I have 5-6 thousand in negative equity... I'm definitely going to try to make some extra payments and keep it until I'm not upside down. I just hate putting so much into a car that I don't plan on keeping. Thanks for the advice 😊
@DiamondEdwards
3 жыл бұрын
That a smart move🙌 This should give you a little motivation kzitem.info/news/bejne/poJnr6CvfphhYKA
@exquisite921
7 ай бұрын
This is what I’m dealing with now it’s so frustrating bc I don’t wanna put extra since I’m not pleased with the monthly payment that I’m currently in smh
@saylorgirl799
4 ай бұрын
I’m in the same situation. $6K upside down on mine.
@guap8391
2 ай бұрын
Man I’m down 10k I’m bouta make something shake 🤬😴
@daniellesully86
4 жыл бұрын
Am like 17,000 in negative equity on a 5 year vehicle. I wish they taught this in school. Thank you so much for this video.🥰
@DiamondEdwards
3 жыл бұрын
The bleeding stops now! Go with the "best" option and dig yourself out of this hole. You will never purchase cars the same again. Thanks for watching and I'm glad it was helpful.
@daniellesully86
3 жыл бұрын
@@DiamondEdwards I tried a couple lenders, but none that we good. If I took ill be starting all over because I have over a hundred thousand miles on my used nissan rough 16 vehicle. Ughhhhh....
@DiamondEdwards
3 жыл бұрын
What is the balance of this thing? Keep up with the maintenance, and keep making those principal payments. Don't let the mileage scare you. It may go to 200k! I don't think I need to tell you this as I am sure this is how you got into this deal but whatever you don't trade it in because the $17k can turn into $30k negative. I've seen it happen right these comments. What is the balance of this thing?
@daniellesully86
3 жыл бұрын
@@DiamondEdwards thank you and the balance was $17,000 but I got it down to 13,000. Also at first I was going to trade it in to the dealership, but watching your videos help me understand not to do that. So thank you.
@DiamondEdwards
3 жыл бұрын
Danielle Sullivan That is good progress. Keep up the good work!
@sarahcolbert2016
4 жыл бұрын
I’m about 4K upside down. I went to a dealership to look at a used GTI and the sales guy did everything humanly possible to try and get me to roll over that much money into a new loan. He tried to make it seem like such a great deal and that they were helping me out but I work at a dealership and I know how they move money around to make it seem like a “good deal”. On the bright side, I saw just how stupid it was to even try to look at new cars at this point and I decided to just keep driving my car. Best decision I’ve ever made.
@DiamondEdwards
4 жыл бұрын
I love it! That's the best way to stop the bleeding. I'm happy for you!👍
@jketphanh22
3 жыл бұрын
I wish I did this .. I sold my Acura TL type s that I fucking loved I redid the whole entire car the engine . Coilovers exhaust etc. and traded it i for a gli . Months later , I dislike the car compared to my other one. Now I’m 5k upside down plus all the money i loss putting into my old car :(
@roamingrook5942
3 жыл бұрын
Come to the conclusion its best to just keep my car. Its reliable and I can pay it off in 2 years. Thanks!
@marclemar
3 жыл бұрын
Funny thing is I know all of this!!! But even I need to hear “the best option is to keep it” because it just confirms what I already know but may not want to hear. Before my career in HR I was an auto finance collector for 12+yrs and I had to collect on deficiency balance post repo. I had to explain this to almost every customer “why do I owe x amount” after it was sold at auction
@DiamondEdwards
3 жыл бұрын
I need you in the comments on my auto loan videos. You can be like the inside man telling people what to expect after the fact. We all have heard of those dealer auction where they get cars dirt cheap. They just never told us the difference was paid by unsuspecting car buyers!
@marclemar
3 жыл бұрын
@@DiamondEdwards oh yes the bank sells it for what they can get, applies it the the owed balance and collects on the rest from the customer if not paid it’s charged off... customers usually settle on the balance: I advise wait until End of the month the last week, call in and settle for 40-50% of the balance. Deficiency collection like sales dpt is trying to hit goal at EOM
@originaldevelopment
3 жыл бұрын
someone should pay you to speak to our children(and adults) about this information. you could change the world my friend. thank you for sharing your knowledge with us.
@DiamondEdwards
3 жыл бұрын
Too kind. Thank you!
@jlothat77
4 жыл бұрын
We’re stuck with a very large monthly payment with Ally Auto they charged us a lot in interest we’re 11,000 in negative equity on a 7 year old vehicle
@DiamondEdwards
4 жыл бұрын
Keep and drive it while making extra principal payments. If Ally won't allow principal only payment and refinancing it is out of the question then I would save up my extra money in a separate account until I had enough to pay it off and make one big payment! What ever you don't know go and get another car. Clean up this one first and use the knowledge you learned to guide you in future car purchases.
@marioencarnacion7915
2 жыл бұрын
Same position ally auto sucks
@Jett_Jackson425
2 жыл бұрын
Damn I’m in the same boat with Ally Financial I freaking hate them with my soul!
@MXI4EVER_
4 ай бұрын
please if u go to a dealer whenever u hear Allys run away dont buy that day wait theyr so bad and have high rates…i’ve been a victim once but escaped bc of accident
@RegularDudeInTraffic
4 жыл бұрын
I swear man you said oh you owe $8000 dollars on your car loan and I was like is he reading my mind. This was literally me because I was in a rush to buy a vehicle as I needed it for work and I made a lot of mistakes I am now realizing.
@DiamondEdwards
4 жыл бұрын
What type of car did you get?
@RegularDudeInTraffic
4 жыл бұрын
@@DiamondEdwards Ford Fusion Hybrid 2019, of course now I am a little older and slightly wiser I see the mistake I made. I depend on my transportation as my work is 40 miles away and there is no public transportation to my work, no bus or train and Uber is too much. And no one to ride with as everyone loves too far away. If I had this advice when I was looking for a car I would have avoided all of this. Lesson learned
@DiamondEdwards
4 жыл бұрын
Hindsight is always 20/20 don’t beat yourself up over past decisions. I would like to believe that you made the best decision at that time using the information available to you. If it turned out later to be a mistake the best thing is to learn from it, fix it and move on to make better choices in the future. You can handle this and I’ll be here if you have any questions. Thanks for supporting the channel.
@RegularDudeInTraffic
4 жыл бұрын
@@DiamondEdwards First of all I appreciate the reply, thank you so much for all the knowledge and I want you to know you are doing the Lord's work. I will take the knowledge and run with it. Thank you so much, and I just thank God I'm still kind of young so I still have time to get my shit together haha. Anyway keep up the great work with the channel. We all appreciate it.
@_sandy_ravage
3 жыл бұрын
Thank you so much! I was looking for an answer to this question and have watched multiple videos seeking guidance, yours offered the most clarity and logical steps. I am confident that I can make an educated and confident decision while making this transaction. Much respect, Diamond! Thank you!
@DiamondEdwards
3 жыл бұрын
Wonderful! I love it!
@ajw148
3 жыл бұрын
And i dont trade cars in. I bought it, i keep it until the wheels fall off.
@user-oh6zn7bi2z
4 жыл бұрын
YOUNG MAN, YOU DID A GREAT JOB EXPLAINING THIS!!! I HAVE SUBSCRIBED TO YOUR CHANNEL!
@DiamondEdwards
4 жыл бұрын
Thank you for the compliment and sub! I have a lot information I want to share. I try to improve with each weekly upload!!!
@EAADetailing
4 жыл бұрын
Bought a car with a 580 credit score. 15% APR so im getting nailed hard. Now my score is above 760 and I tried refinancing the car, bank wouldn't do it because the car is worth about 4/5k and I owe 10k. Thanks for the tips my man.
@DiamondEdwards
4 жыл бұрын
Just go with the "Best" option I described in the video. We live and we learn so move forward and you will get this loan paid off and I bet you will never make that mistake again.
@jeremysalazar9532
4 жыл бұрын
Best video I have seen on negative equity, earned my sub.
@DiamondEdwards
4 жыл бұрын
Thanks you so much. This sub means a lot because it hit a personal milestone 604! 😁
@vionettebarreiro1859
4 жыл бұрын
Right?! Explained so easily!
@sheilasimpson7092
4 жыл бұрын
This is an EXCELLENT education! You walk people through the array of contributing fact so well. Excellent.
@DiamondEdwards
4 жыл бұрын
Thank you Sheila for supporting the channel and your kind words. Welcome to the community!
@alexdillon7572
3 жыл бұрын
Thank you sir your video not only helped with making the best financial decision but also reminded me that I shouldn't walk around with my head down because I owe more than the car my worth. I was really feeling like dirt before I saw this thank you.
@veronicaturner5050
2 жыл бұрын
My husband was 13k upside-down in his previous car. We were able to get rid of it last year with used car prices being so inflated. My car was 3k positive, and his was 6k negative so we traded both and rolled over 3k
@triplebyouknowme6743
2 жыл бұрын
But don’t you need 2 cars for you and your husband ?
@swaggervance7038
4 жыл бұрын
I’m probably $13-$14 in the hole, it’s killing me slowly. What a bad idea to get a brand new car.
@DiamondEdwards
4 жыл бұрын
What type of car did you buy? Which method are you going to use to get rid of the negative equity? My vote is always to drive it make principal payments as often as possible.
@swaggervance7038
4 жыл бұрын
Diamond Edwards Jeep Grand Cherokee, I’m keeping it until one of us goes. Have no choice in the matter the mileage is so damn high.
@DiamondEdwards
4 жыл бұрын
LOL, I'm keeping mine until the wheels fall off.
@swaggervance7038
4 жыл бұрын
I have no choice now, luckily I love it lol
@21Dimen
3 жыл бұрын
I'm in the same hole brother i'm probably closer to 20K
@brandonjones9357
4 жыл бұрын
I’m about 4K in the hole. Trying to find a way to get rid of this vehicle lol. Great video thanks for the tips
@DiamondEdwards
4 жыл бұрын
I hope the tips help you get out from under it. Thanks for supporting the channel!
@esmokah
3 жыл бұрын
Best way is to have gotten gap coverage and find a telephone pole to hit.
@DiamondEdwards
3 жыл бұрын
U forgot the J/K! We don't want people going to prison over a car payment lol.
@wendellmotton4982
3 жыл бұрын
@@DiamondEdwards what is JK?
@DiamondEdwards
3 жыл бұрын
@@wendellmotton4982 just joking 😄
@josephsmith4186
3 жыл бұрын
😂😂😂😂
@rafaelalmo
3 жыл бұрын
Lmao...
@bradking5267
Жыл бұрын
Thank you so much for that information about negative equity cause I tried to surely trade in my car today and come to find out I have negative that it more is still owed on it than what the trade in price would've been and I'm in the upside down position like you said about that, I done had it for only about 2 years when there is a total of 63 months on it to pay it off, you're an honest person, I wanna thank you for that great advice about negative equity, I sure wanted to get a new car today but it did not work out in my favor,
@jessicafrausto3426
4 жыл бұрын
According to KBB my jku 2013 is valued at 16-17k and last I checked (couple of months ago) I owed around 8k . My Jeep has been giving me headaches, huge problems and at times I feel like throwing in the towel and getting a new vehicle. I thought about getting a newer jeep model, or look for a reliable vehicle but after reading a few articles and watching your video I feel like the smartest move would be to fix whatever current mechanical issues that I have and pay it off. 😩help
@DiamondEdwards
4 жыл бұрын
If you owe 8k and it is valued at $16k why not fix what you need to in order to sell it and use the different to buy something in cash. This way you would no longer have a car payment which makes repairs not hurt as much plus could start saving for your next car. Also if your jeep is giving you a headaches why buy another. You gave them a chance move on!
@SendLudes.
3 жыл бұрын
I've got about 6,900 in negative equity on my 2005 4runner, I'm trying to upgrade, and I appreciate the insight.
@DiamondEdwards
3 жыл бұрын
I hope this helps you make a more informed decision. Thanks for watching Jeremy.
@omarjurado3765
3 жыл бұрын
Currently sitting 12k in negative equity and working on paying the car off in 2 1/2 years with the info in your vids
@DiamondEdwards
3 жыл бұрын
That is awesome Omar. It's your money stop giving it away to the banks. They have enough money😂! Let me know once you have it paid off👊!
@solano760
11 ай бұрын
Thanks for the advice 👍, i wouldn't recommend putting money down ever as long as you do your homework and make sure your not upside-down then again the only way to do that is getting a new used car and having good credit.
@maytemondragon9895
2 жыл бұрын
I made a dumb decision and co signed for a friend.... she never was on time with her payments and eventually got behind and the bank was about to repossess it and so i ended up taking the car from her and then i found out i was the primary buyer this whole time! so i kept the car and continue paying it. I really don’t like this car and am thinking about trading it in but i am -6,000k but i’m thinking of just paying off that amount like you said in that video! or just wait till i’m not upside down anymore but still i made a crazy decision!! definitely learning from that experience and much from your videos! thank you 👏🏻👏🏻
@kororma
3 жыл бұрын
i bought my car about a year ago and the dealership told me it had no problems what so ever and was pretty much brand new like they said it had 38k miles and its at 45k miles now. and im already having problems oil leak in the engine and the brakes are also bad. im not sure how deep i went but by the looks of it 6-7k. thats why i want to trade rather than wait for it to get even worse. Thank you for the information.
@populartoks1738
3 жыл бұрын
Great info except for down payment. Down payments are to get dealers commission. Your better off keeping the money and just using it for payments.
@DiamondEdwards
3 жыл бұрын
Thank but you forgot the LOL😅. Fact: Down payments reduce the amount financed which reduces the amount of interest you will pay over the life of the loan. I like 100% down that way you pay zero interest. Dealers make money in a lot of ways but down payments is not one of them.
@davidalmeida8734
4 жыл бұрын
Thank you so very much for this video,its been extremely helpful...i owed 14000 but I'm going to try to sell it instead of trade in
@DiamondEdwards
4 жыл бұрын
Glad it helpful, Best of luck!
@amyh8621
3 жыл бұрын
I am about $11k negative on a 2019 car. But I am making almost double my payments per month and will pay off the car about 2 years early. I plan on keeping it till the wheels fall off!
@DiamondEdwards
3 жыл бұрын
That's what's up! Just make sure that extra is going towards the principal balance and is not pushing the pay out further. YOU ARE ON FIRE🔥💪
@thatkidugly
9 ай бұрын
I have a Nissan Sentra ( I never wanted the car was kinda forced to buying the car) dealer lied and sold me a rebuilt title car which I found out 5 months later. Now I want to trade in the car but I have negative equity, so the trade in value is at $5,740 and I owe $9,242 I would have a $3,502 to payoff the rest of the loan I was going to match the car loan with trade value.
@aaron1261998
3 жыл бұрын
Yes I get what you’re saying but like myself I have a car that’s unreliable and breaking down. I bought it used and haven’t had it a year. And I’m having to fix major issues on it already. So in my case I don’t think keeping this car is the best option right now.
@sebastianlombana6144
3 жыл бұрын
This is the type of financial education schools needs to teach your childrens!!!!
@YoChillDawg
3 жыл бұрын
i’m only about 3,000 upside down. i really want to do a trade in and get a brand new car that i know i would really really love to drive. but i think i’ll try and pay that negative equity first before going in. hopefully before this year ends!
@tonylewis9028
4 жыл бұрын
I'm in the Business I would also recommend buying something with big rebates to eat up the negative equity Chevy keep big rebates
@DiamondEdwards
4 жыл бұрын
Hey Tony thanks for commenting and watching but that is the equivalent of the bad option I mentioned (rolling negative equity). If they use big rebates to cover the negative equity then they just over paid for their new car and they would be in the hole (negative) from day one. People DON'T do this! Keep your car longer, get them paid off and focus on building your net worth so you have the money to buy whatever car you want without any fuss. That is my plan!
@jaredpatterson1701
3 жыл бұрын
Suggestions? I have a 2018 Rav4 - owe 28k on it It's worth 14-17k Credit is 690-723 depending on credit company I am not working but want to maybe get a personal loan to cover the negative equity, trade the rav in for something worth maybe 15k. Pay that off, and possibly then sell the car privately to tackle the other loan
@DiamondEdwards
3 жыл бұрын
That's a lot of moment to end up paying 28k away. 15k (new car) +13k (negative equity) = 28k plus interest. I understand times are hard and you may be looking for a way to lower your monthly expense but you plan will cost more in the end. Interest rates are highly on personal loans and harder to be approved. I would look for ways increase income and reduce expense in other areas. Stop the bleeding! Use the principal payments to reduce your balance and once your loan balance to equal the value of the car either sell and buy a cheap car for cash or refinance your loan and get a lower interest rate and payment. Moving debt only makes you feel like you did something. You can get out of this but its not going to be as easy as it was to get into it.
@jaredpatterson1701
3 жыл бұрын
@@DiamondEdwards well I was speaking of selling my rav and basically financing the 14k negative equity even 30% interest is 18k but at least it's not 28 with a 600$ payment, I could overpay a 2-300$ loan payment easier. But I see your point of view as well. Keep up the good work educating people!
@DiamondEdwards
3 жыл бұрын
Thanks. In addition to the personal loan just check out a PLOC (person line of credit). Your credit union is probably a better option than a bank. You have a solid plan and are track. The only thing I would change is spend around 5k instead of 15k. I would to get the person loan for the negative equity plus 5k so you can get something to get around town in. Indeed this will lower your overall debt load while increasing your cash flow. Come back and let the me know how it works out! You never know how many people your story can help out. Thanks for watching!
@gunmnky
4 жыл бұрын
One thing I don't see people talking about right now is turning negative equity with a high interest rate into negative equity with a low interest rate. That is - if pre-covid you got a 6.5% rate and you have 3 - 6k negative equity. You could buy a new car, roll that into the loan, and get a 1.9 or 2.9% rate. You have to pay the loan no matter what, but now you're doing it at 1/3 or 1/2 the rate. Just be aware that you're paying that interest rate on 40 - 50k instead of 10k or whatever you still owe. The struggle for me is trying to sell a financed car for $9k when I owe 13k on it. I'd have to send the buyer's 9k in along with 4k to get the title and sign it over. Who wants to do that? Which basically means doing what you said - go to the dealer, get what you want for the trade-in and pay the old car off. It beats trying to pay $13k+ off in a lump or waiting over a year if you need a new vehicle.
@DiamondEdwards
4 жыл бұрын
The best thing anyone can do for themselves when they are in a situation as you described is STOP. Take a step back and look at there complete financial picture. Where do they want to be financial in 3 years, 5 years and 10 years and layout a detailed plan on how will get where they want to be financially. How does a car purchase fit within those goals? When it's framed this way they will make a much better decision. All of a sudden, solving a $6,000 problem with a $40-50,000 dollar solution stop making sense. Short term thinking always lead to long term problems. When I looking at the big picture, I got serious and became debt free in 3 years so that I could focus on building up my net worth and buying a car would stop being such of a big deal. My last car purchase was the last straw. In your case, the best option IMO is keep driving it until you pay down the loan or come up with the difference and sell it. The problem with negative equity is you can fold it, flip it, spin it and shine it but at the end of the day you will still PAY IT and if your not smart about it. Negative equity can GROW putting you deeper and deeper in the hole. That is why rolling negative equity is the worst possible option. Let to those people who are $10, $20 or even $30k upside down. Anyone who is going to finance a vehicle can protect themselves from negative equity by following the guidelines in this video--->kzitem.info/news/bejne/xIul2oWKjodel20 The protect occurs at the buy!
@zjones9876
11 ай бұрын
$0. Bought a Subaru in 2020. Made double payments for 2 years and now it's paid off. Will get a new car when technology advances to the point where it's worth it.
@laurenshifrin1321
4 жыл бұрын
9k in the frickin hole :( Just about to start paying on the principal interest on top of my monthly payment and live with the stupid chevy. LOL #donotbuyachevy!!
@AaliyahCache
4 жыл бұрын
I owe $13,309.62 but Kelley Blue Book day my car is worth $8,828 I wanted to trade my car for a bigger vehicle I currently have 2016 Mazda 3 i Sport Hatchback
@DiamondEdwards
4 жыл бұрын
Which method from the video are you leaning towards?
@WhatRYouAimingAt
6 ай бұрын
Here’s the situation, my Kia has been stolen 2 times now. This time right outside my apartment while I slept. I do not feel safe getting that car back and making more payments and insurance claims on it. Nobody will take the negative 8-10k in negative equity with the credit me and the signer have. I feel like I’m trapped.
@captfrostii3675
2 жыл бұрын
Currently, I have no negative equity. On the payments I make on my Camaro, the dealer offered to give me more than what I owe. But I’m holding onto it. My previous vehicle though, I had about 4 thousand in negative equity. Before I even did the loan on the new car, I paid the negative equity to make it a wash.
@captfrostii3675
2 жыл бұрын
So for reference, I owed 7k on my Chevy Cruze. The dealer offered me 3k. I paid 4K down to get it down to 3k I owed, and they gave me the 3k to clear the loan. The 4K I paid was never rolled into the loan. Camaro price stayed the same.
@terronlynch278
4 жыл бұрын
Probably going to keep the car and add a little more towards the principle. Sucks cuz I really wanted a new car but this option made the most sense because my car is still in good condition and still drives really well. Guess I’ll just have to be patient
@DiamondEdwards
3 жыл бұрын
Smart move! Getting your car paid and building your net worth will allow you to drive any car you want in the future. Trading in a car every few years and rolling negative equity each time will keep you broke and ensure you work until you die. You're on the right and I am glad you are here. The plan is to grow together.
@jamalallicock4114
4 жыл бұрын
I'm about $6000 in negative equity lol. Started making extra payments 3 months ago and aiming to pay this vehicle off in 2 years.
@DiamondEdwards
4 жыл бұрын
It's amazing what a few extra payments can do. Just me SURE they are being applied to the principal. Payment free in 2 yrs or less you got this 💪!
@jamalallicock4114
4 жыл бұрын
@@DiamondEdwards yes definitely. Great video and great advice!
@nileshn.8311
4 жыл бұрын
Hi I have $9000 negative equity.
@DiamondEdwards
4 жыл бұрын
I hope the tips in the video helps you get rid of it fast. What type of car?
@ZHud
2 жыл бұрын
I’d say I’m 3-5k negative equity in my current truck was wanting to trade for a newer car but think I’m gonna wait it out and make extra payments. Thanks for the tips!
@transformer01able
3 жыл бұрын
Bought a 2019 Nissan Sentra with a high monthly payment a month thought about trading it in a car for a cheaper car
@TakishaAfterHoursVA
4 жыл бұрын
Great info! You brought up tips I never considered.
@DiamondEdwards
4 жыл бұрын
Thanks and I hope it helps you get a better deal on your next transactions.
@richblondebombshell
Жыл бұрын
I’m 6,000 in negative equity due to a car accident. But I guess once I get my refund check I’ll pay it all
@ajw148
3 жыл бұрын
My car is paid off, was only in the hole at most by 1500 bucks, bought my truck cash, and my last 2 cars i bought with cash. I hate car payments because of what youre talking about in this video.
@Rodriiana0811
3 жыл бұрын
I bought a used car 9months ago from a dealership and now it has a bloated Engine my only option is to get a new car I have paid only $2000 on the car and the car is worth $23,000 I don’t want to mess up my credit
@DiamondEdwards
3 жыл бұрын
Forget your credit don't go broke for a car! Unfortunately the bank does not care if the car runs or not so you will be on the hook for both the repairs and the loan. I would not get a new car because you will end up paying for two cars at one time. I would talk to some engine repair shops in your area. Google "engine builders near me" Hint this is not the same place that do oil changes and brakes. Get 2-3 estimate and save up the money and get car repaired. Then you can either work to pay it off fast as possible or sell it and cover the negative equity out of pocket. If you trade it in now this is what you can look forward too. They'll give you 10k for your 23k and sell you a new car at 20k but your loan will be 36k (negative equity + TTL). Oh and they is not guarantee that the new car will be problem free even if it is brand new. One year from now you will owe 34k on a car that is worth 15k. The new car will depreciated. Cost for a new engine 5k meaning you will spend 33k for a 5k problem. Don't do this! My number are just examples but the point stand.
@marcusjohnson9821
3 жыл бұрын
I have 10,00 negative equity. My transmission went out that would cost me $10,200, multiple shops priced out. I owe 12,300 and trade in for it they gave me 2400.
@tennesseegirl5539
4 жыл бұрын
Good video but none of these gets me out of this payment
@DiamondEdwards
4 жыл бұрын
😂Just because you don't like the answer...😂J/K. But seriously, maybe this will get you out of your payment.. kzitem.info/news/bejne/r6WOrqaZnYx6p34 At least it should make you feel better!
@tennesseegirl5539
4 жыл бұрын
@@DiamondEdwards mwah 😘 thank you!
@dylanking4670
3 жыл бұрын
this was my first time buying a car. 2020 mazda Mazda3 select. the car is priced at $22,294.14 I financed my car and its at 18% interest $573.29a month and the Total price after I pay everything= $44,276.88 NADA=$23,645 AHHHHHHH!!!!!!
@Budgetforsuccess
3 жыл бұрын
I’m negative by about $3,000 which I’ll be paying off my car this year. I have a 6 year loan but paying it in 2.
@DiamondEdwards
3 жыл бұрын
Faster than you know! What up with them taxes!?! lol
@Ticara106
3 жыл бұрын
I’m probably like $12k - $14k in the hole because I had negative equity from another vehicle. I ended up getting a 2019 Hyundai Sonata new on the lot which made my payment 511 a month and my interest rate is 4%. I was thinking about getting a lease to get rid of the negative equity but idk anymore.
@yashinnithomas9440
3 жыл бұрын
I'm pretty much in a very similar situation. I have 10k negative equity because I leased a new car and when the lease was up I got a 2019 Hyundai sonata also which has terrible depreciation values. I recommend keeping the Sonata. No bank would approve u with that much negative equity on another car loan if u traded it in. It's not worth the hard inquiries to find out. 4% is really good, keep making the $511/mth or more.
@DiamondEdwards
3 жыл бұрын
Good advice. That's called stop the bleeding.
@EliteLMS
3 жыл бұрын
Luckily I paid off a couple grand on my car during the holidays when pay was good so I'm not negative but I'm about even. I owe 6.8k and the car is worth 6-9k the places I've shopped around.
@DiamondEdwards
3 жыл бұрын
With the inflated used car market at moment, are you planning on keeping it awhile?
@larryford9732
3 жыл бұрын
one dealer says 10k in negative equity and another says 5k cause they would give more money on trade due to covid used cars are worth more but that was an online quote and they have to see the car in person.
@DiamondEdwards
3 жыл бұрын
Sounds like one dealer lowballed you and the other gave you decent offer or they both lowballed you! This is why it is important to do your own research. The market through your research tells you what your car is worth NOT the dealer! Do your research and don't give your car away!
@Clevelandbred92
Жыл бұрын
I was considering chapter 7 to remove my loan. I think I'm going to go through the pain of paying the interest and save my credit
@SincCollide
4 жыл бұрын
helped me alot! your very good at explaining this thank you keep up the work
@DiamondEdwards
4 жыл бұрын
Thanks, glad it helped! Stayed tuned for more good content.
@DaSojourners
Жыл бұрын
13,000 on a 2014 Mercedes GL450. Want a ford transit 250xl to do cargo work. I drive the truck now
@Kingdomrep233
3 жыл бұрын
12k negative. I’m being contractually abused 🤦🏾♂️
@stonedmetal666
3 жыл бұрын
I have $2000 negative equity in my car im about to trade in but my interest on the car is 27% where my new car is 8% so its a better option on a car that wont depreciate as fast as the current car.
@DiamondEdwards
3 жыл бұрын
But how does this impact your outstanding balance. $2k negative equity on a loan of $10k @27% is better than a loan $30k @8% because its easier to payoff 10k vs 30k. Now if your trading for a old/cheaper car, paying the 2k out of pocket and getting a better rate you are getting a better deal that may depreciate slower. With cars we have to make 3-5 years decisions as in how do this purchase look 3-5 years.
@vionettebarreiro1859
4 жыл бұрын
What an amazing video! Thanks for all the info! It is super helpful. I got a cash offer from auto trader for 22,500 for my 2019 CANYON GMC. I currently owe 30k 😒 I did not know any of this information and I wish I would have seen your video; we just bought the truck. But you helped me feel better when u said it is not a big deal. The truck is amazing and I think we can enjoy it until we make more principal payments and reduce the amount we owe to the offer given (I know this can change but at least get close to it). That way we can improve our credit scores and maybe shop for a better deal within a year or two. Thank you for giving me a better perspective!
@DiamondEdwards
4 жыл бұрын
Thank you Vionette! That is a nice truck and I say keep it pay it off and drive it for years to come. Once it is paid off reallocation that payment to your future car purchase fund so the next one you can buy with no payments. One of the biggest mistakes people are making with car purchases is getting rid of them too fast. They have gotten so expensive and most don't have the income to support swapping cars every few years. The problem is the finance industry has made it so easy to switch cars but that leaves the consumer (you and me) holding the bag and paying the penalty.
@vionettebarreiro1859
4 жыл бұрын
Diamond Edwards I will follow your advice! Ty!!!
@nedon.g7824
3 жыл бұрын
So I got me a used car last year September nd it's been a down hill ever since brought it to shop three time already at two different mechanic for a overheating problem nd they couldn't tell me what he problem was...I was told my best option is to trade it in but i still got 14K still on it...
@DiamondEdwards
3 жыл бұрын
You need to find a better shop. Google "Engine builder near me" and take it to a shop that specializes in engine repair. Trading your car is not the answer. In fact it is the more expensive way to solve this problem. Plus there is no guarantee the next car will be problem free. There never is! Focus on getting this one fixed, paid off and start saving up so you can buy the next one cash. Make a 2 year decision. That is one where you will be glad you made it 2 years from today.
@MrBurneyJ
Жыл бұрын
17k negative equity right now. Brought a car and immediately had to travel back to work the next day. Didn’t physically start driving the car until I return almost a month later. Fast forward to about 2 months in the car break down on me. Car is only at 46k miles at this point. Tried to return the car to dealer after I explain to them what was going on, they tried to put me in a lease at 1300 a month because of the negative equity. Told them to kick rocks and will never do business with this particular company again. Car was a BMW, 2017 at the time, nice looking car but to have a problem like that wasn’t expected ESPECIALLY with me only being in at only 4k miles in since I’ve got it. Sad but what I did to lower some of the equity was removed the extended warranty the dealer sells you and made the value lower to 38k vs the 43k. Now I’m around 16-17k in hole and Yeap that’s it. Now what do I do?
@DiamondEdwards
Жыл бұрын
99% of dealers do not care about you. Good on you for getting 5K back. I bet you could find a 3rd party warranty for much cheaper. Is the 17k with the car in its current state or after it is fixed? What the cost of the repairs? Have you got a second opinion? The truth is the 17k was lost when you accepted the loan. If it was me I would either fix the car, and focus on paying it off or I would sell it now and take a non-secure loan for 20K, pay of the old loan and buy a $3,000 car and payoff the loan as fast as possible and then upgrade with cash. I know that sucks but again you already agreed to pay $43k when you got the 1st loan. A lease don't solve nothing because they are just going to roll the negative equity into the lease payments so you still pay for it but without calling it negative equity. Just add up the how much you paid to date plus all of the lease payments. This is show you how much you paid to drive a car only to end up 2-3 years from now with no car and much lighter pockets.
@2Cor5_17
9 ай бұрын
When you say the loan payment is equal to the value of the car. Which value are you talking about? The trade in value or retail?
@aprilwhite3914
3 жыл бұрын
I'm upside down and the car is broke down. I'm just screwed. I owe 6k.
@mylifewithmy3minions
2 жыл бұрын
I "won" a 2013 Tahoe in my divorce...there's 18K left on the note but maybe only worth 7 to 9K...I don't want it anymore. And can't afford the payment. I've been looking online but I'm a newbie to all of this.
@DiamondEdwards
2 жыл бұрын
Sorry to hear you won such as crappy prize. The steps I laid out in this video should point you in the right direction. I would get some quote with the market still be hot. It may get you close to that 18 but you will have to pay out of pocket to get out of this truck.
@feliciasherman1948
2 жыл бұрын
Thanks for the video…I have come to the conclusion that I will just keep my vehicle and just pay it off in 2 years
@luketitan526
Жыл бұрын
All that came out of my mouth after video ended was I love you me!! Lmfao thanks My guy you got a bit of stress out of me.!!!🎉
@puhoyzzee4364
2 жыл бұрын
If your interest rate is really low - just keep making those monthly payments if you like the car. No need to speed up payments on it if you can just reinvest those funds
@marissamaxwell4578
3 жыл бұрын
I owe 18k on my car and I believe Im about 5k in negative equity. I’ve had it for a year and I bought it for 20k. A Toyota Corolla 2019. My APR is high and im so upset i got myself in this hole to start with. Pay so much and its a 75month payment plan. So embarrassing. I don’t even like talking about my mistake. I was clueless when buying and i wanna slap the dealership for screwing me like that. 🥲🥲🥲
@DiamondEdwards
3 жыл бұрын
Eyes forward! You got this!
@jaclynnjohnson1042
3 жыл бұрын
I'm about 3500 into negative equity
@DiamondEdwards
3 жыл бұрын
Hit 'em with some principal payments and it will be gone before you know it!
@lilbitofpuregold
4 жыл бұрын
We are upside-down 6 grand on a 2016 kia sorento
@Amberlovesu541
Жыл бұрын
Where is people supposed to get all this extra money from that’s the video I want to see
@DiamondEdwards
11 ай бұрын
I worked two jobs and had a side hustle when I was trying to get out of debt. My social life was put on pause and I developed a strict budget. Just doing the budget found around $300 per month. If they told us how hard getting out of debt was, no one would go into debt for simple things like a car! Thanks for watching, let me know if I can help.
@CJCJfrfr
Жыл бұрын
I have 15k negative equity in my car. It has over 200k miles and need repairs. I need to figure out how to get some new wheels 😆
@1lesavage
3 жыл бұрын
Owe 7k in negative equity on a Subaru wrx but i need to get rid of my car asap due to the car being at the dealer 6 times in the spam of a year and a half.
@DiamondEdwards
3 жыл бұрын
I can understand that just be sure to make smart exit not a hasty exit.
@evanwindom3265
3 жыл бұрын
Tip 4: Buy less car. We often let our egos sell us more car than our incomes can handle, so we go for longer and longer loan terms to lower the payments, guaranteeing that we'll maximize the negative equity. Tip 5: Use the shortest possible term. Depreciation is a bear. Back when they first came out, I bought a Kia Optima as a daily commuter. MSRP was $18K. I paid $13K. Four years later, it was worth $2,400. That first generation of Kias was pretty terrible.
@DiamondEdwards
3 жыл бұрын
Tip 4: I love that one too! People don't seem to realize that car prices are inflating faster than our salaries however they sell more and more car each year. Why? Because we financial them and like you said for longer term. They don't need to pay people more as long as they pay them enough to make the payments. It's all connected people! Depreciation is the silent killer and about the only way you can lose money as fast is in the casino.
@stuff1784
Жыл бұрын
Too late for me
@prodrifter6974
3 жыл бұрын
Right now I have 14k negative equity and I want to get a new car
@TravelNut72
3 жыл бұрын
The best scenario with negative equity is to do it with a very low interest rate with a penalty free open loan. .99 percent i did it at from 11 percent at 7300 negative equity
@DiamondEdwards
3 жыл бұрын
I like that but those are hard to find. Do you mind sharing which lender you used? Did you focus on paying that loan off or did you go out and buy another car?
@TravelNut72
3 жыл бұрын
@@DiamondEdwards Honda Canada bud. the deal is not for very much longer. All our Honda CRV are built right here in Canada too.
@josuearias7513
4 жыл бұрын
I've got a 2018 Dodge Journey with 7k negative equity. Bought it a year ago. Wanting to get into something different now however, trade in value is at 14k-16k range. So now it seems like we're stuck.
@DiamondEdwards
4 жыл бұрын
Being stuck in this example is keeping you from making a bad financial decision which is a good thing. You are not stuck you just don't like you choices and I can understand too.. If I was in car that I didn't want anymore but had $7k in negative but owed ~$23k I would focus on paying down the negative equity and sell the car. Only then would I follow the tips in my "What Every Car Buying Need to Know" video to pick the right car. For some tips and motivation to get unstuck, check out my video "5 Tips To Pay Off Your Car Loan Early" kzitem.info/news/bejne/r6WOrqaZnYx6p34 You got this! It sucks that cars are being priced outside the range of what's reasonable for even a dual income middle class family. The inflation in the auto industry compared to the US wage increases is not even on the same chart. The problem complies when you use auto loans and have to switch out the car in a short time frame. What changed everything for me was when I started taking a step back and seeing how each financial decision fit into my overall financial plan. This makes things like when and what car to buy a cake walk because I can't let a purchase today impact my financial plan tomorrow.
@josuearias7513
4 жыл бұрын
@@DiamondEdwards thank you! Truly appreciate your response and I will focus on paying down the negative equity! I'll continue to watch your videos as well!
@carliemays9383
3 жыл бұрын
I have about $1500 in negative equity, but I desperately need more space for my job
@DiamondEdwards
3 жыл бұрын
That's not to bad. How long will it take you to save up $1500? Not long I hope.
@ericmckelvey1264
3 жыл бұрын
I love the way you explain this! Thank you. I'm going to watch your principle payment video. I'm in negative equity. Definitely subscribed
@fredyayala1205
3 жыл бұрын
Last time I checked I was 7k negative on my car loan 🚙
@DiamondEdwards
3 жыл бұрын
Pay it off and keep it or selling it?
@candace9560
3 жыл бұрын
I owe 10k but my car is always having issues and I'm a mom so I need my car. I really wanna just trade it in but I don't want the extra debt😑
@DiamondEdwards
3 жыл бұрын
Make a 2 year decision! This is one that two years from now your will be happy you made!!! Watch this before shop for your next vehicle kzitem.info/news/bejne/zmd8q2GdsquSfY4
@czaz00
Жыл бұрын
I am in the hole for 21,000 negative equity on my car loan sadly I can’t afford it anymore I’m about to let it go (Repo)
@chloes9478
3 жыл бұрын
I owe 3100 on my car the value of my car would be £2800 however I’ve got a huge dent on my door which took the value to £1800
@DiamondEdwards
3 жыл бұрын
3100 and a dent. What's the plan? Just get it paid off and drive it? Sounds good.
@kb1Legendflaco
3 жыл бұрын
My parents are 7k in negative equity. They are looking to get a newer car. They currently have a 2016 Nissan Rogue
@simonrutledge3171
Жыл бұрын
Diamond I'm in a quandary. I'm severely upside down on my car loan. Cars worth around 16,000, and I probably owe close to 30 k. The problem is that the car sustained front end damage because I let my son drive it. And the part needed to replace it is on backorder. I want to get rid of the car and get something that might be either four-wheel drive or all-wheel drive. When trading a car that is upside down, what's the lesser of two evils? Trading it in on a newer late model maybe even a certified pre-owned car, or a car that might be cheaper in price. That is around what the Kelley Blue book value is. Your feedback would be greatly appreciated.
@serious_in_seattle6917
2 жыл бұрын
These are such simple, basic, and fundamental “tips”. I can’t believe that anyone would need such things explained to them in a video. 🙄
@TheWetPussy09
4 жыл бұрын
I owe 14,200 car is worth 7000! Im trying to get a 2016 challenger. The first one was 31,000 (get a co signer) its no then 26, 995 (bring 12k plus my car) it was no. The car is 16,995 so hopeful I will have luck today.
@DiamondEdwards
3 жыл бұрын
@LovelyGemini How did it work out? Did you get the car? The one thing I would add is to take a step a back and ask yourself how does this car purchase fit into your overall financial picture. How will you feel about the purchase 2 years from now? This ensures you are not doing something today that is going to prevent you from reaching your financial goals in the future. Good luck.
@DatGalMoe
3 жыл бұрын
I wanted a new but I still owed $22,000 on my car. The car dealership was only offering me $15000. I was able to shop around and sold it to carvana for $19,000 this way I only had to pay $3000 in negative equity. The dealership wanted to roll $7000 into my new loan!! 🤦🏾♀️
@DiamondEdwards
3 жыл бұрын
Smart move for doing your research!
@BrittanyMarie27
3 жыл бұрын
Almost $8,000 negative equity on a ‘15 Mazda 6. I’ve been dying to trade it in for an suv but looks like I’ve got a few years to go 😭
@Ladyfbby
Жыл бұрын
What if the car needs repairs & is not operable? I don’t wanna pay for a car I can drive and is too expensive to repair…I also dont kno if trading it in or selling it will make sense becus who’s gonna buy it? I’m just confused an overwhelmed atp 🤯
@DiamondEdwards
Жыл бұрын
It's an expensive life lesson, best course of action is fix it and get it paid off. The bank DOES NOT CARE about how the car runs. They will repo it, sell for what they can come after you for the difference which you can bet will be more than it cost to fix it. What is wrong with the car? It's more than one way to attack this.
@glinpachi8856
4 жыл бұрын
Just bought my truck last year (2017 Lincoln MKT) and according to the dealership I went to yesterday I’m 14k in negative equity smh
@DiamondEdwards
4 жыл бұрын
Now this one I had to lookup and WOW THAT THING DROPPED LIKE A ROCK! What is your plans, keep it or sell it? 2017 MKT Base MSRP $44,500 three years later IN 2020 Clean trade in value $17,700 according to NADA. I said it in my video on leasing "when it comes to buying cars it is not about how much we can afford, it is about how much we can afford to WASTE!" Follow my channel and your get that thing paid off fast and don't beat yourself up about it. Hindsight is always 20/20. You got this!
@josephlewis9384
3 жыл бұрын
I have 10,000 in mine and I bought it as a left over
@DiamondEdwards
3 жыл бұрын
Keep going and stay focused!
@paulgomez1534
3 жыл бұрын
I am now $18,000 in the hole on a 2020 VW
@DiamondEdwards
3 жыл бұрын
If you don't mind, what did you trade in and why? It can help other people in similar situations.
@paulgomez1534
3 жыл бұрын
@@DiamondEdwards I had a Jeep before the Passat and after 2 years it was already having issues. I loved the VW but the negative equity from the Jeep added to the total loan amount.
@paulgomez1534
3 жыл бұрын
Correction: I love the VW but the Jeep negative equity made the VW loan very high.
@DiamondEdwards
3 жыл бұрын
That's something we don't think about just because we buy a newer car doesn't mean it would have issues and your lender don't care about the drivability of the car after the loan is signed. Thanks for sharing! Knowing what you know now and carrying that negative equity would you have done anything different?
@EmoniGray
4 жыл бұрын
9000 in the hole( minus what my car is actually worth, Fiat 500) got this loan when I was 18 and alone 🥴. Now I’ve grown out of this car and I don’t know what to do. I’m Afraid of a $400-$500 monthly payment . Any tips??
@DiamondEdwards
4 жыл бұрын
Watch this video on How to Trade in a Car that is not Paid Off | MONEY $AVING TIP$ kzitem.info/news/bejne/koF8r6luoZGDm3o How much is the car actually worth and what is the loan balance? The difference is what your in the hole. I understand you are ready to get into a different car but the tips in the video hold true either you pay the negative off when you trade it in, or keep driving it and making payments until you can break even or you do what most do and trade in now, rolling the negative amount into you new deal. This is a bad idea on so many levels because it puts you deeper in the hole. My suggestion is to drive it awhile and use your desire to get out of it as motivation to come up with some more money so that you can have a clean break. Don’t let today’s desires become tomorrow financial burden. Remember you always have option and are in control. Be smart, be wise and crush it. You will be in another car real soon.
@PneonicVids
3 жыл бұрын
I’m negative $6200 in my car loan
@DiamondEdwards
3 жыл бұрын
You know what to do!
@stevenhernandez7646
2 жыл бұрын
i owe about 6k on my car and kbb is saying my car is worth about 4k
@DiamondEdwards
2 жыл бұрын
Now a big deal if you plan on keeping it. Just focus on getting it paid off and save up cash for the next. You got this!
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