Could I roll over negative equity?

Asked by 102djackson Aug 28, 2024 at 06:28 PM about the 2016 Hyundai Veloster Turbo Rally Edition FWD

Question type: Car Selling & Trading In

So I have an Orange 2016 Hyundai Veloster
rally-edition with about 92,000 miles on it. It’s in
great condition and has been a super reliable
car for me but I need something bigger. The car
is worth around $7000 but I owe $8000 still has
anyone been a similar situation and been able to
apply negative equity to a new loan?

1 Answer
157,825

James answered 3 months ago

It doesn't work that way. When you trade in a vehicle that you still owe money on, whether the vehicle is worth more than you owe on it or not, the remaining amount you owe gets added to the loan for the new vehicle. So you end up paying for two vehicles, one of which you no longer have. I've only done that once in my life and it was because the vehicle was falling apart. Jim

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