I’m in FL, I thought I wanted a Lexus ES300h. I have it for 1 month. I hate it. I want a Lincoln Nautilus and I have the X plan. They only want to give me 45k trade in. I owe 61k. I’m open to other SUV’s. I was thinking of doing a lease to cut into the negative equity quicker. Any ideas? Thanks
when is the next hurricane?
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lol right I have gap lol
rolling over 16k into something else with these interest rates is wild
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So currently I’m at 5.75% if I did get the Lincoln it’s now 7%. Damn feds
End of the year LHacrs fantasy competition just started … LOL
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How does a Dodge Journey sound? That is the king of burying negative equity.
But you will probably need some money down since the LTV will be above that 120%-130% threshold on most vehicle
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They still make those?
What other SUVs could I use?
are you putting anything down if you do trade in?
i assume the -16k is from the balance that you owe on the loan
like @wam22 said its goint to put you above 120-130 ltv
Maybe a Grand Cherokee, if you qualify for affiliate/get the private offer. That’s a lot of negative equity to be burying though. That’s $445 a month BEFORE taxes and interest. You may want to think about it before even shopping around.
Correct, I could put money down a couple of grand
I do qualify for that discount
You really want to take a 16k ‘L’ after just 1 month? How did you end up with such a terrible deal that you owe 61k on car that stickers for 40k-50k and should have been available with discounts? How much negative equity did you roll into that one?
You might want to ride this one out a bit more and keep paying down the principle until you’ve vanquished that negative equity or at least cut it down to no more than a few thousand.
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And what if you hate the Grand Cherokee too?
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The car was 53k + 897 add ons plus the normal crap. I rolled 5k neg equity into it from my SUV
First, get quotes from other sources than that dealer, such as CarMax, Carvana, Vroom, etc. Just note, that you would have to come up with any negative equity in cash to settle the difference.
If you want to lease a Nautilus, it might work out depending on the X plan discount and your cash down. I am going to assume you have great credit and Ford will lend you 120% LTV. So if the MSRP is $50k, they will lend you $60,000. So you will need to find $5000 through discounts, cash down, and more for your trade-in. Also, keep in mind that sales tax and other fees are included in that loan value.
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I would think at least 5 times before trying to bury double negative equity. This is a bad idea.
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It cancels out at triple-negative equity.
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And then you paid taxes on it and now you want to pay taxes on it again?
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