Ok, my buddy desparately needs to get out of his car and is looking to buy a brand new car that has a lot in rebates. He has a 99 Jetta VR6 w/ 120k miles on it and it won't stay running. He's put $500 into it every other week for the past few months. He owes about 10grand on it and it will need to be towed to a dealership so therefore he needs something that will hold his negative equity.
Right now he's looking at an Expedition, which I guess has around 10k in rebates. He can afford the payment no doubt, but he just doesn't have the money to front to pay off his car.
Any help on the subject would be great, or other options. The reason he still owes so much is because he overpaid for the car, and put over 75k miles on the car in less than 2 years. Realistically he wouldn't be screwed like he is if he hadn't drove so much.
Thanks guys