Help w auto loan

[Anonymous]

Hey guys I'm trying to trade in my 07 Ford Taurus for a New Ford Fusion my scores are TU 614 , EX 581, EQ 571 just wanted to know if anyone thinks it's possible to do this. I have had ontime payment with the Taurus for 1 yr and 4 months probably will put 2500 - 3500 down on a new car. Do you think this is doable. Just want some advice before I walk into the dealership and look stupid. Thanks

[bott6698]

Hi Rock, Your scores resemble mine and I am also looking to get an auto loan and trade in etc... They shopped me to atleast 10 banks with denial after denial... I was only looking to put 1000 down so your 3500 down may do the trick for you.. I have no CA, no BK, no CO, only 7  30 day late pays on 10 year credit history and last one was 11 months ago. I have only 1 30 day late pay on auto with 4 auto loans total. My credit scores are low because of high

balances to limits or UTL....

Although my CU thinks they can do something and I am supposed to hear tommorrow from them.. Check with your CU atleast..

I don't know if this helps or not I just saw your scores and mine right now are EQ 625, EX 576 and TU 569.

[Anonymous]

I truly hope so too.. Was just trying to see if there was anyone else out there that had success in getting out of their vehicles after a year. I hope that there are enough incentives etc to cover some of the negative equity in my car. Does anyone have some experience or advice?

[clocktick]

I brought a newer car to Carmax - they gave me a figure and the local dealer matched it.  The difference is that I didn't have a loan.

Do you know how much your car is worth now?  How much do much more do you owe on it?  Would you be upside down at all?

[Anonymous]

right now my car is worth 6800 I still owe 12300 on it accroding to the lender. Generally I"m hoping that all of the new car incentives and Ford loyalty will hide the negative equity in my car. At least that's my hope. My true concern is attaining the loan with a decent interest rate because the car I currently have is tied to a fairly high 17% interest rate because of it being my first car and my credit score being lower when I purchased

[203bravo]

It's going to be hard (if not impossible) to find any lender that will allow you to roll that much negative equity into a new loan.  I'm not aware of any lenders that are loaning more than the cars value these days, and if you do find one your interest is going to be out of the world.

Would be best to keep your current car at least until the negative equity is gone.