how to go about this..
01-02-2009, 12:47 PM
#1
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how to go about this.. with depreciating values these days, if I was upside down on a car and wanted to get rid of it for something of lesser value, how would I go about getting into a cheaper car without sacrificing my credit score?
01-02-2009, 05:23 PM
#3
really the only way would be to either sell it or trade it in and pay the difference between trade in/sale price and the amount of the loan you still have outstanding. If you just default on the loan I dont see how it would not kill your credit.
01-02-2009, 10:07 PM
#4
that's easy...
do you have gap insurance?
i had a 2001 v6 camaro that i paid too much for. I ended up hydroplaning on a freeway onramp. that car was totaled and i was quickly consoled by the loss of my first fbody when my current SS caught my attention. my full coverage insurance + GAP insurance took care of the loan payoff and i was free to acquire what i really wanted.
do you have gap insurance?
i had a 2001 v6 camaro that i paid too much for. I ended up hydroplaning on a freeway onramp. that car was totaled and i was quickly consoled by the loss of my first fbody when my current SS caught my attention. my full coverage insurance + GAP insurance took care of the loan payoff and i was free to acquire what i really wanted.
01-03-2009, 12:39 AM
#5
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yeah, I have gap insurance. I made damn sure to get that. Yeah Its a midnight blue gto, I really love the car but I miss my trans am but cant trade because I am under. I dont want to wreck the thing either, its a very nice car aswell.