What should I do?


Todd, I am emailing you to ask you a question. I purchased the vehicle that I have under an impulse around a year ago. I am having problems getting out of it because I owe more than it’s worth and my credit isn’t so well. I was wondering what I can do to get into the car I want with the payments I want as well, without having to pay $15, 000 down to get into a new vehicle. I am looking to see if I can purchase a new/used SUV soon.

Wow!! $15,000 is a lot of money to put down to get into a car!!! Have you gone to several dealerships for them to look at your car and give you a value? Don’t let them run your credit but find out what they would give you on your car. I’m not sure where you live but we will give an “offer to purchase” your vehicle whether you buy a car from us or not. That way you can figure out the real value a dealership will give you for the car and compare to your payoff so you can figure what’s left to pay. Now you can try also to sell the car privately but I would think a dealership would do better. Now after all of that if you find you really owe another $15,000 after you sell your car then my only suggestion is to start paying more money monthly on your car to drive down the difference. Also, during tax rebate time you can use that to put on your car to lower that difference!!! Lenders don’t want to finance to much over what a car is worth and if you try to roll too much money from another loan over on a new loan they will decline. Looking from the lender’s point of view, if they finance more than what the new car is worth and something happens, like an accident or theft, they will never get their money back on what they loaned, so that would be a bad risk for them to take.

Hopefully this gives you something to think about and if you are in Tucson or close stop by 4333 E. Speedway Blvd. and let’s see what we can do!!!!!

Todd Helmick
Royal Automotive/Lexus of Tucson
Phone 520-795-0760

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