Please help with my car payment problem (kind of a spin-off)

[95z28man]

I'm wanting to trade in my Stang for a Jeep but I'm still making payments on the Stang. Heres the details: Took a loan for a little over 16K, it is paid down to about 14.5K right now. The Jeep is $7500, the Stang is I THINK is worth about $9500 trade-in value. My dad told me I would have to end up paying the difference between the $9500 trade-in and the 14.5K loan left, which would be like $5000 which I can't do, so I'm screwed on that.

Is that really the only way? I was thinking maybe the dealership would take the trade and maybe I could just finish paying off the rest of the original loan and it would basically just be like paying off an extra 5K for the Jeep? Hopefully I'm not sounding too dumb here, it's just I've never done this before and I really want the Jeep but can't pay a 5K lump sum to the bank to finish my loan. Please help me out if I can, or just let me know if I'm shit outta luck lol.

Thanks a lot

[Camaro_94]

What year and model mustang is it?

I wouldnt trade it in, post it up in some classifieds sections in forums, craigslist, ebay, auto trader, etc. You'll probibly get more for it that way than trading it in.

- Mike

[95z28man]

It's a 2003 GT coupe 5spd. Only like 27400 miles. I know I can get a lot more for it by selling, but I'm sure the Jeep will be gone by then and it's a pretty good deal I may not see again. That's why I'm willing to pay off the extra 5K if I can, I just can't afford to pay it in full right now. BTW I've had the Stang on Vehix for almost 2 weeks with no response yet.

[Camaro_94]

I wouldnt "low-ball" yourself man. There are a ton of jeeps out there. Try posting it up on SVTPerformance or other Mustang Forums. I'm sure some people would bite on it.

What year / model jeep are you lookin at?

[95z28man]

2002 Cherokee Limited. Awesome condition and fully loaded, pretty good mileage too. It's hard to pass it up, but unless I can figure something out pretty quick, I'm gonna have to. I'm sure I could find another good deal on a similar Jeep, but probably not quite as good. I'm definately posting up the Stang all around if this doesn't work out, just want to be sure before I make any moves.

[KissMyWhtSS]

Your screwed.

You can't sell the Mustang for $9,500 because you'd need to pay it off to get the title for the new buyer. Save up for a year or so and get the Mustang right side up on the loan then look for another Jeep if thats what you want still.

[95z28man]

Your screwed.

You can't sell the Mustang for $9,500 because you'd need to pay it off to get the title for the new buyer. Save up for a year or so and get the Mustang right side up on the loan then look for another Jeep if thats what you want still.

Damn, I was kinda figuring that would be the case, but I wanted to be sure. If anything though, I'm getting rid of the Stang asap for a couple reasons: 1) Haven't driven it since I got the Camaro back and 2) I'll save 400 bucks a month on insurance and payments the quicker I get rid of it.

[AChotrod]

The dealer WILL take your stang and add the neg balance to the new loan. But dont do it. Unless you get way more for the car or they drop $ on the jeep. As long as you got credit any bank would do it. They make more money off the higher balance loan.

This is a bad idea and you alway feel screwed afterwards. Sell the stang outright

[95z28man]

The dealer WILL take your stang and add the neg balance to the new loan. But dont do it. Unless you get way more for the car or they drop $ on the jeep. As long as you got credit any bank would do it. They make more money off the higher balance loan.

This is a bad idea and you alway feel screwed afterwards. Sell the stang outright

Thanks for the input. Maybe I'll drop by the dealer and at least see what they have to offer me, but I suppose I'll be better off waiting unless they give me more than I expect.

[AChotrod]

you will be better off waiting and selling your car to a private party

[IronOutlaw]

Basically you need to ask yourself, is the Jeep worth 5000 bucks more than they are asking for it. For some reason im thinkin no.

Mustang sell like hotcakes. My friend was looking at buying one at teh beginning of the year and everytime he would find one it would get sold before he could look at it. Just put the stang up for sale, with under 30000 miles it should bring good money and sell fast.

[YZF]

My opinion....Keep the stang until you can find someone who will give you a good offer on it. If it were me in that position I would keep the stang just because I really don't like Jeeps and am more of a car person in general. And I'd like to know when Jeep ever made anything that got good gas mileage lol. Debt sucks big time. Sounds like you're pretty far upsidedown in the stang already, so knock that chunk down and then start the search for another jeep. Jeeps are like mustangs if you catch my drift...

[KissMyWhtSS]

Obviously he won't do it unless he thinks the Jeep is justifiable to him by $5k which we all know it isn't. But if the right offer comes down on the Mustang and you really want it. Why not? You only live once.

[bidicamaro]

It's a 2003 GT coupe 5spd. Only like 27400 miles. I know I can get a lot more for it by selling, but I'm sure the Jeep will be gone by then and it's a pretty good deal I may not see again. That's why I'm willing to pay off the extra 5K if I can, I just can't afford to pay it in full right now. BTW I've had the Stang on Vehix for almost 2 weeks with no response yet.

It's not a good deal if you have to eat a few extra thousand. Usually when a dealership sales something for a "great price" there's a reason behind it as well... Best thing is if you don't like the deal get up and walk out. If they're interested in getting you that Jeep they'll pull you back in and crunch some more numbers. Took me 4 times saying that the price wasn't good enough to get the dip shit's down on my Silverado. Started out with 6K negative equity on an 03 Crown Vic LX Sort with 68000 on her down to just $500 negative. Dealerships can kiss my ass, they make plenty of money off of unsuspecting people. You have to stand your ground and not give in to the whole "you wont find it anywhere else" bit they pull cause you know what, I found it somewhere else for a better damn price.

[95z28man]

Thanks for all the replies guys. After I slept on it and cleared my head, I'm just going to pass up on this Jeep and get rid of the Stang first. Maybe I'll get lucky and find a better deal later, maybe not. I'm not gonna take that big of a hit for the Mustang.

[bidicamaro]

:whistle:Sell the Mustang and get an SS instead

[KissMyWhtSS]

:whistle:Sell the Mustang and get an SS instead

/thread.

[95z28man]

:whistle:Sell the Mustang and get an SS instead

I've already got my "fast" car, I need to either keep the Mustang and shut up or sell it and get something a little more practical for winter driving, cargo space, etc.