Open Question: Upside Down on two cars. Need to trade for one. Okay credit. Help!?
Resolved Question: Would George Bush's say that he wants to make the Amrican dream come true as many US presidents said before?
According to NABE (national association of business economics) members said their biggest near-term concern is the subprime loan defaults and excessive debts in US, it is more frightening than the terrorists. THe followings are their concerned existing problem.
Credit- induced bubble
Enabled by risky loan purchases associated with hedge funds
Private Equity fund asset-backed security
Credit default
Collaborated obliged debt
Excessive household & corporate debts.
THis may down the investnments in stock markets and the housing markets.
Open Question: Upside Down on two cars. Need to trade for one. Okay credit. Help!?
I have two cars. My 2004 mazda 6 and my sons 2004 nissan sentra. He left for college, so I need to trade in both cars for one car for myself. Both cars are in my name.We are about 7500 upside down on both cars. I have a FICO score of about 620.
I dont know whether it is better for me to go with a new car, (with a rebate which will eat up some of the neagative equity), as well as some of my money down. But i will still end up rolling over about 4000 ontop of my new loan.(ill probably want to trade the car in after 3 years, i like the car. but i dont love it)
OR
Should I buy a used car, roll about 5300 of my old loan on top of the new loan.i will most likely keep the used car and give it to my son, and keep it till its paid off
ALSO..
i was wondering if my credit score was good enough for me to lease a car. that way i wont have to worry about neg. equity in the future.
I dont know what to do.I NEED to get rid of both cars. The insurance and car payments cost me too much! HELP
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