Good Evening Military Finance community! First time posting here. Looking for some advice, we are top heavy on our 2020 Ford Explorer by around 10k. We would like to try and get out of it and get either a new car and a used car or two low mileage used cars and try to keep our monthly payment for the both around 1k a month. Anyone know of any tricks when it comes to negotiations and a dealership?
Posted by CarvingGoat
3 Comments
what does ‘top heavy’ mean?
Yes we have approx 10k in negative equity. A COVID year purchase on top of the small window where dealerships were saying they cant roll GAP in with your loan. Of course like vehicles are built today they tend to implode shortly after the warranty runs out. Of course we had major repairs that i could have done personally had I not been deployed, instead we had to give my arm and our first born to the dealership to repair. Going to shore duty here soon so the used vehicle thing wont be as big of a deal if I need to make repairs to them
Is that currently your only vehicle? Does your family need two vehicles? What’s the interest rate, balance, and current payments on your current vehicle(s)? How much extra can you afford to put toward the vehicle each month? Do you have savings you could use toward the negative equity?