Financing, what can be done?

[HummerMann]

Never trade a new vehicle in the first 18 months unless you have money to burn! If you must get rid of it sell it outright and don't take the trade in price for it. For what you are going to loose in equity you can probably buy 4,000 gallons of gas if you dump it now.

[rondocap]

So even if it's a financed vehicle, I can still sell it on the regular market? And then obviously I'd still have to pay off whatever I owe to GMAC.

So how would that work? Can you transfer the title?

[phantom2]

If you are selling it privately,you have to first payoff the vehicle, and then the lender will then send you the title.

[Yarjammer]

I just played the negative equity game when I picked up my H3 (06 w/ 12K miles for $18K from the dealer). You are going to have a very very hard time rolling $26K of negative equity into a car that isn't worth half that. It's a percentage game (something like 105% market value of vehicle purchased = max principle loan for vehicle + negative equity).

Have you talked to your bank about refinancing your auto loan? I have done it in the past and it saved me ~$100/ month and shortened the term.

The other option is finding someone to assume your loan...

[rondocap]

I got 0% financing ...so I am not sure if it's really worth it to refinance. I would only need to roll like 10-12k into whatever car I'd get, would that be a little more possible?

Well, are there places were people look for loans to assume? I am sure you would need to give them an inventive in order for them to want to take it over a new car, right? Any ideas on this?

[Yarjammer]

Good point about the 0%, I didn't take that into account.

Craigslist is one place to start or network with any friends or family who may secretly be pining for an H3. You are most likely best off talking to your preferred bank or credit union about what options exist (amount of negative equity you can roll in and still qualify for a good rate on the next loan).