Upside-down trade in towards new car.
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Super Moderator
Joined: Mar 2006
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From: ABQ, NM
Vehicle: 2001 hyundai tiburon
Upside-down trade in towards new car.
Just wondering if anyone knows anything about this type of trade in..
When I got my Liberty, I was upside down on my Neon (owed 9000, they gave me 6000) but I don't know how upside down you can be to get a new car loan.. obviously their has to be an upwards limit..
I am just super sick of the gas mileage on the Liberty, coupled with the high gas prices and really would like to get rid of it.. (18mpg highway)
the Veloster turbo, that is coming out this summer really caught my eye.. Even with the upside down trade and payments being MORE than I am paying now, I would easily save the difference monthly in gas.
Come September or so, I will owe around 17000 on the Liberty (with the negative equity of the neon + refinancing like an idiot, I shot myself in the foot) Right now, trade in estimate is 11.3k-13.8k... I know the 'mods' don't count and may have to replace with stock before a trade.. projected, that will put me around a 6-8k deficit..
I'm just wondering if I will even be able to GET the loan or likely not be able to because the loan will be for much more than MSRP of the veloster?
I will also have 1000$ to put down/pay down on the loan at the time, decreasing the deficit.
When I got my Liberty, I was upside down on my Neon (owed 9000, they gave me 6000) but I don't know how upside down you can be to get a new car loan.. obviously their has to be an upwards limit..
I am just super sick of the gas mileage on the Liberty, coupled with the high gas prices and really would like to get rid of it.. (18mpg highway)
the Veloster turbo, that is coming out this summer really caught my eye.. Even with the upside down trade and payments being MORE than I am paying now, I would easily save the difference monthly in gas.
Come September or so, I will owe around 17000 on the Liberty (with the negative equity of the neon + refinancing like an idiot, I shot myself in the foot) Right now, trade in estimate is 11.3k-13.8k... I know the 'mods' don't count and may have to replace with stock before a trade.. projected, that will put me around a 6-8k deficit..
I'm just wondering if I will even be able to GET the loan or likely not be able to because the loan will be for much more than MSRP of the veloster?
I will also have 1000$ to put down/pay down on the loan at the time, decreasing the deficit.
Thread Starter
Super Moderator
Joined: Mar 2006
Posts: 1,304
Likes: 0
From: ABQ, NM
Vehicle: 2001 hyundai tiburon
yeah, i figured that, I just didn't know if there was some maximum % over the price of the car that I could legally get a loan for.. I couldn't find anything on the interwebs..
Thread Starter
Super Moderator
Joined: Mar 2006
Posts: 1,304
Likes: 0
From: ABQ, NM
Vehicle: 2001 hyundai tiburon
ahh, looks like 120-150% of the car value from a article I just read.. My credit is pretty good last time I checked (700+) and my income should suffice. It will probably be close but I will just cross my fingers for now.. In the meantime, I think I am going to test drive a N/A just to see if I even like the feel of the car..
I SHOULD owe about 17500 when the time comes to trade.
I will HOPE to get a 12000 trade in at the time.
I will have an additional 1000 for a down payment or to get to 16500 in what I owe..
If all goes well, I should be at around 4500-5000 negative equity on the loan, which would be about 20%, if the price of the Veloster is in fact ~$22,000 when it hits the shelves..
I SHOULD owe about 17500 when the time comes to trade.
I will HOPE to get a 12000 trade in at the time.
I will have an additional 1000 for a down payment or to get to 16500 in what I owe..
If all goes well, I should be at around 4500-5000 negative equity on the loan, which would be about 20%, if the price of the Veloster is in fact ~$22,000 when it hits the shelves..