Upside Down Mortgage

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Question: Trade in truck for sedan with upside down loan ?

I have a 05 Nissan Pathfinder, blue booked btwn 10-13K, with 18K left to pay. I would prefer to have an Altima, at 13K. Credit is not the best, but never been late with a car or mortgage pymt and have almost 1K gross take home each wk. Not sure if trade in is possible or should just keep the truck ??

Answer: Plow that 8k onto a Altima car loan and then you will be upside down on the 13k Altima that you owe 18 to 20k on. That does not sound to good to me. Just keep the current loan and try to make payments to principal four extra payments a year if allowed and in 2 years you will be back on the good side of the loan. Smaller car will seem cramped after sitting up in a SUV.

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