Upside down loan help!!!!

[mattayy]

Hello everyone,

I am currently in an upside down loan (I know I am an idiot) I owe $26k and my car is only worth $20k.....I just bought it in August. I was wondering if it would be smart to try and buy another car and roll my remaining loan into the new loan? I don't know if I can get approved though (I am on another car loan with my mom). I was also wondering if it was possible to lease a car and roll the remainder of my loan into that? I just don't know what to do and I don't really have a down payment for a new car....please help!

[bigpoppa09]

Your options are limited  u can pay down most of the negative equity  i doubt they would let u roll 6k neg equ into a new lease your scores are a bit low

[Anonymous]

---

@mattayy wrote:

Hello everyone,

I am currently in an upside down loan (I know I am an idiot) I owe $26k and my car is only worth $20k.....I just bought it in August. I was wondering if it would be smart to try and buy another car and roll my remaining loan into the new loan? I don't know if I can get approved though (I am on another car loan with my mom). I was also wondering if it was possible to lease a car and roll the remainder of my loan into that? I just don't know what to do and I don't really have a down payment for a new car....please help!

---

No, you shouldn't do that. If you do you will be in the hole even more. Rolling negative equity into a new negative equity going to put you even more negative. Meaning if you do do it instead of being 6000 under you will be 10000+ under. Most time you will not be able to roll negative equity into a lease. Matter a fact most l add require you to have xxxx amount due at lease signing. What's wrong with your not so old car? You only had it for 6 months or so. All cars being financed with no money down is going to be negative until at least 2 years into loan and that's with low interest (under 2%)

[mattayy]

agh so what should I do?

[Anonymous]

Why not keep the car and keep driving and make payments on it? What year is car? What kind of car is it?

[mattayy]

2013 bmw 328i sulev xdrive...

[Anonymous]

---

@mattayy wrote:

2013 bmw 328i sulev xdrive...

---

Why not just keep and drive it? What new vehicle you want to get? Also you being on your mom loan wouldn't matter much if you can prove she's making payments for vehicle. Assuming your credit support multiple car loan since you have 2 now which mean it should

[mattayy]

I just checked kbb and it says it's worth 25-27k? True value said only 20k...I wonder which one is right, would be nice is kbb was the accurate one then I wouldn't be upside so much! I was thinking too maybe it would be a good idea to refinance? I don't know how that works but I have had the car since August. 

[Anonymous]

---

@mattayy wrote:

I just checked kbb and it says it's worth 25-27k? True value said only 20k...I wonder which one is right, would be nice is kbb was the accurate one then I wouldn't be upside so much! I was thinking too maybe it would be a good idea to refinance? I don't know how that works but I have had the car since August. 

---

So you don't want to get rid of cR cause you don't like it? You want to get rid of it cause you think your upside down on car? What's the interest rate your paying now? What's your credit score now? What's your income? What's your debt to income ratio?

[mattayy]

I would keep it I like it but my interest rate is 12%! My credit score is 630 but I just paid off all of my credit cards and they were all pretty maxed so that should help once they report $0 balances this month. I only have my car loan the car loan I am on with my mom and then I have a personal loan for $12k and that's it. I make $95k a year.