Need quick advice!

[vampireszombies]

Ok so long story short, I have a 2013 Nissan Juke. First car loan and I got the sharp end: overpaid, high interest etc.
Almost two years later I'm now refinanced to 4.9 and only have $19k left to payoff rather than 30k+ I would be at my old rate.

My ultimate goal was to trade and get rid of my negative equity and start over or get something I'd be happier with. I finally found a dealer who works with me and this is his offer:
Giving my nearly 14k for my trade (other dealers I've been 12k has been the max before a manager comes and yells at me)
New car is something I've been wanting, 2015 Jeep Renegade Trailhawk. It is 1,100 below MSRP sticker at 26,999.

End price for me because of the given rollover that I must face is 32700. With my 500 down.

Ran my score of 700 transunion and got back a 4.9 rate at 75 months. (I didn't let them run it at other banks. My current CU won't go below 4.9 either)

Need advice, go with this deal with the rollover being the least I've seen? Or keep paying on the Nissan until I am no longer upside down..if I ever get to be?
Dealer has been waiting two days on my decision and I'm terrified of making another bad decision with now second time getting a car.

Thanks!

[CH-7-Mission-Accomplished]

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@vampireszombies wrote:
Ok so long story short, I have a 2013 Nissan Juke. First car loan and I got the sharp end: overpaid, high interest etc.
Almost two years later I'm now refinanced to 4.9 and only have $19k left to payoff rather than 30k+ I would be at my old rate.

My ultimate goal was to trade and get rid of my negative equity and start over or get something I'd be happier with. I finally found a dealer who works with me and this is his offer:
Giving my nearly 14k for my trade (other dealers I've been 12k has been the max before a manager comes and yells at me)
New car is something I've been wanting, 2015 Jeep Renegade Trailhawk. It is 1,100 below MSRP sticker at 26,999.

End price for me because of the given rollover that I must face is 32700. With my 500 down.

Ran my score of 700 transunion and got back a 4.9 rate at 75 months. (I didn't let them run it at other banks. My current CU won't go below 4.9 either)

Need advice, go with this deal with the rollover being the least I've seen? Or keep paying on the Nissan until I am no longer upside down..if I ever get to be?
Dealer has been waiting two days on my decision and I'm terrified of making another bad decision with now second time getting a car.

Thanks!

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It sounds like you already know the answer to this ... you should keep your car and keep paying it down.  Unless you really need a new car now, or are in a position to put down more than $500, why take the 20% derpreciation of just driving it off the lot?

You are second guessing yourself, and that nagging feeling inside is usually the little voice telling you what you don't want to hear, but need to listen to.

You have to pay the upside down amount one way or another, but the decision to buy a new car should be independent of that.  

Just how I see it.

Whatever you do, I wish you good luck!

[Anonymous]

i've been trying to refi but I just don't know where to get it from. I app for DCU but they denied me. 

Whats your score and who did you refi through?

[vampireszombies]

I tried DCU as well and they denied me.
I went to a local credit union in my town. Got approved with a 668 score at the time.

[Anonymous]

You dont have the really high interest rate anymore.

Since this is the end of the 2015 model year, I would think you should be able to get a really good deal on one, and 1100 isnt that good.

If you buy this one, you will be rolling new sales tax and fees into a new car deal that has an immediate loss for depreciation, as previously mentioned.

The new interest rate is the same as the existing refi rate, so no difference.

Unless you are planning to keep this one until its really close to being paid off, you're likely to just be continuing the negative equity.

One way to gauge what a car is likely to be worth in a few years would be to check a place like kbb dot com and use the current car and then check previous years.  If this is a new model, find a similar model from same manufacturer and compare that for the trends. 

So I agree with the previous poster, really think this one over.  Its your choice, but I think I see another sharp stick.

[StartingOver10]

Agree with asbinjax and Ch-7 Rebuilding:  keep your vehicle for now.  That doesn't mean that you won't get another one in say another year, but for now work on reducing your negative equity. JMO.

When you walk into a dealership with negative equity looking to trade, the sales rep ''knows" you are desperate. You put yourself in a difficult negotiating position and you put the dealership in a position of power. Don't get in the habit of trading in when you have negative equity - it only exacerbates the problem. 

To overcome the sales reps position of power you would be better off going in with your own financing and not trading your current vehicle. You can do that if you aren't upside down. Spend the next year paying down your principal balance and establishing an excellent payment history with your new refi lender. Go to bankrate.com and run the figures to see what you have to do to get your principal to an equity position in the vehicle you have now. Then when you are in a position of strength, negotiate the purchase without a trade and with your outside financing in hand....you will be in a much better place for the long term. 

Whenever I feel the need to get into another vehicle, I go get a detail on the one I have and end of keeping it!  You would be surprised at how much nicer your current vehicle is with a good detail