How to Sell an Upside Down Car (Dealing with Negative Equity)

How to Sell an Upside Down Car (Dealing with Negative Equity)

Hey guys! Melissa Blevins with, your
personal finance coach for the free-spirited nerd. So today we’re gonna be talking about negative
equity and how to get out of an upside-down car. I know you clicked the link because you’re
thinking about it and because you may have looked online and seen “Oh Crap…my car is
not worth what I owe on it!”. That’s what it means to be upside down. It’s under water. It’s Broke. It’s not fun. My husband and I purchased a brand new vehicle
(stupidly) years ago and decided that, after financing $48,000 and $733 minimum monthly
payment, that we were done. We were done basically paying a house payment
for a car. So we walked into our bank…or our credit
union. We sat down with our banker, and we explained
our situation. I asked them…I said, “Will you please pull
the NADA value of my vehicle?” And so they did. Being a former banker, I know that NADA is
how the banks and credit unions loan money on vehicles. They actually don’t even use Kelley Blue Book. Kelley Blue Book, or KBB, is garbage, in my
opinion. It’s not an accurate valuation of a vehicle. If banks and credit unions are using KBB,
then…I’ve worked at a few different banks, and none of them use KBB. So if they used it, I might feel differently
about it. But car dealers tend to use KBB to their advantage
when they’re offering trade values for your vehicle. So let’s say you walk into your bank. You talk to your banker. You say, “Ok…I’m upside down $5000.” They told you the value of your vehicle, and
you’re upside down $5000. If you’ve been looking at vehicles, and you
have an idea of what you’re looking for, talk to them about it at that time. Say you found a 2009 Buick Enclave, and it’s
$12,000, and it has 90,000 miles. They can plug that into NADA Retail or
and give you a retail value on that as well. And sometimes the bank or credit union will
loan 125% of the retail value. So that’s good to know going forward because
if you are upside down, sometimes you can get a little bit of that negative equity squeezed
in there. But I would always recommend gap insurance
in that instance…always. So…you should also know….Side note….that
your insurance company likely offers gap insurance for significantly cheaper than the car dealer. Do not purchase gap insurance from the car
dealership. Purchase gap insurance through your insurance
company. And you will save hundreds of dollars. So that was a little side note. A little rant. So you’re gonna talk to your bank. You’re gonna get some options. The next place that I would go after having
talked to your bank, and you kind-of have an idea of how much money you’re gonna have
to come out of pocket, I would take my vehicle to Carmax and have them give me a valuation
offer for it. So Carmax will offer to purchase your vehicle
at a set amount. It’s no b.s. It’s no haggle. You go in. It takes about 45 minutes for them to value
your car, and you can leave there with a sheet of paper that says they will buy your car
for X amount of dollars within 7 days. So you wanna make sure you’re at the end of
your decision-making process before you do that. But take that piece of paper…fold it up,
put it in your purse, and now you’re gonna drive to the car dealership where you were
looking at a vehicle. And you want to not give away too much information
about what you are looking to do. Walk in there and just say, “I wanna test
drive this vehicle.” And they will ask you, “Oh do you have a trade?” Don’t tell them that you have a trade yet. Don’t lie to them, but say, “You know? I’m not sure what we’re gonna do yet.” So go in, test drive the vehicle.See how you
like it. And make sure you’ve got your preapproval
from your bank as well. Then you can sit down with them and explain
to them that you want to negotiate a price for that vehicle. Try to negotiate a price for the purchase
of the vehicle without your trade included at first. Car dealers are gonna hate on me for this,
but that’s what…you know…it’s what we have to do. We have to protect ourselves as consumers. So see if they’ll negotiate a price for you
and then if they are really persistent about if you are going to be trading your vehicle
or if you feel weird about not telling them then just let them know. Also let them know that you did get a valuation
at Carmax, but you’re waiting to see what their offer is going to be. Don’t share the offer from Carmax just yet. So do that. You’re going to get an offer. They’re gonna write down some numbers, and
they’re gonna want you to sign something committing to purchasing. Don’t do that. Ask if you can take test drive the vehicle
overnight. Take the car. Go to a competing dealership with the car
and…with the other dealership’s vehicle, and tell them that you’re looking at this
car, but do they have anything similar? And sit down and do the exact same process
with that other dealer. If you have to do this at several different
dealers that day, do it and then take the car back and go back and forth between the
dealers. I know it sounds like a lot of work, but I
can promise you that you will get a better deal. They will compete for your business if they’re
good at their job. And you will get more money for your trade
than what you would have. I actually was able to get $500 more than
what Carmax had offered me, but, strangely enough, the Honda dealership that I purchased
my vehicle from (brand new) was offering me $2000 less than Carmax, and they said, “Oh! We want your vehicle!” Because we bought it brand new at that dealership. It was 2 years old. And it had been serviced faithfully, so they
could put it as a certified pre-owned vehicle on their lot for about $4000 or $5000 more
than what they were offering me. So I walked away from that dealership. We’ll never do business with them again. But I hope that these tips have helped you
a little bit to understand the process of getting out of a vehicle with negative equity. Obviously you gotta have some cash. I would never recommend using credit cards
to offset negative equity…not even the 0% credit cards because …it’s just not a good
idea. Unsecured loans are really hard to get unless
you have AA+ credit, and the interest rate is usually very high on unsecured loans. So talk to your bank about your options. Go to a Carmax. Get your valuation. Hide your valuation! Tuck it in your pocket. Keep it. Save it up. And just keep that nugget of knowledge for
you as fuel with the other dealers so that you can get the best deal when you’re trading
out of a more expensive vehicle. So I hope you liked this video. Please take a moment to subscribe if you found
it helpful. Click the bell notification icon so you won’t
miss out on a single video. And thanks for watching!

Comments (94)

  1. I literally thought you meant escape from an overturned car. Then you said finance coach and I realized this video was about being upside down on a loan. That makes more sense

  2. Great advice. You are the 1st & only person to turn this into an empowering situation,

  3. I agree with the other comments. It was great to come across this encouraging and empowering video in regards to this daunting task of getting rid of a vehicle where you owe more on it than it's worth. I'm so ready to see the light at the end of the tunnel. I plan to post my car for sale either tonight or tomorrow. Thanks for the tips.

  4. i'll never buy a new car again. USE FOR LIFE!

  5. So helpful thank you!!!

  6. Great video👍🏻

  7. This is totally unnecessary when buying a car. Get a pre approval from your lender. Research what your trade in is worth and the average cost of the vehicle you want to buy. Do not talk trade ins until they give you a firm price on the car you want to buy. Tell them flat out that you are talking to multiple dealers and you want their one time best price. They will give you the run around but when you start to walk out they will give it to you. If the price is fair then talk about your trade in. Don’t be a pushover and don’t take any shit.

  8. So you get a loan from a credit union to cover the negative equity on your current loan so you can pay the amount left when you're able to sell it or tade it in?

  9. Yes you really helped me thank you so much.

  10. If at all possible can you write out the steps in the distribution. I find myself watching the video over and over to get the full information. Or do a step by step video. Just a suggestion….maybe I’m just overwhelmed 😞🤕

  11. Hey Melissa, I owe 9500 on my POS 2012 Focus… no one will refi it’s only worth half that… and the repairs are now getting super costly… it keeps breaking down on me…and my credit took a huge dip… working hard to repair it but it’s taking time… I am up SCWAP… Any suggestions…

  12. Thank you so much for this video

  13. Thank you!!! I piled on another loan so I’m over $10k upside down 😫 I will try to do what you say on this video thank you. Wish me luck!

  14. Melissa , if we followed your advice would we have much leverage with a 601 credit score ?

  15. every dealer will spend 2hours minimun explaining. very unrealistic suggestion. let you a drive a car home not possible.

  16. Tell me about it I’m trying to figure out what I’m going to do I got a 2018 Toyota Yaris ia and it’s 470 a month and 300 a month for insurance so I can’t afford it anymore what’s the best options for me I don’t want to take a ding on my credit but I do need a car

  17. Hey great video, along with some great advice. I was wondering if you could help me out in my current mess of a situation.

    So back in the middle of October I decided to make a trip to the dealership to see exactly what I needed to do an order to get myself in a newer Dodge Challenger. I went in not expecting anything due to my terrible credit score, but to make a long story short, I ended up getting myself in a 2016 RT challenger. The car is worth roughly 26k, but I owe 33k on it. My payment is a ridiculous $645 a month. At the time I was looking at the situation with rose covered glasses, but now reality is starting to kick in, and I feel as if I went a little overboard. Now I’m looking to get myself into a more affordable sports car. Mainly a 2001 corvette c5, or a 2004-2005 Subaru WRX STI. The thing is though, since I currently have some negative equity in my challenger, would it be wise to trade it in for a car that’s worth about 12-14k?

    I went to a dealership the other day that had a really clean, low mileage 2001 corvette, told them I’d be trading in my challenger, and that I’d like to get my payments down to about half as what I’m paying now. Needless to say, they only valued my car at 23k, wanted me to put $2500 down, and my monthly payment would’ve been around $350. Got a semi bad vibe from the deal, so I ended up walking. Do you think that was fair for my situation? I also probably divulged too much info to them when I first walked on the lot. This is all pretty new to me considering I’ve always bought my cars private party with cash in hand.

    Any advice to get me out of this mess would be much appreciated. Thank you!

  18. Im 28 and I pay $1000 a month for my car. LOL, well…

  19. A few points to consider .Why are you upside down on your car ? You did not know this would happen ? The banks sure don't tell you but most people know you lose thousands when you buy a new car and drive it off the lot or buy most anything new. Buy taking one dealer car to another dealer just give the heads up to a dealer that may have been a crooked dealer (like the honda dealer you first bought from ) But now they see you with another dealers car and will strive to undercut them .So you end up with another bad dealer . Also there are many car salesmen that will help you get out of being upside down .Like adding factory discounts and lot discounts ,etc. Look at the service dept's too -just because you saved x amount on on car at one dealer their service dept may suck and the car rental policy may not be good. Many times buying a slightly used car is a much better plan because 5 k is already shaved off . Just my 2 C .

  20. Only a couple months down the road after buying a 2015 Ford F-150 I still owe 28k+ its upside down quite a bit. I have no clue what to do. How the fuck do I get rid of it? I cant sell it for 28k. For one it wont sell for that price and for two I'm losing about 6 grand. I'm just fucked. I have a good job and I was in a pinch and I fell into the American consumer trap of glam over practicality.

  21. You didn't really explain how to get out of a car you're flipped in, just how to drive a hard bargain on the next car you're buying.

  22. Um two years ago we paid $12,000(after tax and everything) for a 2012 Kia Soul. At the time we thought it was a great deal until I was pregnant with third and we tried selling the car for what we owe. Couldn't figure out what was wrong until researching. We currently owe $8,000 and the car is actually worth about $5,000.

  23. Walking into a car dealership to lease or finance is the Biggest mistake for people specially a teenager!!

    People don’t make stupid decisions think about it!
    Why not buy a used car in cash!
    They all drive???

  24. Thanks for the knowledge

  25. Great video very helpful

  26. your on the right track but Im almost certain the small time dealers don't let you have the vehicles overnight

  27. Hi ms melissa.
    Last month I bought I bought a 2011 Honda pilot for $13,000 and with interest it came to $16,400 with $449.00 as EMI .
    Now my car is having cigarette smoke smell.
    I asked the honda dealer to take my car back.
    But, they say it's not possible and I have to wait for 3 months to do any changes.
    I checked the SUV in another honda showroom and they said it's value is just $6000.
    I don't know what to do.
    Can you Please give me some ideas to change the car or your idea to what to do.
    I am from Dallas texas

  28. Hey Melissa so u currently owe 29k on a 2017 Honda Civic I have negative equity from a previous car loan would this also apply or what do you recommend I do ?

  29. Melissa! Please help me! I’m so confused. Here’s my story… Recently, we purchased a used 2017 Chevy Sonic. The overall purchase price with everything included was around $15,000. We still owe about $14,500. We made a bad decisions because we just can’t afford the payments. We thought we could, but it’s not working out, especially when I have to save for the future. It looks like NADA values it around $10,000. It’s in excellent condition with 54,000 miles. What can we do? Please get back to me by responding to this comments, or emailing me at this email: [email protected] Your advice would be greatly appreciated. Thank you so much.

  30. Can I get a refund for gap insurance from the dealer (included in the financing) and put that towards gap insurance from my actual insurance company ( geico) and pocket the money for an emergency fund? The gap insurance was 899. 😐

  31. Hi melissa i loved this video finally someone who says the honest truth 🙂 so i finance a 2016 nissan rogue 0 miles at the time and it came out to be $27,467 plus 10.79% = $3700. I have 1 year and 2 months with the car so i still owe $24000 and i want trade in my car for a 2018 Nissan Pathfinder (ITS A BIGGER CAR) $23,000 you think i should trade it ??? What are your advice thank you 😊 BLESSINGS 🙂

  32. Hi I have a 2011 dodge charger its worth $5500 my payoff amount is $9990 I have $4000 to put down to payoff the loan and only owe around 500. The vehicle I want is $26,450 how would this work??

  33. Thank you so much i been looking for this informations for some time and you answered all my question great insight definitely subscribing to your channel 👍👍

  34. What if you're upsidedown and not looking to buy another car…? Just hussle and come up with the difference is what I'm thinking is my only option .-. (Meaning working more and odd jobs)

  35. Really good info

  36. The vehicle is not really upside down. The dealer is going to sell it for what you owe. They just are going to give you $3-5k less than what they are going to sell it for.

  37. The Car Max will never work, they offer less then what kbb Value is and you have to Pay them the Remaining Balance of what you owe right there and then Cash. So for example i have a 2018 Mazda 3 Sport and i owe $22,600 and kbb Value sayd around $15+ thousand for my car but Car max wants to give less then $10k for it lol. There is no way at all to get out of any New car at all. I Have tried soo many ways and nothing.

  38. Thanks for this informative video. I tried to trade my truck in today for a new car. The dealership did not give me a fair trade offer so I walked out. After thinking about it, it's OK. I don't need a new car. I just wanted a new car. Now I'm glad I did not take the dealer's offer. My truck does not look the best but I can spend my hard earned money on lots of things other than a high car payment and insurance.

  39. All that work for an extra $500 when your payments were over $700 a month. At least you learned your lesson.

  40. You were selling brand new Honda just after 2 years? Why thats crazy.

  41. Great video…I subscribed… Thank you

  42. Feeling dumb cuz I did everything wrong

  43. I bought a brand new 2018 Jeep renegade about a year ago and my payments are $513. I’m looking to trade it in after making payments for a year and still owing $22k on it. Going Friday to see if I can trade it in for a used one with similar features. Hopefully my trade in value is good. I’ve only put 8k miles on it and drive it 4 times a week. Wish me luck!

  44. I am upside-down on my vehicle. I noticed you said something about gap insurance. I have it on my car. How will that benefit me if I decide to trade it in?

  45. Thank you so much. I’m going to try this tomorrow. I owe 25k on a 2016 Altima that I purchased new and payments are 620 per month. I was being young and dumb. Hopefully I can get out of this.

  46. Great info I'm actually on this journey right now 👍

  47. Step 1: turn it right-side up
    Step 2: sell it?

  48. Great video! Very helpful. Im $10,000 in the soup with my car now. Was taken advantage of due to being uneducated during the buying process.. I pay about $900/month with insurance and my payment combined. I need to get out of this vehicle and will definitely refer to this video next time

  49. Just torch the car and let the insurance money and gap kick in 👍🏼

  50. Clicked because I saw a beautiful woman, watched the entire video because of the Great information. Thanks!

  51. Okay so my car is worth 13-15k but got it at the dealership for 19,500$ after taxes it was 21,000$. Had it for a year now and I want to trade it in for a car the same price of 19k. Can I work this out?

  52. So I work at a very large dealership as a sales consultant and I can say that your advice is great… I have had customers do exactly what you said and they got great deals. Another tip would be to never buy any back end products from the sales person because the finance managers will always discount more than the sales guy can… Although you literally will be the exact customer every sales person hates Because they will spend more time with you and make no money

  53. Thanks for the great advice Melissa! So I went to a dealership to possibly trade in a car I am slightly upside down in. My car is roughly worth $30,000 and they want to give me $24,000 for it which leaves a $6,000 difference. They "took" the $6,000 difference off the price of the new car price at the beginning of the invoice, then rolled the entire price of my trade in ($30,000) into the price of the new car stating "they have to pay off my car also!" Now I'm no mathematician but I smelled a rat and walked away! Does that sound correct to you? I figure they should be adding the $6,000 difference in and NOT the entire price of my trade in into the financed amount. Am I wrong? Thanks!!

  54. Awesome video! I needed this. What do u recommend on my car: I have a 2107 Sentra. I owe about $20,000. But it's only worth like $10,000. What do u recommend ? I had negative equity roll over to the sentra.vtgatscwhy I'm $10,000 in the hole.

  55. Hey Melissa. I hope you see my comment. I’m not too sure what to do with my debt. Currently owe 27,600 negative equity of about 4K to 5K. I tried my bank but they deny any type of refinance and went to a dealer just to get hard inquiries in my history too because I didn’t feel like it was a good deal what they were offering me, so I pull back. Best suggestions I’ve heard are keep paying the 650 monthly & get it over it. My credit recently went up and I feel like I deserve a better deal of at least 500 a month. Whether refinance with same car or a trade in. What should I do?

  56. Do you still have to make payments on the new vehicle?

  57. Hello! I am about 18 grand in the whole I went on nada and it says my vehicle is worth about 8. I am going to follow your advice and get it appraised by carmax. I'm looking at a new vehicle that is about 21k. It will be a hit but my goal is to stay at the same or less carnote. Thanks for your video. I. Going to several dealerships!

  58. Hi your video was really helpful. I just need some additional help. So I have a bad credit like less than 600 and I want trade my 2016 rav4 xle which has 140000 miles on it. And I have a negative equity, I owe $17,000 for my car my payments through a credit union is 380 a month which a lot for me lately. I need to either buy a super cheaper car in cash or I need to trade this and get something which can make me have lower payments but my credit is low. I dont know what to do. I just want a cheaper payment like 200 to 250 a month or maybe just by a cheaper car in cash but I need to get of my car. I would love to have some guidance from you thanks.

  59. How does having Gap insurance help with the negative equity on the car? I am talking to a few salespeople at a dealership, asking them questions and payment options and I mentioned that I had my car for 3 years currently owe 17k on my car and I saw that the total value of my vehicle is at $12k and mentioned that is having gap insurance will help and she said no. Can you give me any advice ? Thank you

  60. $733 = a house payment!? Damn, where do you live?! 😛
    Thank you for the video. Very informative and extremely helpful to my current situation!

  61. I also need some advise. I am moving from Hawaii to Texas. I have a 2017 Toyota Corolla that I owe 14,800 on and according to kbb if I private sell I can get 13,000. Shipping my car to California and driving it to Texas is $900..if I ship directly to Texas, it’s $2200.
    My dilemma is on whether or not I should sell my car. If I don’t ship it then I won’t have a car when I get there nor will I have money to purchase another one right away. However, I won’t need a car right away due to traveling for a job a couple months away at a time. Shipping the car to California for $900 I would still have to factor in gas, a couple nights if hotels etc.
    do you have any advice on any of this? I would also like to mention that I just read one of your comments on someone else’s question in regards to gap insurance. I also bought gap insurance through my dealership ..which I can call and see if they can refund me any portion of it.
    (As a side note.. we don’t have a car max out this way :/)

  62. My car is worth $7,600 and I owe $10,955. Should I trade it in for a new model and cheaper car payment?

  63. Hi Melissa. I owe about 14700 on my car, but it's only worth about 7500. We need a bigger car because of our expanding family. We dont mind getting a bigger car that's older, cheaper, and has a little more mileage on it. We understand that we will still have to pay the left over on our loan, but we need a bigger car. Should we do it?

  64. I’m 19 and I just purchased a 2019 Nissan Versa in March and I traded in my 2006 Toyota Corolla. Still owed about 6,000 on the car, Nissan payed it off for the trade. I pay $365 a month, and I’m up to 22,000 until I pay it off. How long should I wait to purchase a new car and should my next one be a certified pre-owned vehicle or? How should I go about this situation? I don’t wanna be stuck on this car forever. 😩

  65. Hi I have a 2019 Honda civic with 5,000 miles I am 2,000 bucks upside down on my loan. I want to trade for a bigger vehicle 2017 Toyota Tacoma with 20,000 miles that's worth 30,000 dollars. Dealer offered me 17,500 for my vehicle leaving me with 2,000 upside down. Should I wait or is this a good deal?

  66. No dealerships will do that. waste people time

  67. I have a 2019 corolla car 18k miles…… owe 24k and worth about 16k according to NADA … what would you do? Stick to it? Or go to a different car? $479 monthly aswell…

  68. Car max will always always low ball you.

  69. Thanks a lot. You are very informative.

  70. I’m 19 and don’t know anything about trading in a car but I want to trade in my car and get an even older car and pay a lesser car payment but i’m really intimidated by the process

  71. Your hair is gorgeous!!!

  72. I have a 2014 silverado GM is trash so I'm trying to get rid of it before it goes real south maintance wise. I owe like 20k so far estimated trade ins 15-17k GM paint is horrible so I expect lowest trade in value anyways I want to trade it in for a cheap car I can pay off fast. But can you trade in a 2014 your upside down 5k in for a 9k cheap Camry so i would end up with a 14k instead of 20k and a better mpg car? Or would the cheap car be to old to finance

  73. I have a 2015 Chevy Malibu. I owe $8,587 on it still and am considering trading it in for a bigger, eco friendly vehicle. Nada guides is saying a rough trade in estimate would be $8125. What do you think would be the best course of action for me? Nothing wrong with the car just need more space and a better gas saver.

  74. Hey, Melissa! So, I have a 2007 Honda Civic Coupe that I’ve not had for more than a year. I purchased it from a used car dealership that I had purchased my first car that I bought and paid off from, and this is my second (I am the second “owner” of this car). Just a few weeks ago, the head gasket blew off and when I take it to the shop to get it looked at, they said the damages and repair would be roughly $4000. I’m a 22 year old, college student with a full time job. I don’t have 4 grand to “spare” on a 10+ year old car. I still have right under 4 grand left to pay on it & KBB priced my car in its condition @ no more than $1200. Ubering daily is getting expensive & I’ve been trying to hold off on going the “upside down” route because I know in the long run, I’m looking a lot of money spent. My credit is your typical college credit (loans) & my car that I paid off, then this second car that I’m paying on. What are my options here? I just feel like paying on a car ($325/mo) that I can’t/haven’t driven in nearly a month is just a waste of money!


  75. I have a Jetta that I’ve been paying for the last 16 months. It’s only worth $10k to the dealers because it has high mileage for a 2017 model, at 53k but I still owe $21k. Even if I sell it privately, the most it’s worth is $14k. I didn’t get approved to roll it over into a new car because my credit isn’t that strong but I got approved for a new car. So now I have 2 car loans. I don’t mind paying for both for a little while… but if I sold it for $14k… and I owe $7k left… how does it get taken care of from the bank? Can I still sell my Jetta? Btw the new car I got was the beetle because I’ve always been into them and it’s the last year of production.

  76. If my car is worth 7500$ and I owe 4000$ will the difference be used to subtract from the price of the car I want?

  77. I just want to know how buyers can protect themselves from sellers who fail to disclose the fact that they owe money on the car they're selling? Someone is upside down on a car loan. They sell the car. They don't pay back the loan. The bank seizes the car from the new owner. How does that work?

  78. How do you get to test a car overnight or even drive that car to another dealer with the salesperson in it? Give me the trick to do that, please.

  79. Great video. I’m trying to get my Wife’s car loan right side up, but every time I get there, the value drops and I’m upside down again. This is very frustrating because she needs a suv with more space and we’ve never traded in a vehicle before. I’ve talked to dealers and my credit union and they’ve said that I need to pay down the loan first. I still owe $7,800 and the car is worth around 7,600-7,700. I seriously don’t see how people trade in cars so easily.

  80. I visited the NADA website to get a quote for the actual value of my car for selling . However I only see a link to Autotrader which uses KBB. Can you send me the specific link you used to get the real value, and not undersell to a dealer?

  81. I don't understand this video. I don't know very many people who do their auto loans from their personal bank.

  82. Hold on, test drive overnight? I've never heard that was possible lol

  83. Telling people to go to CarMax but saying KBB is a joke is really funny. But you are also telling people to basically go trade in their vehicle for another vehicle to get out from under it. That's terrible advice. As soon as you purchase the vehicle and drive off regardless of the deal you are instantly upside down again. What you are advocating is a revolving door of negative equity.

  84. Hi Melissa, you've got some good info in here, but as a used car salesman (work for a privately owned, non-franchise store, so I can't speak to how other dealers work), I'm going to throw something out there for you and viewers, take it or leave it, up to you. When a customer comes to me saying "I'm interested in a vehicle, and I know I've got some negative equity" I will direct them to vehicles I know can "hold" some of that negative equity. By that I mean that the vehicle I'm selling is priced below NADA book value, and can absorb some of their trades rollover without throwing the Loan-to-Value ratios all out of wack. Again, not saying all dealers or salespeople take this approach, but if I know what the problem I'm trying to solve is right off the bat, I can better serve my customers. Just my $0.02, again a lot of excellent info in the video, especially about KBB vs NADA.

  85. I did not understand why you said we should buy gap insurance for I know it’s good if you get in a wreck but how does that help with buying a car?

  86. Did you get stuck with the Gap Insurance? You got upset just talking about the Gap All the Car dealerships will rip you off. They are there to make money. I tried going to different Dealers once. They won't even talk to you if you do that. Good video thanks for sharing.

  87. Your video says how to sell an upside down car. Not how to trade in an upside down car. I want to know some tips on private sales

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