@Anonymous wrote:
Dvasil, thank you! I've already been to one dealer who tried to tell me i should just let it go, let them repo it because a bank "won't take it" as a trade since it's not reporting and they are doing me such a deal lol. It didn't feel right for sure, but it was making me wonder if they were telling me the truth or not!!
Reach out to a bank or credit union first. Generally it is considered best practice to secure financing before speaking with a car dealer. In your conversation with the bank you will want to include the negative equity of the car. Generally a bank will not loan more than 120% of the value of a vehicle being financed. If your car you are looking at costs less than 11,000 the bank will likely not approve a 14,000 loan. If you are looking at a 20,000 vehicle, then the negative equity will likely be approved.
These are example numbers. Talk to a loan officer to get real numbers for your situation. Also if you are buying a newer used vehicle, you might have a bit more leeway. For example if NAPA and KBB say a car is worth 12,000, but you are paying 11,000 for it. Some of the negative equity is rolled into value of the car and the bank might be willing to loan.
