Hi there, I have what could be the worlds wierdest car loan scenario. I currently own a 2102 Mini Countryman, financed through Cap One. I've got about 2000 negative equity in the loan.
The other day I came out, opened the door to drive to work, and was greeted by the horrible smell of seath. A mouse had gotten into the car somewhere, died, and wham! Car is not driveable. I made a comprehensive claim, and the Mini dealer has stripped the car, can't find it. Progressive may total it! Crazy.
So now I'm car shopping and found a car I want. I've got scores around 690, and am preapproved again through Cap One for up to $35k.
The car I found is $23k at Carmax. I don't want to wait for either 1) a loan payoff by progressive ( best case bc then my negative equity is covered by ins policy). OR 2) they get the Mini clean and I sell it.
My question is this: do you think I can finance the new car with the old loan still alive? Was my preapproval done with the first loan taken into account?
I will, if necessary, sell the cleaned up Mini, sell it, and just pay off that first loan. I doubt Carmax will value the trade fairly of it comes to that...
Thoughts? Thanks!!!
