Negative Equity

Yes, a lot just depends on your credit. My brother traded up with zero down.

I've seen others turn their vehicles in to the bank (voluntary reposession) and the banks didn't beat up their credit rating... depends on the bank.

 

I just did this process last week, having 7K in negative equity.

Try to find a car that you like, that has a lot of rebates.

If the cost of the vehicle is not listed in the MSRP, then the dealer is trying to get extra money out of you.

If it cant be shown to you on the vehicle, then it is something extra they have added.

Try to get the most on the trade-in value of your car! A car that looks fresh and clean will get you more money than an average vehicle. I detailed my car before I took it to the dealership to be valued.

It also depends on how long you have had the vehicle and the type of vehicle. I had a 2000 Galant that I traded in for a 2001 Honda Passport(SUV).

I got more from the Honda dealer than at other dealers even one Galant dealer.

If you have a CarMax in your area, they are great for being you a good buy on your vehicles.

Remember don't pay anymore than you want. Start off small with your payments and sent a high limit prior to going to the dealership.

I spent 7 hours in the dealership, before I got the car, I wanted with the equipment I wanted.

Last little hint, there is something called the dealers money, every dealership has it, but doesn't tell you about it.

Yes I put some money down(2K).

Also think about a lease, yes there are mileage restrictions, but you can drive a 30K car for half the price. This is dependant on your credit. I got a lease from Honda with a 608 credit score.

I threatened to walk several times, if they didn't met me requirements. Even over a couple of dollars!!!

If you have any questions, please email me: reshod@hotmail.com

 

please excuse my grammar errors, i did not proof read.

Good Luck

 

Reshod...you just got your Passport? Congrats!

I'm taking my car to Carmax tomorrow to see how much they are going to give me for it.

The unfortunately thing about me wanting the Acura MDX is that demand is greater than supply and the dealers are not budging from sticker. There are some dealerships that are jacking the price 2k over sticker!!! So I felt "fortunate" to only have to pay sticker.

As far as negative equity...I'll probably be "upside down" 1k or so. I'm hoping not more than that because that'll eat into how much downpayment I have.

I'm also going to lease and that payments are reasonable for a 38k SUV. HOWEVER, I DO have a 2nd choice, in case the dealership tries to juice me.

Reshod, how to you like the Passport? If you could have waited a year, Honda will be discontinuing the Passport and will be making a more "affordable" version of the MDX. I heard 2003 model year.

 

i like the Passport. It is roomy, spacious, and drives great.

I was going to walk out when i didnt get my way, i actually got to the car and was pulling out of the parking lot when the salesman ran outside after me.

I also had another option, i had be approved for a loan upto 30K from USAA without a credit check.

So i had all the cards.

I had to get my sunroof and all the extra's, you know how it is.

Good luck with the Acura, it is very nice. I wanted it, but it was way over my price range.