1) I want to sell it to Carmax and just pay off the upside down portion and have my credit say paid in full to up my credit score more. Then turn around and purchase my new vehicle with money down.
Basically, I want it to show on my credit report that this vehicle is paid in full.
2) Trade it in and pay the upside down at the same time purchase my new vehicle with the money down.

3) Will statement/question #2 still hold me to a higher interest rate because they see this on my credit as not paid off at the time I want to purchase a new vehicle?

Will any of this make a difference? Are both questions still the same? Or will it make a difference because I still have to make the upside down on it…

Thank you

We are UPSIDE down, sideways and inside out on my wife’s car loan. We purchased a 2007 Impala SS about 1.75 years ago at a now defunct Chevy dealer. With our less than excellent credit rating (700 combined), add in the extended 5 year warranty, and small trade-in, we ended up with a loan for 32,000 and a monthly payment of $650.00!

Yeah, I know everyone reading this will think that we’re total idiots. It’s mostly my fault cause it’s a really BAD
car, with the 5.3 L engine and leather, etc.

Is there any hope for us? We can no longer afford the payments.

Thanks for any ideas.

Sincerely,

Rick C.