QuestionQUESTION: Hello Shari,
We have a 2005 Ford F-250 Diesel, when we purchased this vehicle we carried money over from another vehicle and this is where it starts. The vehicle we have now is great, but it does not serve a growing families uses. I have talked to a few dealers and with gas prices diesel rigs have dropped in their trade in value so much that we would be carrying over a large chunk of change and that just doesn't add up. Are there other options out there? I can't really see us being financially able to pay the difference off between what the trade in value is and what we owe.
Thank you for your help.
ANSWER: Hi Bo, yes the truck values really have gone in the tank.
I would suggest leasing. It will cover more of the negative equity and keep your payment low enough to manage. You could do a 4 year lease and have the negative paid off then. You can structure a higher mileage lease if you are worried about the miles you drive. Tell me about your trade in and I can give you a value the dealers might give you, if you don't already know this. Only certain vehicles will carry a lot of negative. Rebates are fairly decent right now and that will help carry it.
Try this website: autoleasingventures.com
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QUESTION: Hi Shari,
We have a 2005 Ford F-250, Short-box, Automatic, AC, pwr Windows/locks, Spray-on Bedliner, oversized tires, front leveling kit, air-bag suspension (rear), four-door, 6-passenger, cd/radio, tinted windows, and the 6.0 liter diesel engine.
I have always heard negative things about leasing...? But, is this about the only way to some-what recover our lose?
Thank you very much.
Bo
AnswerBo, I'll see what your truck is worth tomorrow. How many miles are on it?
Leasing is great if done right. And it is the best way to bury a lot of negative equity. What State do you live in? That website I gave you should answer most of your questions.
