I purchased a '98 Mustang (V6) back in October of last year. The current pay-off on the car is $11,400. The car books (according to 3 different dealers) for $8000. They would only give me that much toward my car. I got RIPPED OFF BIGTIME ! I tried to go out last week and trade it in for another car, but had no luck at all. Nobody would work with me, and I dont really have the cash to make up the difference. I am trying to get out of that car because my little boy has out-grown the back seat (his little legs don't fit while in his car seat). Can anyone suggest anything for me (aside from cutting his legs off). I know I screwed myself getting this car in the first place, but now I dont know what to do. I really dont think I would be able to sell it to an individual for what I currently owe. Thanks... Deputy
My husband had a 98 Mustang GT that he supercharged. Three years later he didn't want the car anymore. He owed $9200 on the loan and had another $2000 loan (for the supercharger, pulleys, and miscellaneous other stuff). We went into a local Ford dealership and my husband told them he would purchase the new F250 pickup (about $28000) if they would payoff both his loans. They agreed to it. We didn't even put a down payment on it. We had already been approved for financing with our local bank so there was no problem with that. My suggestion is go to a local dealership and pick something worth more then what you're trading in. If they refuse to make the deal...walk. Note: Don't let them pull your credit (or fill out an app) before they agree on the deal - saves on inquiries. Dani PS You just need to find a guy who hasn't had a sell in awhile and is desperate to make one. What I hate about trade ins is they will only give you $8000 for your car, but they turn around and sell it for $14000. Ugh.
A good F&I guy shouldn't have any problem burying your negative equity into your next vehicle. what state are you in and how are your scores? In most states, dealers can fund up to 120% of the value of the car if you have decent scores.
Yah with scores that low you might have to bite the bullet on the difference. Save up about 3-4K and sell it privately, you'll get more $$ than trade-in.
Best case scenario, you could go for a similarly priced used car and the dealer can bury some of the negative equity into the new deal. Downside is you'll have to come up with probably at least 2k and your interest rate is going to be 15+%. Wholesale clean on your car is about $8500 right now depending on mileage. You could probably sell it yourself for closer to 10k and start over with a less expensive car.
LOL, I believe that is called "making a profit" - businesses like to do that. If they can't make a profit, they don't stay in business.
You could try selling the car outright. Put an ad in the newspaper and post at local atms/banks/credit unions if it's allowable. I'm not sure if you'll get what you owe on it, but you should be able to get more for the car than what you would get on a trade.
I was $4000 upside down. I used the $2002 GM rebate and the dealer offered a rebate. So I suggest that you call around and find who is offering rebates. My scores at that time were in the mid 500's. CapOne financed for a startling 14% (the car I traded in was purchased with 18%). I plan to re-fi real soon. I only put $1000 down. Maybe you can all CapOne and arrange something. Some people are receiving offers by mail;so, they are approving withoout people going to the dealer first. Also maybe you can apply for re-fi with People First special financing (saw it on their site). If they can't help you they will refer you to CapOne.
