Looking for help!

[jdc2]

Hey there!

First time poster here so please forgive me if I miss any details.

I’m in a 2024 Ram 2500 gas (3C6UR5FJ6RG244062) that I owe $92,800 on. I received trade appraisals around $54-55,000 for it and have about $3K as a down payment (I know it’s not much).

I’m looking to get out of the ram and into something a little smaller and possible save a few bucks. I pay $1556/mos right now. I need at least 6 seats for the family and am open to just about any option that gets me out of this truck and into something more affordable with better fuel economy.

I appreciate any help or insights.

[max_g]

You can lease a cheap 5-seat EV and only drive the RAM when there’s actually 6 of you together.

Otherwise there’s no way of getting around $37,000+ of negative equity that would need to be re-borrowed and paid back with interest.

[Jon]

It’s gonna be nearly impossible to roll that much negative equity into another purchase or lease deal.

[Bluemkn57cars]

@jdc2

I’m in a 2024 Ram 2500 gas (3C6UR5FJ6RG244062) that I owe $92,800 on.

What was the purchase price of the vehicle when you financed it? Did you roll any negative equity?

@jdc2

I pay $1556/mos right now.

How many months are left on the car note?

@jdc2

am open to just about any option that gets me out of this truck and into something more affordable with better fuel economy.

There is no magic wand that is going to erase $37,800 in negative equity.

[jdc2]

@Bluemkn57cars

There is no magic wand that is going to erase $37,800 in negative equity.

To answer your questions:

1. Yes, I rolled about 10k over and purchased the Ram almost exactly a year ago for a total of $98k financed for 84 mos.
2. I have 76 months left on the car

I know there’s no magic wand to make it all go away but that’s why I came to the experts to ask. If it’s not possible, I’m comfortable waiting and holding on to the truck, I just would like something smaller as I moved from the mountains to a coastal city and parking/driving is much less enjoyable here in this huge truck.

[Bluemkn57cars]

@jdc2

I just would like something smaller

You could check out deals in the Marketplace.

@max_g

You can lease a cheap 5-seat EV and only drive the RAM when there’s actually 6 of you together.

@jdc2

I’m comfortable waiting and holding on to the truck

If you can make additional payments or pay down the principal, that might help. If not, just continue making payments and keep driving the truck.

[max_g]

@max_g

You can lease a cheap 5-seat EV and only drive the RAM when there’s actually 6 of you together.

Either that or finance a 6-seater with a super low APR like a Tiguan if you can take out a personal loan for the remainder of the NE after reaching the LTV limits on the car loan

[BHay]

@jdc2

am open to just about any option that gets me out of this truck

[LeaserOC]

@jdc2

1. Yes, I rolled about 10k over and purchased the Ram almost exactly a year ago for a total of $98k financed for 84 mos.
2. I have 76 months left on the car

I’m afraid to even ask what your apr is. It really comes down to what’s your cheapest cost of capital.

[AndreG]

Even at a low APR, 84 months will have a lot of interest.

[LeaserOC]

Exactly. Unless OP has the funds to pay this down quicker the only variable they have is the rate.

[jdc2]

I’m at 7.4 on this one so getting a personal loan to cover the capital difference doesn’t make a ton of sense.

[jdc2]

Appreciate all of your inputs here and I’ll do some digging and see what I can find. I have some extra cash flowing for the next 12-14 months so I’ve got options to pay it down and get out of it then.