Have an upside down car and a leased car

Asked by Piquantlypurple Sep 04, 2018 at 04:32 PM about the 2012 FIAT 500 Lounge Convertible

Question type: Car Selling & Trading In

Hello,

I currently have a 2012 Fiat 500c that is upside down (car loan left is $8000)
and appraisal from dealer is $3000 (private is likely $4-6K). I want to sell this
car and get rid of it, as I have no need for it anymore (was an ex's car). I also
am leasing my personal car (2017 Honda Fit LX). I basically want to have
one payment and one car. Is it possible for me to trade in the used car and
break my lease and just get one car (i.e finance one car after giving both of
these cars up). I know this sounds complicated, but is it possible?

Thanks!

2 Answers

First of all you must Read Your Lease! If the other car is upside down you have a few choices. You can pay it off or roll the balance over into another, bigger loan or just keep paying. Clearly selling it to a private party is the way to go if you sell it. I would give the car to the EX if you can. Make sure they take over payments so that you are not on the hook anymore!

1 people found this helpful.

Probably all your options will end up with you being even more upside down that before. Buy a car you can live with for 5 to 10 years or even more!!!

1 people found this helpful.

Your Answer:

500

Looking for a Used 500 in your area?

CarGurus has 123 nationwide 500 listings starting at $2,995.

Postal Code:

CarGurus Experts

  • #1
    Pabs
    Reputation
    7,290
  • #2
    Dave Rubino
    Reputation
    5,040
  • #3
    GuruTZFJG
    Reputation
    2,710
View All

Find great deals from top-rated dealers

Search

Related Models For Sale

Used MINI Cooper
41 Great Deals out of 662 listings starting at $1,999
Used FIAT 500e
596 listings starting at $14,875
Used Ford Mustang
64 Great Deals out of 1,285 listings starting at $4,995
Used Volkswagen Beetle
8 Great Deals out of 154 listings starting at $4,490
Used Volkswagen Golf GTI
24 Great Deals out of 604 listings starting at $4,900
Used Ford F-150
315 Great Deals out of 15,266 listings starting at $1,712
Used Toyota Corolla
119 Great Deals out of 2,066 listings starting at $2,795
Used Mazda MX-5 Miata
4 Great Deals out of 61 listings starting at $9,295
Used Chevrolet Camaro
12 Great Deals out of 312 listings starting at $9,499
Used Honda Civic
175 Great Deals out of 3,756 listings starting at $3,495
Used Chevrolet Spark
27 Great Deals out of 424 listings starting at $3,977

Content submitted by Users is not endorsed by CarGurus, does not express the opinions of CarGurus, and should not be considered reviewed, screened, or approved by CarGurus. Please refer to CarGurus Terms of Use. Content will be removed if CarGurus becomes aware that it violates our policies.