Bought a 2017 Nissan Rogue SV for $18.8k in August of 2023. After taxes and everything, loan balance is $20.5K.
Current payoff is $18.4k, 10 months later. Getting tired of the car, CarMax offered $12k. Most dealers when attempting to trade were only offering $10-11k.
I tried to get into a Hyundai Ioniq 5 SE RWD lease, but without putting $7-8k down the payment is $500+ a month. I’m trying to stay under $350 a month.
Any ideas to get rid of this negative equity?
That $6K in negative equity is going to cost you at least $180 a month in any 36 month lease. I don’t see any way to get that to $350 a month. Plus in MD you get to pay another 6% tax on the negative equity if you roll it into a new deal.
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My only thought of eating into it is going into an EV and using any state tax credit. One of the cheaper EVs that have a decent residual. I think Maryland has an ev tax credit right? I thought I read 3k. Even with that though what Wimeyer said is right. To keep under $350 you are going to need to find something under $200/m which can be done but are hard to find. Maybe a Niro EV or one of the 18 month MY23 Ariyas.
Have you considered selling the Rogue yourself? That is a lower priced vehicle and those are often a bit easier to sell (privately) vs the higher dollar units.
No easy way to wipe away $6500 of negative equity without it coming directly out of pocket, or adding it to your next car payment, but you’d be in the same (probably worse) situation with your next car by rolling negative equity into it with high interest rates. If you got tired of the Rogue after less than a year, might want to think about your next car carefully to avoid being in the same situation with even more negative equity next year.
Selling privately will help a bit, but a bit more difficult to do with an active loan on the car since you can’t give title right away and you’d have to pay off the negative equity to get the title.
I don’t see how you’re going to roll that much negative equity into a new car deal and stay under $350/month. That’s not even realistic.
These Nissan Aryia’s are about the only car where you may have a slight chance of achieving your goal. But who really wants an Aryia? People are getting them because they’re cheap lol
I think Maryland has an ev tax credit right? I thought I read 3k
Yes but they ran out of funding for this FY. Next FY starts July, pretty sure last year they ran out quick, and they already have a waitlist for this year.
But I don’t want to count on that $3k and not get it.
Think ill just start trying to throw some extra money at the balance.
I feel your pain bought a 2022 Tesla Model S and just sold for a net negative 8k… had to pay out my ass… sucks man best offer i got was 10k negative so i sold to a dealer i know still net negative but at least i saved 2k on trade in value. tesla would only offer me 14k under what i owed… wild times…
Find a deal that gives trade in rebate. only way to minimize your lost
Is that possible in MD even without any negative?
6% tax on selling price is a lot on a 24-36m lease.
Best way to get rid of it? Bring a checkbook. Well probably the best way is to sell it private, which should reduce how much you need to pay out of your own pocket.
Other than that you’re just going to have to roll it in and pay the higher monthly for 3 years. But hey in 3 years you can walk away.
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