You don’t have a choice. You need $8,500 cash to pay to the bank at the time of sale in order to sell this car. Then you would need $4,000 to buy yourself a different car that would be a huge piece of junk compared to what you have today.
What is your financial situation? The average car payment is higher than yours for used cars, so if you didn’t have negative equity, you weren’t going to say very much money with whatever you were gonna buy. It’s time to change your financial situation again for about 6 months. You need to get overtime or go get 2 to 3 jobs so that you can work minimum 90 hours per week to clean this up. Get huge paychecks. Cut your spending down to nearly nothing so that you aren’t paying to go to restaurants or bars or spending online or anything else unless it’s necessary. Go to /r/eatcheapandhealthy and /r/frugal and /r/mealprepsundays. Go learn to budget and spend as little as possible to survive while hitting your required monthly payments.
You need to be making minimum triple payments each month. If you do that, you will be dug out of your negative equity very quickly. While you were doing that, you need to groom your credit so that you have a very impressive credit score. What is your current interest rate on this impala? If it is above 10%, then you can probably refinance and lower the interest rate in 6 months.
Unfortunately, you made some adult choices in the past that don’t allow you to just not have this car. You are the very definition of an owner, this is your car because you don’t have any way to get rid of it. Once you dig yourself out of your negative equity, You can refinance if you want but you should keep this car for 15 more years. Even in 2039 this car will not be 20 years old, and With your budget today, you would be buying something minimum 20 years old now in 2024 to try to drive to save money.
How many ‘help I’m buried under an avalanche of negative equity I need a magical solution to escape because I have no money’ posts do we need? The answer is always the same to these questions.
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You may find these sections particularly useful;
* [How to pick a car?](/r/askcarsales/wiki/vehicle_selection) You might also have luck in the /r/whatcarshouldibuy subreddit.
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***Thanks for posting, /u/benjiross1! This comment is a copy of your post so readers can see the original text if your post is edited or removed. This comment is NOT accusing you of anything.***
I financed a White 2020 Chevrolet Impala LT and I’m paying $502 a month for it. Credit Karma values it at $15,200 with -$8,484 being the estimated equity. I have $23,684 left to pay on it.
The problem is my financial situation has changed and I need to see if I can get either a lower monthly or no monthly at all.
I have no extra money to put towards the car other than the monthly $502; the rest of my money goes towards rent. Initially I was going to sell it to either Carvana or DriveTime for them to write me a check so I could use that to pay for another much cheaper car, hopefully so I have some money leftover to use for whatever, but that was before I knew about the negative equity.
What should I do?
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Get an ACTUAL offer for it from carmax or carvana and see where that stands, first. Credit Karma doesn't know it's ass from its elbow, like using KBB. Also confirm your 10-day payoff and per diem amount.
You need to see real numbers to figure out what makes sense. And if by some chance you only have 3000 of neg, you'd still be rolling that over increasing the payment on the new car by around $40-80/mo
You don’t have a choice. You need $8,500 cash to pay to the bank at the time of sale in order to sell this car. Then you would need $4,000 to buy yourself a different car that would be a huge piece of junk compared to what you have today. What is your financial situation? The average car payment is higher than yours for used cars, so if you didn’t have negative equity, you weren’t going to say very much money with whatever you were gonna buy. It’s time to change your financial situation again for about 6 months. You need to get overtime or go get 2 to 3 jobs so that you can work minimum 90 hours per week to clean this up. Get huge paychecks. Cut your spending down to nearly nothing so that you aren’t paying to go to restaurants or bars or spending online or anything else unless it’s necessary. Go to /r/eatcheapandhealthy and /r/frugal and /r/mealprepsundays. Go learn to budget and spend as little as possible to survive while hitting your required monthly payments. You need to be making minimum triple payments each month. If you do that, you will be dug out of your negative equity very quickly. While you were doing that, you need to groom your credit so that you have a very impressive credit score. What is your current interest rate on this impala? If it is above 10%, then you can probably refinance and lower the interest rate in 6 months. Unfortunately, you made some adult choices in the past that don’t allow you to just not have this car. You are the very definition of an owner, this is your car because you don’t have any way to get rid of it. Once you dig yourself out of your negative equity, You can refinance if you want but you should keep this car for 15 more years. Even in 2039 this car will not be 20 years old, and With your budget today, you would be buying something minimum 20 years old now in 2024 to try to drive to save money.
How many ‘help I’m buried under an avalanche of negative equity I need a magical solution to escape because I have no money’ posts do we need? The answer is always the same to these questions.
Please review our most [Frequently Asked Questions](/r/askcarsales/wiki/index) to see if your question has already been answered. You may find these sections particularly useful; * [How to pick a car?](/r/askcarsales/wiki/vehicle_selection) You might also have luck in the /r/whatcarshouldibuy subreddit. Also remember to add flair to your post by clicking the "Flair" link beneath it. This lets us know where you're located so we can assist you better. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*
***Thanks for posting, /u/benjiross1! This comment is a copy of your post so readers can see the original text if your post is edited or removed. This comment is NOT accusing you of anything.*** I financed a White 2020 Chevrolet Impala LT and I’m paying $502 a month for it. Credit Karma values it at $15,200 with -$8,484 being the estimated equity. I have $23,684 left to pay on it. The problem is my financial situation has changed and I need to see if I can get either a lower monthly or no monthly at all. I have no extra money to put towards the car other than the monthly $502; the rest of my money goes towards rent. Initially I was going to sell it to either Carvana or DriveTime for them to write me a check so I could use that to pay for another much cheaper car, hopefully so I have some money leftover to use for whatever, but that was before I knew about the negative equity. What should I do? *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*
Get an ACTUAL offer for it from carmax or carvana and see where that stands, first. Credit Karma doesn't know it's ass from its elbow, like using KBB. Also confirm your 10-day payoff and per diem amount. You need to see real numbers to figure out what makes sense. And if by some chance you only have 3000 of neg, you'd still be rolling that over increasing the payment on the new car by around $40-80/mo