Hello Mr. Scotty. I had a 2017 Honda HR-V that I really loved until it started giving me one problem after another until the transmission itself messed up. It had 115,000 miles on it and I always took care of it both mechanically and cosmetically. I still owe around $12,000 on it. I don't want to get the transmission rebuilt or replaced because apparently from what my mechanic says, that specific model and other newer hondas have been notorious for transmission problems and I drive a lot for my job, so I need something that will last a long time. I thought about trading it in for a used Mazda or Toyota but I am so afraid I'll get ripped off. Now I know, by trading it in, there will be negative equity (and maybe a lot at that) because of the condition of the transmission. I would really just like to buy a car from a private owner, but I'm not sure how I can get rid of my Honda completely if I do that. Do you have any ideas? How do you think I should go about this whole thing? Thank you so much and God bless!
Edit: I would also like to thank you Mr. Scotty. I've learned a lot from your videos.
May I please ask you to create another separate question regarding all the problems you’re facing in your HR-V? Myself & I’m sure other members here, would be very interested to know.
What you could do is get the payoff on your car, find out where you can get the best trade in value (Carmax, etc.) for it. Then sell your car to that place and pay the difference to get rid of the loan.
Afterwards you're free to buy any car you want. 🙂
Alternatively, you could visit your credit union (highly recommended over banks) and tell them what you are looking to do. They can value your car and give you options to finance the negative equity into a loan on the privately owned car you'd like to purchase.
There are a couple of different paths to take.
