Hello anons,
Put myself into a dumb situation. I blame ignorance and youth on it and will learn from my mistake.
Bought a new truck a few years back and I'm pretty upside down on it, around 10k. I owe 30k on the vehicle and estimate I'd get around 20k as a trade in.
If you were in my shoes, what would you do?
1. Trade the truck in for a cheaper vehicle and roll the negative equity into the new loan. Thinking 20k or under so I can be back at 30k or less with lower payments.
2. Keep the truck and refinance, then make extra payments to get positive then sell it.
I want to get rid of it while I can for a lot of reasons. It's going down in value rapidly because 2wd, already has a mechanical issue that I will pay for out of pocket, and the payments, as you guessed, are high.
Any help is appreciated here. I know I fucked up on this but just trying to find the best way to handle things moving forward.