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prisskitajoe

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Ok, so I went this weekend to try and trade-in my 2014 Nissan Altima because I am having problems with the car and Nissan can't seem to find the problems. So, I decided to trade it in. Anyway, CarMax appraised the car at $11k because of the high mileage (69k). I commute a long distance back and forth to work. I owe a little over $17k on this car, so that would have left me in the whole for $6k.

 

What are my options at this point?

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Ok, so I went this weekend to try and trade-in my 2014 Nissan Altima because I am having problems with the car and Nissan can't seem to find the problems. So, I decided to trade it in. Anyway, CarMax appraised the car at $11k because of the high mileage (69k). I commute a long distance back and forth to work. I owe a little over $17k on this car, so that would have left me in the whole for $6k.

 

What are my options at this point?

 

Not much you can do except to keep the car and keep making payments and see if your state has a lemon law.

 

Or pay the $6K difference and do the trade-in.

 

otherwise you are stuck with it!

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Ok, so I went this weekend to try and trade-in my 2014 Nissan Altima because I am having problems with the car and Nissan can't seem to find the problems. So, I decided to trade it in. Anyway, CarMax appraised the car at $11k because of the high mileage (69k). I commute a long distance back and forth to work. I owe a little over $17k on this car, so that would have left me in the whole for $6k.

 

What are my options at this point?

 

Not much you can do except to keep the car and keep making payments and see if your state has a lemon law.

 

Or pay the $6K difference and do the trade-in.

 

otherwise you are stuck with it!

 

Thanks for your response. I kind of figured I was stuck.

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All depends on your credit, if you have good credit you could roll some into a new loan but probably not the whole thing.

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either find a cheap car and roll the negative, or a new car with lots of rebates to eat as much of it as you can. Id wait tell this weekend since the added sales plus its the end of the month and dealers will do everything they can to make those quotas.

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either find a cheap car and roll the negative, or a new car with lots of rebates to eat as much of it as you can. Id wait tell this weekend since the added sales plus its the end of the month and dealers will do everything they can to make those quotas.

Plus it being a holiday weekend

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All depends on your credit, if you have good credit you could roll some into a new loan but probably not the whole thing.

That's the problem. I don't want to pay $600+ monthly payment.

either find a cheap car and roll the negative, or a new car with lots of rebates to eat as much of it as you can. Id wait tell this weekend since the added sales plus its the end of the month and dealers will do everything they can to make those quotas.

Awesome! I think I'll search for a great rebate deal.

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Keep in mind the "find rebates" option is merely a trick to get the financing approved above and beyond the sale price enough to cover your negative equity. It doesn't actually make your negative equity go away (without the negative equity your purchase price would have been that much lower).

 

For example many credit unions will advance up to 120% of NADA for qualified customers - this allows you to roll your taxes, title, tags, etc. into the loan.

 

The NADA value the credit union uses doesn't adjust as quickly as promos may, so a $1,000 rebate applied to the sale (all else being equal) could potentially allow another $1,000 on the loan before it reached 120% of NADA.

 

But, you still have the negative equity - you're now just starting off super underwater on the new car. So you have the underwater situation of most new car loans (value drops quickest at first so you're underwater right at the start) plus the negative equity from your old loan -- and it's not good.

 

In all reality, over time the value of the car in the resale market will reflect that it was frequently sold with rebates and incentives. It's possible to get lucky if you find a fantastic purchase deal and resell in the perfect market -- but the only true way out of your situation is pay more and treat the car carefully until you clear the negative equity and can trade out properly (or keep driving).

 

Not to say rolling negative equity can't be a legitimate option (negative equity at a high rate refinanced into a 0-2%, unrepairable car into new reliable car while you pay extra, etc) but just understand what's really happening with the numbers and how it can possibly make things even worse in the future.

 

Just because you can get a situation financed doesn't mean you should. Remember the car dealer's job is to sell cars, not give you personal financial advice. Do your own math and decide what's really best.

 

Don't negotiate solely based on being able to get out of the old loan. Do your research on what the sales price of the new car should be, what your trade value should be, what your payoff is, and understand what they're doing to make the numbers work for any proposed deal.

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Did you buy it new? Check into your state's lemon law. Here in GA its 2 years from purchase though I don't recall if there is a mileage limit on it. What mileage was it at when you first took it in for non standard maintenance issues?

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All depends on your credit, if you have good credit you could roll some into a new loan but probably not the whole thing.

That's the problem. I don't want to pay $600+ monthly payment.

either find a cheap car and roll the negative, or a new car with lots of rebates to eat as much of it as you can. Id wait tell this weekend since the added sales plus its the end of the month and dealers will do everything they can to make those quotas.

Awesome! I think I'll search for a great rebate deal.

 

 

How many times has your Nissan been in the shop for the same problem? How many total days (combined)?

 

You need to investigate having Nissan (the Manufacturer, not the dealer) help you with a trade assist.

 

Nissan may kick in some money to help trade you out of this car.

 

If you are truly not getting anywhere with the repairs, I have a way for you to get some attention with this...

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