Unfortunately the day has come where I have to sell my baby due to my loss of job and also the fact that the insurance on this car is way to high for my blood . Currently my situation is as follows:

I owe $23,600 on the car - 2002 to be exact

I want to get a new car or something and have no money to put down. My current payment is $589 and I want to know if I apply the negative equity and trade it in what can I do or should do? Lease? Buy new? What would be my best bet. I know, I know...sell it privately. Unfortunately time is of the essence and I cannot wait months to sell the car seeing as how it will be difficult to sell a convertible in the winter anyways. Opinions / Advice would be most appreciated.

I will miss everyone here and have enjoyed years of fun and drives and hospitality from all and everone will be missed!

- Andrew

 

Andrew- haven't seen you post in years! Ok, maybe not years, but it seems like it. Do what you gotta do to save the credit. No matter what.

 

Andrew, you're going to take a bath


Just roll all that negative equity into the next car. Assume that you will be rolling close to $6000 and if it less, than all the better.

Sorry to hear about the job loss, and sorry to see you have to go through this

 

Gosh, Andrew. I thought you had already sold your car! Sorry about this...still remember our caravan up to FC03. Take care and good luck selling!

 

Sorry to hear about your loss... Good luck with selling and the new purchase

 

6K?!?!??! Is a 02 value 17600????

 

If you trade it into a dealership it is actually less than the above

 

Honda calculated the 5 year residual value on my lease to be 39% of MSRP - roughly $12,800. So $17,600 for 2-3 years old sounds a little low.

- Jeremy (jnn4v)