Question

Need advice: Husband and I jumped the gun on a family vehicle that we can’t afford. We traded in our sedan that had negative equity to finance a Nissan Armada for $750. That includes gap insurance. The payment is killing us. We just got it back in July of 2019. Any ways to get rid of this car or ways to lower the payment?  

Answer 1

I would go to the credit union and try to get a loan for the difference of what you owe versus what it’s worth and then go get a cheaper vehicle. Or I guess possibly just do a trade in for a much more affordable vehicle. Rolling over negative equity stinks. But it sounds like maybe you guys are going to be budgeting and have a plan to hopefully pay down the negative equity and get back on track!  

Answer 2

Trade it in a roll the negative in it.  

Answer 3

If I trade it in and take the hit of the negative equity, wouldn’t that create a higher monthly payment anyways?  

Comments

I was thinking of the same thing. I just need to find something to find my tall husband and two car seats. Hence why we jumped the gun on the family vehicle  

Answer 4

How does this "roll in the negative equity " thing work ? If anyone can explain ?  

Comments

Ah i seee. I was just reading this post and was wondering what they meant by that.