@urluckypenny1 wrote:I currently have a 2009 Silverado that I owe $9500 on the loan. The KBB trade in value is $5800 so I'm $3500 roughly negative equity.
Started having a few problems with truck so a little worried. Been looking at other newer trucks 2018 -2020 with less miles around 20-25k price tag. I've never had negative equity so wasn't sure the process and if it's a hole I don't want to get in, even though it's only $3500
ive got a 767 -754 759 Fico scores , tried the pre approval and was approved, just not sure what to do being I have that negative equity. ? Just ride it out or not.
I've got 24 months left on loan
I was in your shoes many years ago, more or less. I leased a sporty little two-door coupe the day before we found out my (soon to be) wife was pregnant; eighteen months later the car was too small for the new/larger car seat for our growing son. Yeah, I needed a larger car, but only a year and a half into a lease, there was a lot of negative equity; the finance guy at a dealership worked on getting me a financing deal to roll the buyout cost of the smaller car into the lease new sedan. He warned me this deal would only work out for me if I fulfilled the full 60-months of the new lease; cutting that lease short would repeat the cycle of rolling negative equity into the next vehicle.
The good news is, that sedan was a trooper and easily carried me through the 5-year lease, and I was actually sad to see it go when the time came.
