What Is The Best Way To Get Out Of A Car Your Up-side Down In, Buy New Or Lease?
My daughter is $10,000 up-side down in an 2005 Toyota Avalon, I have excellent credit and am willing to co-sign. Also put up $5,000. For the down payment. She is making $800. A month payment now, got to get her into something she can afford!
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You will not be able to lease a vehicle with that much negative equity. Most manufacturers that still lease will only take $2000 dollars of neg. Equity. The best way to get your daughter out of that vehicle is to find a 07-08 pre-owned vehicle with low miles that the dealership owns cheap and books out on NADA for more then the asking price. Also extending the term on a vehicle may help to lower her payments that are acceptable to her current budget. Hope this helps!
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You sell the car and buy a car you can afford out of pocket even if it is a beater point A to point B car. That way neither of you get into debt or have a chance of loosing a car due to late payment ect because it's yours. I have a beater gas saver car cost me only $800.00 cash... It has a good paint job, nice interior and it is a 96 Toyota with low miles it was a bargain and just what I needed.
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That won't work friend, my daughter has two boys 4 and 5. Thanks anyhow!
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