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Upside on car loan... anyone know?

My SO's car is a 99 Mustang GT and we can only get about $5000 trade-in for it when he still owes about $9000 to Carmax. (He bought before we got together) Now, money is really tight and Between the payment and Ins it is costing us $500/ mon to drive that car, plus gas. Anyone have any advice on getting out of this car without a lot of added expense?

Answer Question

Asked by Kelly_n_Payton at 1:18 PM on Oct. 9, 2008 in Money & Work

Level 1 (3 Credits)
Answers (1)
  • Don't trade it. They give you wholesale price. Go to and look at the private party value of the car. This is what you can sell it for yourself. Then sell it that way. If you are still in the hole, see if you can borrow the difference from your bank. Rather owe 1-2K than 9K.

    Answer by MissAlisabeth at 2:26 PM on Oct. 9, 2008

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