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Old 01-01-2011, 07:52 PM   #1
Dan55's Avatar
Drives: Intimidator camaro!
Join Date: Jul 2009
Location: Groton, ct
Posts: 204
Question on trading Camaro in :(

Hey guys....

Well I hate to post this... but I have too...

So I am getting an apartment, and I have to trade in my baby..... I was curious as to what is going to be my best option (in your opinions)...

Heres my situation:

Moving out on my own... cant afford the payment anymore... ($520 a month)....

I still owe about 29k on the car (yup just got it at the beginning of the summer!)

What is the BEST way to lower my payment???? What price range of used/new should I be looking at??? I was hoping to almost cut the payment in half. :(

I was looking into like the altimas or maximas..... Needs to be good on gas because Ill be driving an hour to work....

Pains me to post this... but thanks for your help guys!!!!
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Old 01-01-2011, 11:59 PM   #2

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Drives: Sold: 2011 2SS/RS
Join Date: Dec 2010
Location: United States
Posts: 1,896
You really have no good option here. If you trade it in, or sell it private party, you'll probably be upside down in your loan and will owe money on a car that's no longer in your possession. Trading it for something cheaper probably isn't possible since most credit agencies won't allow you to roll in negative equity on a used car purchase. And if you do, you'll really be upside down.

Reason for moving out? Is moving in with friends or splitting the cost of rent somehow an option? Then you might be able to hang on to the car while you pay down the loan and can then get rid of it.
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Old 01-02-2011, 12:08 AM   #3
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Drives: 2013 Camaro ZL1 Manual
Join Date: Mar 2010
Location: Muskogee Oklahoma
Posts: 504
Can you refinance?
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