for $11k, my principle is $14k and I still owe over $20k on it, when the car is only worth $5k. I'd rather put that money in the car that I really want and put research into instead of smth I got on a whim bc of an emergency.

[kimberlymay]

Awesome! I always thought whatever you owed on your vehicle was attached to the new loan. Now I know whatever’s not appraised is attached. Thanks so much all good info!

[strokerace]

Refinancing to get a lower payment is dumb, you will get further upside down doing that.

[tigretouchingbandz]

Tryna trade my 2020 accord in for a charger. only had the Honda 6months but I’m over it, still owe like 18k . Helpful video tho I’ll be at my local Carmax mañana

[guillermoreyes]

I have a car that's worth $12k, but I owe $19k overall, so I'm $7k upside down. Would it be a smart move if I were to my car in for a used car $4k and just roll over my negative equity?

[kriziaeloraf]

So I can basically trade in my 38k financed car for a cheaper car and just get the negative equity applied to the new payment?

[phaseonehustle]

Also look for cars with cash back and incentives to eat up the negative great video

[ianjones]

i have a 2023 hyundai elantra n line. i’m 10k upside down and owe 38k for it. $640 monthly payments and have no clue where i should start.

[holleelifestyles]

Wowww!! Oh my gosh this who time I thought negative equity meant what you still OWED on the loan. I didnt know 1st my car would be appraised and then whats left over is the Negative Equity!! Whew! You just answered SO many of my questions in 6 mins👏You the REAL MVP! 🙌Subbed !! Keep up the great work 💓

[tconua]

Yeah I have a Sentra turbo and the resale value sucks, but I've read Nissan sedans have horrible resale value

[younglow]

I went to look at a Mazda 6 2017 and told me I got approved to get the Mazda 6 and made me sign a whole
Bunch of papers for the Mazda not knowing blindly signing from another car then they came back saying I qualified for another car after they specifically told me I qualified for the car I wanted how do mix up names from Mazda to Nissan

they financed another car which was a Nissan and I was token advantage of after that now I’m paying a car I didn’t even want and I dint know how to get rid of it I have to pay 24% interest and I’m a first time buyer and it’s too much

[williamgiesecke]

What about the new car has big discounts?? Would that help with the negative equity??? …. Thank you for the Great Video

[kamikaze]

Question. I just bought an 07 Mustang GT with only 87k miles on it. After owning it for 4 weeks, I’ve come to the conclusion that it ain’t the right one for me. I owe around $16k and it’s valued at $9, 616. $6, 384 upside down. Can I trade it in at CarMax for a newer car (2014 for example)?

[Estyle]

Great Information thank you. You just got a subscriber. I got two repos I only thought I had one. Is been more than 8 years. I had to trade in a truck that my dad gave me. So the car was 16k and it all came out to 22k. What should I do? They told me to pay for it for a year so my credit looks better. Its a 2016 Camry with only 12k miles.

[𰽱𠄢]

Hey, I have a question. I have a 2010 Dodge Challenger but I wanted a Mustang but the Mustang costs $22k but I still owe money to my challenger about $13k. The whole price was like $22k when I got the challenger and I want to trade in my Challenger for the Mustang, how would it work? also, my interest rate is 11.5%...

[jeninhadelima]

Hey i live in canada, i own a honda civic 2014 exl model i owe 6000 on it right now i still have 2 1/2 years to pay jt off. My honda has reached 223 000km i want to know if anyone would consider trading it in or would it be a good idea to just keep the car as i heard hondas dont die out so easily. I never had issuss with this car god forbid . I am thankful and just want some advice. Thank you ❤🙌

[SixFiguresix]

I got a Honda Civic 2018 ex 57, 000 miles
Great condition and it’s financed, and I got a co signer and it’s 1 more month until I had the car for a year. How do I get the co-signed person off ????

[johnross]

What if my current car I got with a co-signer. When it comes time to trade in said car will the co-signer need to be present? And once I get my new vehicle what happens to the co-signer for the traded in vehicle? Are they free from the loan of the trade in.

[juliorobles]

Now lemme ask you a question, what if and I’m using hypothetical numbers. What if I owe 7k and the car is worth 7k what’re the options when you going into trade in

[kathysturgis]

Hi! What if you just got the car and have not even made first payment but you now realize you needed a Van for work. Can you do this???