can this even be done?

[Ghettodsm]

Here is the deal.

Need to get rid of a vehicle. 13 accord, due to amount of payments and I need a truck for work.

I'm currently upside down with honda financial. Can i roll the negative equity into a truck that i found from a private party?

Can my credit union do this?

I'm basically going to be upside down 2k on the car if I get my asking price ($500 below kbb market value).

I'm sure someone has to have done this? Can it be done with my credit union and a private party vehicle?

I don't see why my credit union can't just take out a loan for an additional 2k to cover the remainder of the car note with honda financial.

Also the vehicle in question is about 4k below market value so I should not have a problem getting the additional 2k in the loan.

Hopefully this makes sense. If not shoot me!

Thanks all!

[~Barn~]

I assume that the CU can do, but whether or not they will is an entirely different conversation.

[moep]

Most banks or credit unions will give you up to 120% of the retail value of the car. If you stay under 100% the interest rate is better.

[Ezzzzy1]

You should just look into a personal line of credit to pay off the difference because then you dont end up carrying the Accords negative equity around for the term of the new loan. It will be a little higher interest rate but you can pay it off asap and be done with it.

Moep is right and its pretty common to get up to 120% but dealing with it personally is a pain in the ass. Selling it turns into one as well because whoever is buying it wants/needs title but you have to wait for their money to clear so that you know exactly whats left then you have to pay that then you have to transfer title. It could take a couple of weeks. Its just going to get crazy.

[derekm]

That's what I did. I did a sig loan to get out of my flex and bought our suby outright