How Do You Get Out Of A Negative Equity Car Loan?
Even if your vehicle has negative equity, you can still trade out of it or sell it. You will have to put money down if selling privately. If you use a dealer, you can possible avoid money down if you are purchasing another vehicle that has significant rebates or incentives to help with your negative equity. You can possibly roll any extra money owed on your car into a new loan if you have good credit standing. Call or visit your financing institution to determine your payoff amount. Ask the bank representative for a 10-day to 30-day payoff amount to ensure that the amount includes the per diem, or interest added daily. You can also ask the per diem amount and figure the math yourself at the time that your vehicle is sold. Search popular Internet guides to determine what your car is worth, either for trade-in or private sale (see Resources). Do not search just one guide. Try to search several, as values vary depending on the guide. Also, visit a bookstore to look through guidebooks that
