Have an upside down car and a leased car
I currently have a 2012 Fiat 500c that is upside down (car loan left is $8000)
and appraisal from dealer is $3000 (private is likely $4-6K). I want to sell this
car and get rid of it, as I have no need for it anymore (was an ex's car). I also
am leasing my personal car (2017 Honda Fit LX). I basically want to have
one payment and one car. Is it possible for me to trade in the used car and
break my lease and just get one car (i.e finance one car after giving both of
these cars up). I know this sounds complicated, but is it possible?
First of all you must Read Your Lease! If the other car is upside down you have a few choices. You can pay it off or roll the balance over into another, bigger loan or just keep paying. Clearly selling it to a private party is the way to go if you sell it. I would give the car to the EX if you can. Make sure they take over payments so that you are not on the hook anymore!
Probably all your options will end up with you being even more upside down that before. Buy a car you can live with for 5 to 10 years or even more!!!