510to808

But they were only tryna give me 16,000$, while I still owe 25,900$. I really want to upgrade to a faster more spottier coupe aka chevy as camaro. But since there's negative equity I have no idea, best idea is to just keep my is and keep making my payments+more. What do y'all think ?

Sffd103

iTrader: (16)

Best idea would be to private sale but I don't think you'll get 25K for it either.

RSXiMUS

iTrader: (7)

You could always roll your negative equity into your new auto loan for that Camaro. Best thing to do is go to CarMax for a free trade-in quote. Then use that as a starting point to deal with the dealers.

A Toyota dealership wanted to buy my Prius for $15,000. CarMax offered me $16,700. Went to a Lexus dealership and they beat it by 500 and gave me $17,200 for it.

510to808

Yeah but the interest I have right now is 3.9% and that was with 0$ down. If I add the negative equity to a new car loan the interest will be way high(still have to check tomorrow) but I couldn't even get a car loan with the same place I have it with now if have to go threw the dealership and they want a lot of $ down. But I stil have to check on it

600rr05

iTrader: (9)

What year IS do you have ? I would also suggest selling it private but may take some time if your asking for payoff amount. but either way you will sell it for more vs trade in but then have to come out of pocket to cover the rest.

510to808

2010 is250 with 39,845, how hard is it to sell it privately I have no idea how to even start by putting it on craigslist/autotrader

600rr05

iTrader: (9)

pretty low miles for that year. only option to selling it yourself is what you mentioned craigslist (beware a ton of dealerships will call you) or auto trader. Also if you don't want to deal with it and really want a new car if you roll the negative amount into your new loan it honestly may not affect it that much I think its 20 bucks for every thousand or something like that. Maybe go check out the new car and see how much payments would be before and after rolling in the negative amount. Sometimes its less of a headache just to part ways if your over it.

510to808

Yeah tomorrow I'm going to check it out cause I'm still confused if I do roll over the negative equity then is the bank/dealership paying the loss and I'm just paying the new car loan. Nd I don't even know if they will even finance it to me like I said in at an ok interest rate at 3.9 guarantee it's double at the dealership but we'll see

Downtuned

This, do this, put it on craigslist, do not trade it in. You will get top dollar from craigslist. I believe all that needs to happen is to get the new owner of the vehicle to sign a few papers at your loan/credit union/bank stating that they will take over payments, write up a quick bill of sale, and have them sign the title. The credit union should have some info for you on that.

All i know is craigslist is awesome for selling stuff, bottom line, if you want to get top dollar for your car.

you just need to clean your car, take a bunch of pics, and put it up on there for 26k, or see what other cars your year/make/model are posted at. Just get it up there, and figure out the details on how to actually transfer it to the new owner in the next few days. You may not have anyone call you at that price, but hey, maybe they will, and it will be a win win for you.

pheonix72

iTrader: (6)

Financially speaking, you are pretty much **** if you are trading in your car! Your negative $10k on the current loan will be about $12k with a new 5 years term. In a way, you are also getting **** on the next car (by rolling this negative balance onto the new). In simple term, you are paying $12k too much for your next car!
Just curious, what kind of deal/loan did you get with the IS250? How many months/year did you have it?
My advice is stick it out with the IS and dont even think about another car until you pay this one of (or at least break even). It is a viscous cycle that many people found themselves in!

laobo979

iTrader: (5)

I say sale it private. Its gonna take awhile but you not gonna lose as much. I rather not roll over the $10,000 difference on that trade on top of what the new car cost. Plus your interest rate on top of that.

Joeb427

iTrader: (1)

Be smart.
Keep the IS250.

NYKnick101

When you have negative equity on a trade-in, they usually wont offer you 0% down as some dealers may take your down payment to pay your equity OR the negative equity will be paid on top of the car you buy so you will be paying $37k for a $30k car. (generating more negative equity when you decide you don't want that chevy anymore) Either way, it has to get paid by someone. Your best bet is to sell the car privately for the payoff price. You may have to payoff some out of pocket as NADA values the car average retail at around $20-23k (non Fsport with all the bells and whistles). May want to double up on the payments to get rid of it sooner than later.

Also 3.9 is kind of high. My credit union offers 1.9% for all new cars up to 7 years old.

510to808

Smartest decision to keep it make extra payments and pay it off. I guess I kinda just rushed into getting a car and it was an is. But that negative equity added to a new loan sounds nasty I'm already in debt might as well just pay this one off first. Selling it privately would be kinda hard because the credit union I use is threw my job and I live in Cali, the nearest branch is in Phoenix or Dallas. But who knows someone would/night cash out for an is250 with just about 40,000 miles for 25,900$ ?!

pheonix72

iTrader: (6)

You dont have to physically be at your credit union for anything. They only care to get the full pay-off amount to release the title to the new owner (or his/her lien holder).
Like other members said, here are your 3 options
-try to sell it privately for the pay off amount; if not then be prepared to come up with extra cash to pay off your credit union.
-make extra payment so you could catch up to break even point.
-keep you car for now and stop dreaming about another car until you could pay off this one.