Gas Guzzler.......?

Question

I have owned my Tahoe for about a year and a half. MPG is about 11 street/14 hwy. I financed everything into the car, down to the tax, tag, and title. I want to get rid of it. Still owe 24k. Is there anyone out there who knows of a way to get rid of it without having to take the approx 10k loss as a trade in.

Answer 1

take the hit... if you can get anything at all for it, that's gravy...

Answer 2

There is no easy solution to your problem. Unless you are willing to wipe out the savings or take a hit on the 401k, your gonna have to come up with that $10K yourself. No dealer has a small car with enough incentives to bury that neg equity. Start by putting every useless thing you have on eBay, sell your gold jewelry, have a garage sale, or like I said before, get into your family assests. That is the only way.

Answer 3

No, you either cough up the dough or take the hit.

In all honesty, you're probably more upside-down than you think. Dealers are giving next to nothing for SUVs, as you know. However, let's look at being $10K upside-down for now.

You have to take that $10K and put it somewhere. So, if you want the dealer to try and run the deal and roll that $10K over to the new loan, you'll end up right back where you started. If you were looking at a Civic (for example) that was going to run you $350/month, you now have to add that $10K to the Civic's amount, and you're also adding another $200/month to the loan. So, you're paying $550/month for the new car, and you're even further upside-down than you started.

Plus, the above scenario leaves out one fact: no bank is going to overallow that much money. Even with terrific credit, they "might" overallow 120% of the value of the new car. Trying to roll over $10K won't fly with any reputable bank.

Look at it this way. If you DID decide to cough up the $10K, you gotta ask this question: how long would it take you to come up with $10K in gas savings at $4 a gallon? $10K worth of gas is a TON, no matter how much it's costing you. Is it truly worth coming up with $10K to save on gas, when it would take you YEARS to equal $10K in gas savings?

Your best bet? Keep the Tahoe and ride it out. Don't feel bad, there are hundreds of thousands of folks in your shoes right now. The gas crunch hit the SUV market hard, and folks are feeling the sting.

Answer 4

This question is asked all of the time.  If it was possible, everyone would do it.

As soon as someone invents a way that you can magically erase negative equity in a car, we will be sure you let you know.

Keep the Tahoe.  It might not seem like the best idea financially, but it is.  In the long run, you will spend far less in the difference in gas than you will in negative equity gained when getting rid of the Tahoe.

Answer 5

This may solve your problem...

Go To...

http://tinyurl.com/57q967

Answer 6

so if you only lose $7,500, you would do it?

you are crazy, keep the tahoe

Answer 7

I'm not sure how this would work, but could you find someone to take over payments. How much time is left on the payments? Hopefully this isn't a lease.

Answer 8

just be sure you have to get rid of it, if you only use a tank of gas a week, its not really a great idea to loose the tahoe.