Closer where in Houston are you ? I am as well ? Would a new Tahoe cover about 10,000 neg eqiuty and 670 fico with 3k down ?
Did I miss something, she wants to trade in a 2017 Outback to a 2019 Outback and take a hit for $6K?
I have the same problem but amplified. I got screwed up on a 19 Mustang Ecoboost. It’s black book value is $19,595. My payoff is $47,494. I put a lot of miles on it so if I keep it I will be in a worse equity situation in coming years. I need out. I have $27,899 in negative equity. The payment is $895. What should I do?
$27899 in negative equity?! Are you sure you drive a Mustang? There’s no way out of that. You can’t even trade out to lease or finance a cheap, reliable car with that much negative equity.
How do you have a payoff that’s basically double the car’s price?
Did you roll in any negative equity when you got the Mustang? If not, how did that happen?
How is this mathematically possible? I didn’t even know a new Mustang Premium Ecoboost went anywhere near that high. Is it a convertible?
I know the convertibles are in the 40’s.
What mileage do you currently have?
Just did a quick search for 2019 Ecoboost premiums convertibles and they max out at MSRP of 47,9k.
The only mustang worth paying 50k for is the GT350.
Here’s the most expensive 4cyl mustang in the country. $53k 
Bet dealers love when these burdens roll off the truck.
You think that was just a cancelled custom order or does Ford make dealers hold these on the lots?
The 2018+ Mustangs are actually less fun to drive due to the implementation of the new 10 speed automatic. Jason Fenske did a video on it, interesting watch.
The good news is that you are here on this forum. There are a lot of knowledgeable folks who will provide you with sound advice.
There is no way out of this. You owe whatever the payoff states. Here is my advice: Don’t get into another situation like this. Financially educate yourself.
I’m not sure if this is necessarily good news. No amount of knowledgeable people will help him successfully bury 27k in negative equity unless he has the actual cash.
A shit ton of bad financial decisions
Get a second job and work your ass off to dump any earnings from that job into this debacle. Paying down your principal balance ASAP is the only way out of this mess, aside from filing bankruptcy. There’s no magic bullet to wipe out that much negative equity other than that.
To be clear, @DeepFriedFork, do not get a new car or roll in any negative equity. Continue paying the $895 monthly. There are no miracles that is going to make that debt disappear.
That killed his resale of this turd no body want’s a 4 banger muscle car if OP would have went with the V8 he wouldn"t have been as negative. For the payment OP could have went and got a 19 low mileage V8 and it would have been cheaper. 
If I am upside down in a vehicle and have extra money, is it better to pay the loan down or use the extra money as a down payment?
It doesn’t matter, you’re still paying off negative equity.
It really doesn’t matter where you’re putting your down payment, the amount financed in the end will be the same.
Now, if you’re asking if it’s better to sell private party or to a third party dealership instead of the dealership you’re getting the new car at, that’s a different story.
You should shop for whoever will give you the most amount of money for your trade (private party, third party, selling dealership) and then figure out what to do with your “down payment” money. If the selling dealership offers you the most amount of money for your trade and its more than Carvana/Vroom/Shift/Carmax/private party, then obviously take the selling dealership’s offer and go with that.
If carvana offers you the highest amount for it, then use your down payment to pay off the negative equity and sell to them.
100%. GT’s have pretty good resale value and are so much more desirable. I’m really curious the backstory and how someone wound up paying $50k+ on a 4cyl when the lot must have been full of cheaper and more desirable GT’s but I doubt we’ll ever get it…
I suspect he rolled neg equity into this from the get-go, and likely not a very good rate. Add to that an undesirable engine, overpayment, and high miles. His “black book” figure means nothing either as they’ll give him wholesale at best. He’s probably deeper in the hole than he realizes.
Of course, this is all pure speculation. But it sounds logical at least