Trading in a brand new car?

I know my question would best be answered by a dealer, but I figured someone on here has to have gone through the same thing if not close.

I have a 2008 nissan that I probably owe about 14,000 on. We JUST bought the car in January, and were in the process of moving so our first payment in Feb was late. Then we missed March because we moved out of state and didnt have jobs yet, and now its april and 2 months are owed, and Im pretty sure they are wanting to repo by now.

Can I go to one of those dealers that will pay off whatever you owe and trade it in before it gets reposessed? What kind of price range am I looking at, and what would you say the best price range would be for me to stay in when trading my new car in for a used one so that I dont have to put any money down??

I really dont have anything to put down.

Thanks.

You are going to have a tough time trading in a new car that you are derogatory on. Your credit will show you have no made an on time payment and you are behind multiple. You will probably be 'flipped' in your current cart (meaning you owe more than it is worth, if you put nothing down at the start). You can go in and try it, but you might end up with the choice of a car you really don't want, or you get your credit knocked because they cannot do anything. You could just pay what you can now on the car to stop or put off the repo for now.

All you had to do was call the bank, and explain what was going on....When you go look for another..just make sure there is rebate that will help you.....the bank is probably still going to be looking for money down...customers always make that mistake when they come in....it is not the salesperson that requires the money down...it is the bank! Good luck!

OK - here is a dealer to try and answer this one.

Trading out right now is a terrible idea. You will lose a ton financially, and get even more buried in the next car. You will not help yourself at all. I have illustrated the potentially devastating financial consequences of rolling the negative from one car to another in here numerous times. If you would like me to repost here I will happily.

You are 2 months out, that is not awful. Contact the bank and tell them what happened. You will be surprised at how willing they are to work with you. They don't want the car, they want the payments. Offer to send in the monthly payments, plus extra until the 2 missed payments are made up. Sometimes you can pay just the interest on the 2 months you missed and have 2 extra monts added at the end of the term. So instead of ending, say April 2013, it ends June 2013 since you pushed out 2 months.

But if you dont call them, they wont be able to work with you.

Also, as I have shown here before, you can almost never trade DOWN to get roll negative equity. The math just doesnt work that way. Add to that the fact that any financing you get now, wiht 2 missed payments, will have a horrendous APR.

Call the bank, tell them what happened, and try to resolve it so your credit and financial picture stay in tact. You will be better off in the short - and long runs.