How does an Upsidedown Auto Rollver work?

[Sedanbmw]

Guys I am looking for a car..but here is my situation

Current Car worth...2000

I Owe...5700

Cash on hand...9000

Looking to buy a car priced 32000 out the door

Approved for 30k..with 3% APR

Can i use the 9k to bring to bring the out the door price to 23k?..and ask them to roll over 3700 into the new Auto loan..so that way i will be financing 26700.  I just will like to be more informed of my options before i get involved negotiating

[Creditaddict]

---

@Sedanbmw wrote:

Guys I am looking for a car..but here is my situation

Current Car worth...2000

I Owe...5700

Cash on hand...9000

Looking to buy a car priced 32000 out the door

Approved for 30k..with 3% APR

Can i use the 9k to bring to bring the out the door price to 23k?..and ask them to roll over 3700 into the new Auto loan..so that way i will be financing 26700.  I just will like to be more informed of my options before i get involved negotiating

---

well since you have the cash you really are not rolling negative equity in... you are just fine.

[Remember0]

+1 you're good to go. Just get the used car appraised at carmax so the dealer doesn't rip you off (use carmax's appraisal as leverage).

[Sedanbmw]

Thanks guys!

[NotTellinYou]

Why not pay the existing car off and keep paying the loan but into a savings account and build up a size able down payment that will also help lower your interest rate later. Is there a reason you need a new car now?

[Creditaddict]

---

@NotTellinYou wrote:
Why not pay the existing car off and keep paying the loan but into a savings account and build up a size able down payment that will also help lower your interest rate later. Is there a reason you need a new car now?

---

OP has over $5k down AFTER paying car off!

[2Hearts1Love]

NotTellinYou...do u have something against people buying new cars? Most of your posts seem to question others decisions on purchasing new/newer cars.

[Sedanbmw]

Thanks for your advice...but i need a new car for my recent life changes..having a mustang is not the best to use with a larger family.