2003 Saturn Vue

[jflora80]

I am majorly upside down with this car. Pay about $390 a month and still owe 7-8 K on this car. I dont remember the % but it would be about 30% is my guess. Anyway to get out of this?

 

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[MarvBear]

The best way is to have enough cash to pay your way out of the negative equity position, and provided your credit situation warrants, then apply for a loan on another vehicle.

[jflora80]

I was going to do that with my taxes but i wanted to trade this car in and put 2-4 K down but still was a no go.

 

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[MarvBear]

maybe your credit situation warrants a larger downpayment, in order for a lender to grant an approval.

[BRBiz]

Just keep your fingers crossed that it gets stolen! Drive it down to Texas or something maybe they will take it to Mexico..

 

Seriously though how much will you be upside down? $6k?

[jflora80]

LOL about 6K yeh

 

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[BRBiz]

Have you gone to a few dealers? If you put down $4k that leaves only $2k to roll over which isn't to bad. Some one will be able to get you done.

[minnie aubre]

Try to find something with really good rebates??

 

 

 

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[BRBiz]

GM has decent rebates and special finance programs.

[jflora80]

How does the whole rebate thing work. Always been curious.

 

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[MarvBear]

_{If applied to the unpaid balance it will lower the amount financed.}

[BRBiz]

And it really doesn't hide the negative equity per say from the bank but improves the overall LTV ratio.

[jflora80]

And it really doesn't hide the negative equity per say from the bank but improves the overall LTV ratio.

 

But the rebate could be applied towards the car as a down payment or towards the negative equity.

 

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[MarvBear]

Yes. That's what I said a couple posts back

 

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[jflora80]

Yes. That's what I said a couple posts back

 

Sorry half asleep. Could you maybe PM me some more info?

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[BRBiz]

 

 

And it really doesn't hide the negative equity per say from the bank but improves the overall LTV ratio.

But the rebate could be applied towards the car as a down payment or towards the negative equity.

 

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Yes true but the lenders know its a rebate and not actual cash from you. May not make any difference since your putting some money down any way. Edited May 16, 2013 by Brndnh721