Zero2Cool
12 years ago
I've been thinking of selling my car and buying a car for a few grand outright because I'm getting hosed on my auto loan. Wow, originally my loan was for $10,980 and I've only got it down by about $1,400 even though I've made 14 payments of more than $230.

I decided to see how bad things were ... clearly it's a benefit to pay earlier in the month than later, holy damn.

Date: 11/25/2011
Principal Amount: $18.29
Interest Amount: $218.82

Date: 1/24/2012
Principal Amount: $69.43
Interest Amount: $167.68

Date: 5/14/2012
Principal Amount: $109.86
Interest Amount: $127.25


Edit, according to this link  I'm getting it anal without lube. A 2010 Kia Forte EX is a nice car, but worth nearly $20,000 after you factor in the down payment.
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Porforis
12 years ago
Shit, what's your interest rate?
Zero2Cool
12 years ago

Shit, what's your interest rate?

Originally Posted by: Porforis 



15.57% When I got the car, I knew the interest rate was gonna be high and I'd have to refinance after a year. I just didn't realize I was being screwed that much. At least, it feels like I'm being screwed. If I can't find a sub 10% at least APR, I'm gonna sell it because if after a year of two credit cards and car loan ... if my credit score isn't good enough to bag less than 10% when I've never been late on any payment ... then forget it.
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Formo
12 years ago
Owwie.

I'd give you lube to at least ease the pain.. but you are a jackass. 🙂
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Thanks to TheViking88 for the sig!!
DakotaT
12 years ago
Why did you have to accept such a high rate? I'd need some more info from you tell give you some advise on that car payment, like what is the vehicle currently worth. You might want to just let them repo the thing if the car is worth a lot less than what you still owe. You'd take the credit hit, but you can recover from that.

You don't have a rich uncle or anything do you?
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Zero2Cool
12 years ago
I have $9,500 left.

If I sell it outright, according to Kelley Blue Book.
Excellent $11,606
Very Good $11,156
Good $10,756
Fair $9,406


I tried refinancing it through my bank and was denied. Kind of a kick to the gut when you've had two credit cards up to date and been making payments on student loans for two years and a car payment for more than a year with nothing in the last at least two years ever being late ... and still can't refinance a car that has a $2k value more than the loan? I really hate this credit thing ... talk about frustrating.
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DakotaT
12 years ago
If you get $10K or better, sell it and start over and get out from under that loan sharking shit your under now.

And then if I were you - I'd drive a shitbox until you had some money saved up for a good down payment. How many miles do you drive in a year?
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4PackGirl
12 years ago
i agree with dakota...OMG!!! lol.

seriously, sell it & pay cash for whatever kind of car that can get you from point a to point b.

expensive cars are a waste! in fact, i'm drivin a 2003 lincoln aviator right now that we got at auction for about $6,000. i'm so damn cheap i'm thinkin about gettin a 99 chevy astro van that we'd only have about $1100 in it when all is said & done, then sellin the aviator - should be able to get a decent price for it at auction. the aviator's nice, don't get me wrong, but i'd rather have the cash in my damn pocket.
Porforis
12 years ago
What they said.
dfosterf
12 years ago

i agree with dakota...OMG!!! lol.

seriously, sell it & pay cash for whatever kind of car that can get you from point a to point b.

expensive cars are a waste! in fact, i'm drivin a 2003 lincoln aviator right now that we got at auction for about $6,000. i'm so damn cheap i'm thinkin about gettin a 99 chevy astro van that we'd only have about $1100 in it when all is said & done, then sellin the aviator - should be able to get a decent price for it at auction. the aviator's nice, don't get me wrong, but i'd rather have the cash in my damn pocket.

Originally Posted by: 4PackGirl 





Don't do the Astro van. Don't do it... You were warned! lol

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