@StartingOver10 wrote:What is that $3k, the trade in value? Or is it the blue book value. It would be far better for you to sell it retail yourself then to trade. It might be tough now, but getting rid of the negative equity and not transferring it to the new purchase puts you in a much better negotiating position.
The problem he may run into when trying to sell the car is that he doesn't have the title, and won't be able to get it until car is paid off. So even if he sells the car for $5k, still $3k short on what he owes. As such, if they are willing to let you carry over the negative equity to the honda, I'd go that route. Granted, you'd be paying $5k more than the car you're buying is worth, but at least you won't be stuck with a "dead" car making $8k worth of payments, while making payments on the new car as well.
Just my two cents.
@cns2002 wrote:
@Anonymous all...im happy to report i did go with trading my car in and im the new owner of a 2013 honda accord coupe. 2k down to eat some neg equity plus 3k for my trade, extra 500 honda rebate & 499/mo @ 9% interest. I even negotiated gap insurance and a 6yr full warranty in for free! Payment is high but expected since i rolled in so much negative equity but thats the price you pay for going into bad car deals blind and paying for it later.
I should have read the whole thing. Glad you got the car.
Congrats on getting the accord, glad it worked out for you!
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