You could be upside-down because you carried negative equity over from your last car loan. Many dealers offer what’s known as a rollover loan: When people trade in an upside-down vehicle, the dealership rolls the negative equity into the purchase of their next car. With a rollover loan, you are upside-down before you even drive off the lot.
I am Upside Down on My Car Loan | Auto Credit Express – Being upside down – or "underwater" – on a car loan is a situation in which you owe more money on a vehicle than what it is currently worth. This means that if you attempt to sell it, you still owe your lender money. In Travis’ case, he had bought his car with no down payment, a payment plan of 60 months, and was about halfway through his loan.
Upside Down Car Loan: This Is How to Get Out of It | LendingTree – Being upside-down on car loan means you owe more money for the car than the car is worth. It’s also called "being underwater." In this situation, the difference between what you owe and what the car is worth is called negative equity. If your car is worth $8,000 and you owe $10,000 on the loan, then your negative equity is $2,000 and you have a upside-down car loan.
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What Should I Do If I am Upside Down with my Car? If you are upside down in your car, this simply means you owe more than the car is worth. This happens because your loan repayment schedule simply cannot keep up with the pace at which your car is going down in value. In fact, car experts state that a car will lose up to 11% the moment you drive.
In most cases, that means the total financed already is more than the car is worth and you’re upside down again. Tips for Avoiding an Upside-Down Car Loan. It’s best to avoid an upside-down car loan altogether whenever possible. Be diligent with research before you buy a car and understand all the costs of options, financing and taxes so.
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