I currently have a fully loaded 2007 MKX AWD that I owe about 36-37k on still. I shouldve just got two cheap cars instead of this one car. What are my options for switching cars? My credit is decent (see sig), my wifes is nearly flawless (except utilization, never late in her life) around the 690-710 fico range prolly (last i checked).

I just want to be able to take advantage of the dirt cheap prices of cars. I want to get a car in the 10k range, maybe two of them.

Ive seen commercials for carmax, could I just trade it into them since they "buy"?

Last thing, I would imagine my score will go up an additional 20-30 points soon because I am going to pay off about 5k more in debt this month. The majority of my debt is student loans (still in school).

Thanks

After doing a bit more research, would it be better if I refi'd for an additional six years plus paid down 3-5k? My rate is 6.5% right now.

How much is your car worth? If it can trade for more than the payoff amount, you can trade for anything you want right now. If it is upside down you will have to add the whole amount to one of the new cars, and putting several thousand onto a $10K deal is not going to work.

Refinance only if you can get a lower APR. Do not have the new loan extend beyond when the old one would've been paid off. When you do that, you're going to stay upside down longer and also likely pay more in terms of total of payments.

+1

Would any dealership let us trade our one car for two cars around the $10k-15k range each while distributing our negative equity between the two? Or is this wishful thinking? lol

Retail KBB value for our car is roughly $32-33k and the trade-in value is 23-27k in KBB.

Possible yes, Likely, I'd say no.

If it did happen, you'd be in worse shape than before. And that's very very difficult to pull off.

Thanks for replies an advice!