Regular Contributor
Posts: 177
Registered: ‎10-02-2012
Re: Thinking of trying... options?

Upside down trading is simple...they will give you what they think it is worth, and the difference between that and what you owe is tacked on to the new car. The problem then is, can you get enough financing to cover the cost of the new car plus $2-3k more? Given your current scores, I doubt it. So now you're looking at a large down, probably 10% of purchase price, plus whatever the difference on your trade is. If you did somehow manage to get it 100% financed, you'd be starting way upside down in the new one, so you really need to be in love with it because you're going to driving it for a very long time. I did this when I was much younger with three cars in a row, and wasted thousands of dollars in the process.