I overlooked this. Oh well, OP has all the info they need to make a decision.
Since so many people made assumptions about the boat, guess I need to clarify itâs a small 19â fishing boat gifted to me from my uncle. This isnât some $40k+ purchase I was about to make.
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You have some pretty good ideas here. Someone said sell and pay off the the remainder balance. Leaving you with a fresh start on the new deal. But if cash is a problem then I guess you could roll the balance.
Hopefully to refinance the Rogue and wait on the boat and truck until next summer, when the negative equity is less.
Well you probably donât need TONS of towing capacity then, although the Rogue definitely wonât cut it. With the trailer youâre probably around 2,500 pounds or so, although you want to err on the side of caution.
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Most folks (including myself) made that assumption since you did not mention initially it was a gift.
Good luck.
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I came here to be educating on leasing whether its now or the near future, so disappearing is not a part of my plan. Get used to me be around.
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Boats have high carrying costs, even when you own the underlying asset free and clear. Based on your FICO, and the fact that you have existing debt at usurious rates, you should probably focus your funds on debt reduction right now. I know this isnât what you want to hear.
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Sell the boat, use those funds to pay down the Rogue and continue driving the Rogue since you have no need to upgrade anymore. Problem solved.
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+1 to what @ElectricEliminator and @jeisensc have suggested (minus waiting for the boat, since it is a gift).
If you end up getting a truck, just make sure it definitely fits your needs.
Do you have to pay lots of $ to store the boat? 
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How about you pay cash for a separate (keep the Rogue) 20 year old F-150 or GMC that can tow the fishing boat. Then just use it twice a month (or whatever) to put that boat in the water.
And then when you are tired of the boat and truck - sell them both. The truck wonât go down in value much as long as its running.
My 30 second search turned up this. There are many more examples
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My guess is that getting into a vehicle that can tow is cheaper than keeping the existing vehicle and paying Marina/dock expenses.
Iâm assuming youâre joking about buying a boat. Either way, Iâd hang on to the Rogue or save some of that boat payment money and pay off the Rogue.
The boat is a gift.
Which sadly means the OP will only enjoy the 2nd best day of a boat ownerâs life: when they sell it.
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He canât sell the boat if itâs a gift from family - thatâs rude and a slap in the face IMO. If he really wants it and itâs a gift, I donât see that much wrong with it if the afford the maintenance.
What I would personally recommend is getting a Toyota, not a Chevy - they lease much better. He should get the cheapest Tundra he can find - I would say Tacoma, but the MSRP/incentives wonât be enough to bury the LTV.
You can get a Tundra for under $360/mo sign and drive. It has enough towing capacity. MSRP will be $42-48k. Incentives around the $3k range. It should be enough to bury all the negative equity and be under 120%. He might have to put some inceptions down. All in, including negative equity, he should be under $600/mo, saving $150/mo, and it will allow him to pay off the Rogue much faster, and tow his boat.
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Got my LT 370/mo all in, first month DAS earlier in covid
Thatâs not the case now though, couldnât replicate the deal for my brother
So I too was in a bad situation
Leased a Fiat Abarth - $335 a month. Had it for 6 months and hated it. Instead of riding it out, rolled close to $8k of negative equity into a BMW 128i finance. Said i was gonna jeep the car, yada yada yada.
As this forum suggested, made double payments, a little extra every other month, whatever i could do to kill that negative equity and pay down the principal.
December of 2017 - was still $8k upside down. I said, need to bite the bullet and tear off the band aid in as short of a time frame that I could and leased a Durango (a car that i wanted). Rolled $4k into the car - $112 extra a month.
Carvana to the rescue is all i will say.
Bottom line - you have $8k. Either bite the bullet and cut it down as fast as you can by double paying.
As someone said, most banks only do 120% of the amount youâre borrowing. So if your monthly add up to 25k - they will only cover $5k of your negative equity. Meaning you need to pay off that $3k immediately.
At that point, Iâd rather pay $3k on the rogue, and be $5k upside down. And not have my credit take a bigger hit with a larger loan being taken out.
Patience and eliminating excess is the key in your situation.
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Everyone has a buddy who has a truck and like to drink beer and fish. Pay down the Rogue and use your buddyâs truck. Problem solved
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Best buddy is one with a truck and a boat!
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