Hi everyone I recently financed a CPO 2018 Audi A7 from Santa Monica Audi in Southern California and being my first car purchase and not doing my due diligence I got a terrible deal. I am looking to trade in my car which I’ve made 3 payments on a 72 month term contract. I understand I am going to be in the negative. I am looking to trade in for an Honda Accord and was wondering what would be some tips for this situation. PM me please if you can help. Thank you so much! I have all of the numbers and figures from other articles regarding the Accord sport that I should be targeting but I am clueless as to what effect my trade in and the negative value will due on those numbers.
You probably need a more expensive car that can absorb your negative equity. It ultimately depends on how negative you are.
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My car is Kelly blue book valued at 40,000-45,000 but my current financing payoff amount is 62,000.
Sounds like you want to compound an awful deal and financial situation on top of another awful deal. It’s not going to be pretty no matter what you do. If you’re $20k negative, there’s 0% chance you can get into an Accord (or any Honda for that matter). That’s $555 a month on a 36 month lease without taking into effect interest
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Check carvana and vroom to see how much they will buy your car for and how far away it is from the buyout. Be prepared to pay a ton to get out of the deal.
Why not just continue? How did this deal go from ok a few months ago to terrible now?
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Yikes. Why would you eat 20k to get out of the car?
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Decided my quality of life after spending a $1000 per month for that car was not what I wanted. Primary purpose is to decrease monthly anywhere below that regardless of car model frankly.
Well go to vroom and carvana to see how much they will pay.
If you want to sell privately then Tred.
You won’t be able to roll 20k in negative equity into a different car.
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Okay, so I would have to eat that 20k separately then look to start fresh with a new car without a trade in?
So you want to spend ~$20,000 to “save” money on monthly payments? 
The only logical solution here is to keep the A7. You’ve already paid taxes on it, it’s CPO so you have a 100k warranty so maintenance/repair costs shouldn’t be anything crazy if you’re smart about it (i.e. do not take it to the dealer for service). I hate the sunk cost fallacy, but at this point, you’re going to have to take that viewpoint.
By the way, how do you have a $1000 monthly payment on a used A7? Is it an RS7?
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You can roll some of the money in but they will probably require an additional large downpayment we will discourage you from doing.
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Unfortunately it is a regular A7, 23 year old dumbass here that got played. So the real best option is to ride it out and live a bit more frugal then I would like to for the next couple years?
What’s the APR on your finance? You might be able to refi the loan and save quite a bit if they screwed you on the rate.
IMO there’s no sense in spending $20k to then turn around and spend $30k on an Accord. You then have a $50k Accord instead of a $60k A7.
You could always Turo it out for some extra cash.
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How much did you put down?
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Did you get played or did you put no (or little) money down?
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5.49 with 0 down and 0 DAS
I put 0 down
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Call every CU in your area and ask for their used car refi rate. 5.49 is pretty bad.
Penfed rates;
Ouch. Sorry. Gotta agree that keeping the A7 is the best decision at the moment. Get a side job of some sort to help cushion the blow of that monthly payment until it doesn’t cost you money to unload the Audi. You’ll probably be stuck in that for awhile tho. Then again, there are worse cars out there.
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IMO the rate isn’t that bad given 0 down and 0 DAS - even 2% discount won’t make a meaningful different - big balance on the loan and high LTV ratio.
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