Situation:Would this be a smart trade in for the future being that Mercedes holds more value? I should be able to get a good deal with my credit scores correct? I know I will be going upside down a bit 
. If they take it for 14....that will leave me about 6 to 7k in the hole to add on to new deal. Could something be worked out? All tips would be welcomed
My (first) FICO SCORE 8 AND (second) FICO AUTO SCORE 8 credit scores:
Trans
758
767
Equifax
725
728
Equarian
759
765
My car:
2011 Camry (Black) XLE (GREAT CONDITION, NO TROUBLES)
53500 Miles
3.5L V6 Navigation Push to start etc
(Still owe 20,737)
Monthly: 349.99 on 72 months
Trade In Value= about 12,800 -14,200
Trying to trade in for
2012 Mercedes Benz E 350 Luxury Class (Black) USED CERTIFIED
38,000 Miles
Price:29,999
Monthly: would come out to possible 440-500 for 72 months
@Anonymous wrote:Situation:Would this be a smart trade in for the future being that Mercedes holds more value? I should be able to get a good deal with my credit scores correct? I know I will be going upside down a bit
My (first) FICO SCORE 8 AND (second) FICO AUTO SCORE 8 credit scores:
Trans
758
767
Equifax
725
728
Equarian
759
765
My car:
2011 Camry (Black) XLE (GREAT CONDITION, NO TROUBLES)
53500 Miles
3.5L V6 Navigation Push to start etc
(Still owe 20,737)
Monthly: 349.99 on 72 months
Trade In Value= about 12,800 -14,200
Trying to trade in for
2012 Mercedes Benz E 350 Luxury Class (Black) USED CERTIFIED
38,000 Miles
Price:29,999
Monthly: would come out to possible 440-500 for 72 months
Well OP, I wouldn't advise towards doing this deal after looking into it a bit just from the high neg. equity, but it is possible! Do you have any cash you are willing to throw down to wash some of the negative equity out?
After looking into both vehicles, I think 13.5k is a good number on trade, the extra money you would get from selling outright would help but not enough to outweigh the headache of the process. Without some more details on the mercedes I did just a vague KBB price up with the most basic trim and options and it still came back at 33K, so the 29,999 price is pretty good !
If you can come up with say 3k to put down, and get the price of the car down to 28K you are looking at 35.5K after rolling the neg equity into the new loan and Taxes & Fees, the best payment I could come up with was $571/ month at a 5% interest rate, now your scores are great, but without more info about your overall credit profile its hard to give an accurate number, if you could get in with a CU at 3% that would drop it down to $530 a month! So you're in the ball park, but only if you have some cash to throw at the deal!
Like I said I wouldn't do the deal myself as I have dealt with negative equity in the past and it sucks, if I could go back I would've just bit the bullet and paid off the loan, but if you really want that new Benz, go for it !
P.S.- Have you looking into leasing ? There is another thread out there with a similar situation with a massive amount of negative equity, I beleive he ended up leasing an infiniti, his payment is astronomical ($850) but at the end of his lease he starts off with a clean slate (I wouldnt do this without at least 5k cash to put towards the deal)
