Negative equity trade in

You're in a tough situation and only the less scrupulous dealers will help you. If you buy a more expensive car, there are finance programs that will allow you to roll that negative- equity into a loan to cover both the new car and the what you owe, but you're going to continue to be negative, but a lot more.... I recommend you sell your car for what you can get; the used car market is still high and that might not be as bad as you think. Then buy something really sensible to bridge these hard times.

You're in a tough situation and only the less scrupulous dealers will help you. If you buy a more expensive car, there are finance programs that will allow you to roll that negative equity into a loan to cover both the new car and the what you owe, but you're going to continue to be negative, but a lot more. I recommend you sell your car for what you can get, the used car market is still high and that might not be as bad as you think. Then buy something really sensible to bridge these hard times.

Oops not good. Even if you do find someplace that will do a trade it will only get you in deeper unless you have a very large down payment over and above the car. Personally I would hunker down and pay extra every month you can. You would be surprised how quickly the balance drops if you make more than the minimum payment.

Another scenario is to put $7K cash down on the new car , paying off the existing car and finance the total amount of the new car.

When you trade in the vehicle the amount you owe is added to the loan for the new vehicle. So you end up paying for two vehicles, one of which you no longer have! On a 22 model you've got about another two years before the vehicle is worth what you owe on it. Keep it and pay for it. Then trade it in later. Hope that helps! Jim