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Offline Zero2Cool  
#1 Posted : Monday, August 22, 2011 8:59:11 AM(UTC)
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I'm paying $237.11 a month. I've made five payments for a total of $1,185.55, however only $521.55 has went against my actual loan.

That's something like $664 that I've paid and have nothing to show for.


Holy. Hell!!!


Edit, 15.57% APR ... I really need to get this car re-financed. I'm basically getting a credit of $104.31 for every payment. At that rate, it'll take me nearly 9 years to pay it off!

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Offline zombieslayer  
#2 Posted : Monday, August 22, 2011 9:40:32 AM(UTC)
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Originally Posted by: Zero2Cool Go to Quoted Post
I'm paying $237.11 a month. I've made five payments for a total of $1,185.55, however only $521.55 has went against my actual loan.

That's something like $664 that I've paid and have nothing to show for.


Holy. Hell!!!


Edit, 15.57% APR ... I really need to get this car re-financed. I'm basically getting a credit of $104.31 for every payment. At that rate, it'll take me nearly 9 years to pay it off!


WTF? How did you get that loan? Do you have a 400 credit score?

Come up with some cash and refinance asap.
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Offline DakotaT  
#3 Posted : Monday, August 22, 2011 9:54:57 AM(UTC)
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Better yet Zero, call uncle Zombie for a loan. You are getting sodomized without lubrication on 15.57%. That's like credit card interest.
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Offline Zero2Cool  
#4 Posted : Monday, August 22, 2011 10:38:18 AM(UTC)
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Originally Posted by: zombieslayer Go to Quoted Post
WTF? How did you get that loan? Do you have a 400 credit score?

Come up with some cash and refinance asap.


Close, it was ~560 when I got the loan. I tried refinancing with my bank and was denied. I'll find out why in two weeks via mail.

When I got the car, the guy told me nearly $200 of the $237 would be to the car loan itself with $37 to interest. I was okay with that. Losing this much to interest, ... kind of hurts.

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Offline DakotaT  
#5 Posted : Monday, August 22, 2011 10:41:46 AM(UTC)
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Too many people do not understand time value of money or how an amortization table works. I feel bad for you Zero, but before you make your next purchase - there are some people in PH that could help advise you.
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Offline Zero2Cool  
#6 Posted : Monday, August 22, 2011 10:46:03 AM(UTC)
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Originally Posted by: DakotaT Go to Quoted Post
Too many people do not understand time value of money or how an amortization table works. I feel bad for you Zero, but before you make your next purchase - there are some people in PH that could help advise you.


My ignorance on this is why I don't like making any kind of purchases like this, but I needed a reliable car to get my daughter and I to and from Wisconsin. I figured losing about $40 a payment was worth it because it's a good car, better on gas than the Explorer plus it could help improve my credit score.

But damn, 104 out of 237 is just crooked as shit if you ask me. Maybe I should sell it and buy a two seat moped.

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Offline DakotaT  
#7 Posted : Monday, August 22, 2011 11:00:10 AM(UTC)
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Originally Posted by: Zero2Cool Go to Quoted Post
My ignorance on this is why I don't like making any kind of purchases like this, but I needed a reliable car to get my daughter and I to and from Wisconsin. I figured losing about $40 a payment was worth it because it's a good car, better on gas than the Explorer plus it could help improve my credit score.

But damn, 104 out of 237 is just crooked as shit if you ask me. Maybe I should sell it and buy a two seat moped.



The only way out of this nightmare loan is a refinance, which you can't get; but what you could do is make larger payments - but make sure you write PLEASE APPY OVERPAYMENT TO PRINCIPLE on the damn check every time. You will knock time off the loan and save interest.

Or borrow money from a relative that doesn't need interest. But you are really getting taken on the terms of that loan.
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Offline zombieslayer  
#8 Posted : Monday, August 22, 2011 11:03:11 AM(UTC)
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Yes, you're going to want to pay this off asap if you can't refi. I'd second what DakotaT said - make larger payments and make sure the payments go to principle.
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Offline wpr  
#9 Posted : Monday, August 22, 2011 11:26:44 AM(UTC)
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I am glad my cars are paid off. over 100,000 miles on all 3 of them but I am in not hurry to jump back into the car market. Mom got a letter from one of the local car dealers telling her that they will give her a great deal on her old car. She doesn't have it any more. She sold it to me so she was going to pass the info along. I told her throw it away I didn't want it.
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Offline DakotaT  
#10 Posted : Monday, August 22, 2011 11:34:24 AM(UTC)
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New car smell keeps Americans in debt and in the poor house. Cars today if maintained regularly should be able to be driven to 200,000 miles easily. If you need to buy a vehicle, a program vehicle at 36,000 miles is your best buy. You don't take the depreciation beat down as you would a new car. Vehicles over 80,000 miles are where the majority of you major repairs come: transmissions, alternators, starters, tune ups, etc. Shop wisely!
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Offline Zero2Cool  
#11 Posted : Monday, August 22, 2011 11:42:48 AM(UTC)
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In Good condition, KBB says the trade-in value is $10,925 ... that moped idea is looking better and better.

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Offline DakotaT  
#12 Posted : Monday, August 22, 2011 11:44:19 AM(UTC)
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Originally Posted by: Zero2Cool Go to Quoted Post
In Good condition, KBB says the trade-in value is $10,925 ... that moped idea is looking better and better.



And how much to pay off the current loan?
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Offline Rockmolder  
#13 Posted : Monday, August 22, 2011 11:54:57 AM(UTC)
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I'll start off by applauding Dakota and ZS for the advice.

That's like a maffia-loan you've taken there. 15%? That's monstrous.

I reckon that you'll be paying the same amount monthly? The nice cars salesman was right then, I reckon, that you'll be paying $40,- per month on average, but you'll start off with some ridiculous payments, excisting mainly out of rent and very little in the way of actually paying off your debt.

Anyway, hope you get out of this crap! Best of luck to you, Kevin!
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Offline Zero2Cool  
#14 Posted : Monday, August 22, 2011 11:56:11 AM(UTC)
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Originally Posted by: DakotaT Go to Quoted Post
And how much to pay off the current loan?


$10,500

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Offline DakotaT  
#15 Posted : Monday, August 22, 2011 12:00:46 PM(UTC)
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Originally Posted by: Zero2Cool Go to Quoted Post
$10,500



You're in no position to be wheeling and dealing on a different vehicle. Drive what you have and get it paid off as soon as you can. Then if you feel you want to upgrade go ahead.

Shuffling papar costs a lot of money. Those boys are all criminals.

You should come up for some beekeeping. Remember, Old man Dakota might be an asshole, but he has your best interest at heart.
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