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What do I do if im upside down 16k on my car?

I had a Ford Fusion that was giving me some transmission problems and instead of fixing them. I decided to go full on stupid and trade it in for a 2020 Hyundai Elantra Sport. Im upside down now over 16k because I rolled in negative equity and I didnt make a down payment. I tried to get something cheaper after a month, the MSRP for the fully loaded Elantra was 28k. Now after 3 months theyre giving me 17k lol. I did the same thing back when I had a 2016 mercedes and traded in for a 2017 Toyota Prius. That car ended up being voluntarily repoed.

9 Answers

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  • 2 months ago

    pay a little extra on the principle monthly

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  • Scott
    Lv 6
    2 months ago

    You did this to yourself, dummy. Now you have to live with the consequences of your poor judgement. There's no easy way out of this. Fortunately, if you take care of the Hyundai it should last you a good, long time.

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  • Anonymous
    2 months ago

    Definition of stupidity:  Making the same dumb mistakes over and over.

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  • 2 months ago

    Make payments to reduce the principal of the loan faster than the vehicle depreciates. Looks like you are comparing retail value to wholesale value or trade in value.

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  • 2 months ago

    You fall in love with your current vehicle all over again because the two of you will be together for the foreseeable future.  

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  • 2 months ago

    What do you do? Nothing. There's no "magic" out here. You don't have $16K to throw at another car. 

    Your ONLY option is to try and double-up on payments until you catch up to the equity mark. Tighten the belt, skip the movies, etc. As mentioned by others, you're headed down yet another disastrous financial trail. 

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  • Anonymous
    2 months ago

    You wont be laughing in a few months when your Elantra gets repoed.  And if indeed your Prius just got repoed 3 years ago, you are probably telling a troll story.

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  • 2 months ago

    What we can see is that you have a habit of making and repeating spectacularly BAD fiscal decisions.

    When you're in a ten foot deep hole, STOP DIGGING.

    You are 100% boned. The ONLY thing that you can do now is keep the current car and make all your payments in full and on time for the full duration of the loan contract. Literally doing anything else will cost you MORE money.

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  • Anonymous
    2 months ago

    Do you see a pattern yet?

    You won't be getting something else for at least 3+ years.

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