Am I screwed if I want to trade-in/buy a new car if I owe more than the car's trade-in value?

Question:
I have a $14,000 payoff, but the car (Toyota 4Runner) is worth $10,000 trade-in according to Kelley Blue Book. I guess I'm stuck?

Answers:

What Motorcycke should I buy?

thats certainly not the worst ive seen, but you may want to save up some money for a few months before going in

My car just gat repoed?

the problem with being "upside-down" on your loan (which many are) is that it will restrict your choices at the car dealership.. by removing some of that debt it will open up your possibilities and save you from being even more upside-down the next time you purchase

What type of car should i buy?

save up for a few months, knock 1-2000 off your loan, and you should be fine

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Does anyone know of great games for the wii?

you can still get a new car - they will roll the debt into the new payment.

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What is the best first car for a 16 year old girl entering college in a year?

yep, they will add the difference to your new loan on the other vehicle

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Anyone looking to make a great buy on a new Nissan or Hyundai?

Depends on the car you are looking to purchase. Many new vehicles have rebates-these rebates take place of your negative equity on your present vehicle. Lease programs have also known to help out.When you lease--you turn the car in and the end. All your negative equity is absorbed throughout this term of your new vehicle and you get a fresh start for your next vehicle.

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Im taking my volvo s60 to a dealer?

See if someone will take it, by taking over the payments.

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I have a 1967 Dodge Polara and a 1971 Pontiac Firebird, where can I find potential buyers?

You become what is called up-side down. You'll be better off trying to pay down the note, if you can, prior to trading. You loose leverage when you are upside down. You won't be getting the best deal. Independence is gained by being able to go in & pay cash. It takes a lot of discipline & doing with out when your friends are driving nic cars & your in a clunker. But its worth in the end. Save. Save. Save.

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I want to lease a car but.?

Yes you are stuck. This is the result of too long financing period for the pay back. I always recommend no longer than 5 year and preferably 3-4 year loans on autos. I have heard of 7 year notes (they will get you in trouble). If you will drive the car for another year, you might be able to close up the gap some. Otherwise, you will suffer a $4000 + interest loss on the car you trade in if you can get financing for the other car plus the left over $4000. I would recommend that you tough it a little longer to get the principal down so that you can trade it in under more favorable conditions. I know that's not what you want to hear, but it make better financial sense.

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Opinions on new/ used cars?

yep

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