Negative equity trade in
Asked by vanasia Jan 03, 2023 at 08:55 PM about the 2022 Hyundai Sonata SE FWD
Question type: Car Selling & Trading In
If I have anegative equity on my loan , value
20,000 and owed 27,000, how can I get out of
that with a trade in, would they require a lot
down? Which dealers does this . Help
3 Answers
Oops not good. Even if you do find someplace that will do a trade it will only get you in deeper unless you have a very large down payment over and above the car. Personally I would hunker down and pay extra every month you can. You would be surprised how quickly the balance drops if you make more than the minimum payment.
Guru9R9KBS answered 2 years ago
Another scenario is to put $7K cash down on the new car , paying off the existing car and finance the total amount of the new car.
When you trade in the vehicle the amount you owe is added to the loan for the new vehicle. So you end up paying for two vehicles, one of which you no longer have! On a 22 model you've got about another two years before the vehicle is worth what you owe on it. Keep it and pay for it. Then trade it in later. Hope that helps! Jim
