Upside down on Loan

Howdy Veeky Forums

I don't frequent this board, but I'm asking a bit of advice if you don't mind. I didn't see any threads in the catalog addressing this topic.

My wife and I own a 2013 Wrangler, pic related. Last year we traded in our 2009 Forester against my better judgement for this car because we were a little upside down on that loan. As fate would have it, we are expecting our first child now. I know it's POSSIBLE to manage toting around a baby in a Wranger, albeit a giant pain in the ass.

We are looking for something more practical for children, but not full blown minivan (though I'm not opposed to it lol). The only problem is, she drives quite a ways each day to get to school (I'm the only income) so naturally she has put quite a few miles on it.

There are zero mechanical issues with the car, body is good, everything works great, and we can afford the payments just fine. We just need something better suited for a family. Trade-in value for it is somewhere between $15k-$17k, but we owe $22k on it. Right now we are looking to sell it outright to a private party to get more money and maybe front some cash to cover the rest of the loan.

My question is, does anyone have experience with trading in an upside down vehicle and NOT getting railed by a dealership (trade in value credited mostly) to get out of a situation like this? I've considered trading it in for a car that is more practical and priced around $12k or so with decent miles and if the negative equity rolls over that puts the loan at around $17k, assuming the dealer fronts $17k for the trade in. Thank you!

>having a jeep
>having a child
You deserve the debt

I understand your point. However, to be fair, we actually got this for my wife with a plan to not have kids for a while, or at least until she got out of school.
Interestingly enough she was waiting for an appointment with her OB/GYN to get an IUD which was about 3 months. Probably should have worn a condom, but I'm happy to welcome our first kid.

>mfw this is thread is literally the typical LPG story (non-nignog edition)

Good luck OP, you're most likely going to take it up the ass on this one. I say just suffer through dealing with the car seat situation until you get the loan out of the red

>"jeep"
why did you waste money on this trash car
anything jeep post 2004 is shit

>sell it outright to a private party to get more money and maybe front some cash to cover the rest of the loan
>Implying anyone is going to take over payments for 22k on a 4 year old jeep

Also
>upside-down on a vehicle
>not getting railed
Even if your credit is godlike (777+) , the best you can hope for is a reach-around during the ass fucking.

Said it, you deserve this. Especially since I'm going to guess your old lady picked both vehicles.

Get a super clean OBS Suburban for 3k and spend the rest on gas. Bonus points if you get a 454

Fuck you. Kids are fucking great, if you plan for it.

Lol well I already have a 2012 Silverado so there's my guzzler. My old man had it as a company vehicle and after they just gave it to him, he bought a brand new King Ranch. I paid $2000 for it, don't want to sell that or trade it in since it's pretty much in "new" condition. I was driving a craigslist special '03 Forester that was rusted as fuck for my daily commuter, which is why he practically gave me the truck.

My credit score is about 760ish and hers is on the lower end of 700. No history of payment issues or anything.

Should I just bite the bullet or move to a shoe-string budget and throw money at it?

Honestly if it's just you, your chick, and a kid then I feel like the Rado and the Jeep would both work.One of my friends has two kids and an extended cab Silverado and it works for him

As a father i can safely say.
No

Should've kept the 09 Forster, desu.

That being said, if you're in the US, tax time is right around the corner and lots love to do the "we'll pay off your loan no matter what you owe!" kinda deal along with tax return shit.
And don't buy something more than 3 months salary. I would usually say 6, but with your wife not working and a kid on the way, you need to be more responsible.

Also, when your is done spawning your best friends kid, tell her to get to work. You're obviously bad with money and can't afford to make too many mistakes for the childs sake, even if it's not your own.

t. lamarcus laquan deshawn dejuan wewuzkangz trayvon flynn

Im white.
But good to know youll teach your kids to be racist piles of shit

You're a special kind of idiot.
>buying a car you can't afford
>not putting enough down
>accidental pregnancy
Kill yourself. What's your second car right now?

rednecks aren't any better, jimbob

Is your silverado a single cab?

I know you dont want to trade it, but it would be easy as fuck to trade that for a clean ecobox on clist with 4 doors.

This niggers lost, top kek.

Do you use the truck for work? Do you 'need' the truck?

So $7k upside down, ok credit.. single income..

without knowing debt to income, and what you're looking for on payments.

You're better off keeping what you have. Trading in that upside down is going to be hard pressed to get financed at any sort of decent rate, and when you're talking about cheaper or used cars, you're gonna get fucked so hard, you'll probably wind up having to default on the new loan and get repo'd, or she'll have to get a job also, or you get a second job.

Either way, in your situation, a private party sale is probably not gonna happen unless you want to just blow a bunch of money out of your pocket to cover the negative amount from when you sell it, and then you'll have no down payment or trade-in.

Just keep what you have and make do until you're in a better financial position, with no negative equity, or she has a job and you have an additional income into the household.

Serious as shit bro, don't fuck yourself for the next decade just because you think you have to have a more family friendly car, make do with what you have for now, upgrade later.

Dad?
Really?

Anything Chrysler is shit

Ftfy

>Tfw you are gay and dont have kids and can therfor own multiple cars and pay 10k in cash for cars

>Raising a kid without a thirty seat SUV with a built in Xbox and super plush ride air suspensuion by BM lexuscura

It's like you hate your kids and want them to grow up normal or something

>Trade-in value for it is somewhere between $15k-$17k, but we owe $22k on it.

It's worth more than that trade in value. If you sell it privately you can probably just get out from under the loan.

you don't have to suck dick to not have kids

you know that, right?

My suv only had seating for 7 and a sega genesis

Not OP, recently got a car with a 5% interest rate,i was told after 3 payments i could refinance. How do i go about finding a better loan option? I have my dad as cosigner

Fuck you. Fucking kids is great, if you plan for it.

>How do i go about finding a better loan option?

find...a...better...loan...and apply until one accepts you

Kids are entry level. Real Veeky Forumstists prefer midget clowns.

Do you know how many of those you can fit in a miata?

Sell your Jeep privately. There's a huge market and they always fetch a premium out there.

Trading your car in is basically pissing away thousands of dollars. As someone who knows the car industry and a new father, I would highly recommend buying a roomy AWD wagon, IMO cars are too tight for car seat and SUV's are too high up for your wife to lug the seat in and out of.

Pretty much this. Going to a dealer means that you will definitely get a lot less than from a private sale. The most financially sound option is to put up with what you have.

sell jeep, buy wagon

>I already have a 2012 Silverado


sell the jeep privately to get out of that loan, sell the silverado, use the money from the truck to either flat out buy two good older vehicles, or one good older vehicle and a down payment for a newer one

I love threads like this. Last week, I encountered 6 stuck cars; two of them were invincible Subarus, a FJ looser, a chebby truck, a USPS Grumman mail truck, and an ecofag f150.
Guess which two I didn't bother to pull out.

I love threads like this. Last week, I encountered 6 stuck cars; two of them were invincible Subarus, a FJ loser, a chebby truck, a USPS Grumman mail truck, and an ecofag f150.
Guess which two I didn't bother to pull out.

so you're saying you'd be able to get that baby out too...?

>finance
Well, first of all stop claiming to own the car because you don't, the bank does.

You know, this thread reminds me of those absolutely mind blowing posts you find on /r/personalfinance where people have somehow managed to make an unimaginably retarded string of decisions. Often times so retarded that I am left wondering if the poster was simply trolling.

Just curious how do you sell a car wth a lein on it? don't you have to pay off the car first to sell it? In the times i have looked at cars on craigslist when i see "loan" or "lein" i just skip over, hell if i'm going to deal with that bs.

Why not use the 3-4k you were going to front to cover the loan to buy a shitbox instead? That way you maintain the payments you can afford until it's paid off and get to enjoy practical transportation in the meantime.

>inb4 my wife/I won't drive a highschooler's car
we know that's why you're a fuckup

yeah I didn't see that. Why the fuck did you even make this thread faggot?

>muh wife doesn't like her jeep anymore, should I get more debt to replace it for no reason?

Selling privately with a lien is going to be a real headache. Private buyers want to trade cash for title and be done. Not pay you, and then wait (hope) that you pay off the lien so that they can have a clear title. Would you trust that process to some jackass on Craigslist?

Rolling negative equity is financial quicksand. Just bite the bullet, do the work, take the pain now and get yourself out from under it. It's going to hurt eventually anyway, but will always hurt more if you keep kicking the can. You got a kid to think about. Man up now.

It can be done but your next car has to bought way below kbb or a trade that they just stile from a customer in order to eat all that negative equity. More than likely it will be a chrylser dodge or mitsubishi prduct. It would then take a bank willing to finance 125% of retail on said vehicle. Also they would want some cash for down payment even with good credit.
Best thing yo do is wait for taxes sales and on last day of that month because thats last day they have to bump sales