Trying to get another car?!?

Question

i currently have a 2007 nissan xterra but im trying to get anther truck..the thing is that i tried to refinance or even at that trade it in..but the sales guy told me that i was upside down =| shouldn't the remaining of whatever car im trying to get roll over?! im trying to get something more economical bc the economy is so bad right now..gas is killing me =( my credit is OK; its not perfect..and my hubbys is super BAD!! so how can i go about leasing another car under my name?! what are the requirements?!

Answer 1

Bottom line, you can't, which really isn't a problem because you shouldn't anyway.

Look at it this way, you want to lease a car at, let's say $10,000.  The minute you drive it off the lot, it's worth $8000, and you are looking to borrow $10,000 plus whatever you're upside down on the other loan.  Let's say that's $4,000 for arguments sake.  $14,000 on an asset that is worth $8,000.  It just won't fly, that dog won't hunt.

If anything, increase your payments to get rid of the negative equity.

Answer 2

It will be better for you to pay down on your truck instead of putting yourself further in debt by getting another vehicle. Especially if you're more than $3K upside down. Leasing a car is just throwing money into a pit so I would recommend you BUY your next vehicle instead of leasing it. Especially since money is a concern to you.