Negative Equity

[Anonymous]

In a situation with substantial negative equity and high payments, what options do I have to get out of such a messed up situation? I wish I would’ve known back then what I know now. Car salesmen continually lied to me and now I’m in a terrible situation. Currently driving 2017 Charger with 23000 miles on it. Any advice at all I will gladly consider!

[Anonymous]

What's the balance vs kbb value and APR?

[Anonymous]

8.9 %
Edmunds Value $14-15000
$38 balance

[Anonymous]

Those numbers look almost unbelievable. What is the car's actual MSRP? Its on the label that came with the car. I cant believe a 40K car could be worth 17 in 1 year. I dont even think its allowed to roll that much negative equity into a loan so somethings wrong.

[Anonymous]

The total price was $31,090 the rest of the loan is negative equity from my Dodge Journey.

[Anonymous]

Need exact numbers as in

2015 Chevy Equinox LS
MSRP $21,000
Sale Price : $17800

Loan Amt : $18600

Term: 72 mos
APR : 3.99%

As of March 16, 2018  Current Miles : $100,298.

CarMax Value : $4100

GiveMeYourVin Value: $4200

Dealer Value : $6400
Nada Value:  $8100

Payoff Remaining : $ 9980

Months Remain : 43 mos

Negative Equity = $ 8100 -$ 9980 = - $ 1880

When you trying to bring this negative equity into a new car loan or a lease that adds to your current loan balance.

[Anonymous]

How do I find the vin value, nada value, dealer value, & car max value?

[Anonymous]

You have to take your car to

CarMax

GiveMeYourVin

3 dealers with the Dodge Brand and tell them you are ready to sell. how much would you give me? get offer in writing.

the remaining two would give you real lowball offers to have a range of price that you can get an estimate.

depending on state you live in there should be a carmax dealership where they appraise your car and give you an instant offer & their best price offer.

What this values will determine where you stand on your negative equity values. Usually if you are within the First $2000 of loan value v/s car value its not exactly so much of a negative equity?

If car values between $2001-$5000 you may have negative equity thats not exactly bad but still workable.

More than $6000 in negative equity, you might as well use the car for more than 11 years. it will be worthwhile.

[Anonymous]

Thank you for your advice and helpful information!

[CreditCuriosity]

This thread is going to remained locked as there has been discussion of the following:  

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--CreditCuriosity

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