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Comments
Sometimes if you can find a heavily subsidized lease you can trade it in on that. Same with something with a big rebate.
Might be best to figure out what you can live with (something basic), and look into the trade options. You can also pay off th enegative equity outside of the loan, unless you get a favorable interest rate.
This is a good example of why I would never borrow money on an older car. Maybe 2, 3 YO tops, but a long loan on an already old car? Bad idea.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
That's the problem; you essentially put yourself in a 10-year car loan, only you're paying from year 5 to year 10. That's not gonna be event-free with an Explorer, so you need to bank money for that.
Not to rub it in, but your situation is nearly standard for people buying used with long loans.
Good luck,
-Mathias
I would trade the car in as is, take your lumps and move on. Get the extended warranty if you can and for goodness sakes, buy gap insurance !!
Good Luck
can't afford anything more than about $250 a month
Ok, you have been paying $175/month for the last 18 months, but you said your self that you can afford to pay $250/month.
Take that $75 difference ($250-$175) and set it aside every month. Over the remaining 42 months you will have $3150 saved up, plus any interest you accrue if you open a high yield savings account (5.05% APY) at HSBC, M&T, Citibank, ING, or Emigrant Direct.
Now, take the $1000 it would take to fix the Explorer out of this projected $3150 surplus, and you should have $2150 plus interest available to you should something go wrong in the future.
You could probably borrow the repair money from family or friends and then pay them back with the first few $75/month installments.
What info? The writing is on the wall, and the previous poster kind of pointed it out. There was no reason for insults.
If you don't want a $650 car payment and do NOT want to be upside down *AGAIN* on your next car, sell you current car privately and buy something you can AFFORD!
You obviously can not afford the cars you are buying because you are upside down on them and have huge payments.
This applies to all posters on here asking for advice being upside down.
Buy within your means.
What about buying a USED Toyota Corolla or some other small car that will run forever??? That way you can pay off all your upside down debt and finally be car debt free.
But I'm sure it's more important to you and others here to be 'seen' driving something more "cool"?
You are better off buying it new and taking advantage of the special financing typically offered on those cars. A corolla, civic, Tacoma, or accord just don't depreciate enough over time to really be worth buying used.
However, as we all know, a Hyundai is a different proposition. Large initial depreciation hit, so a late model is affordable. They're now very reliable, amd if you do need parts they're cheap. Downside is a distinct lack of 'cool' factor.
Nothing wrong with paying for 'cool' if you can afford it. Rather foolish to pay for 'cool' if you can't.
I think you will have to keep it longer than just one more year. $650x12 = $7,800, that is not including the interest. I don't know what kind of interest rate you have on that vehicle, but you will need to keep it for at least 2 more years to break even with the street value.
Unless the gas prices, all over sudden, drop to $0.99- $1.50 per gallon and everyone wants an SUV, even a beater with over 120,000 miles. Which has very slim chances of happening.
That is exactly what you need to do, to get out from under that debt.. Keep making that payment, until your car is worth the payoff...
Then.. start fresh!!
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Based on the info you provided, I'm assuming you have 2 years left on your loan. The $650 payment while high probably doesn't appear to be your issue. Why not pay an extra $100 a month toward the principal of the loan for the next year. Then in June 2008 call the loan company and ask for the payoff. The payoff should be around $4k-$5k. Now you have some options as your negative equity will be much smaller. You can payoff the loan and continue driving it (my choice); sell it privately (you might get lucky and get your payoff amount) or trade it when you buy your new car. If your situation changes (change of job, change of family status, etc.), you can always just keep paying on the Blazer and pay it off early and drive for a while without a car payment.
Good luck.
Unemployed with a criminal record?
You mean Tank JOHNSON.
Never screw up the name of a guy who carries a loaded weapon ... who is unemployed with a felony record.
Hostile much?
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2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
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2013 Mustang GT, 2001 GMC Yukon Denali
Strong does not mean having a $6,000 vehicle that you owe $15K on in $650 payments.
You may not be a Civic or Corolla kind of person but there isn't a person in the world that has any obligation to make sure you don't end up in one. And not one in the world who owes you making this all settle itself. People are offering suggestions based on reality.
You may want to take care of you and yours first and that's certainly your right but that's what most other folks are doing, too, so don't be surprised when they think it's a bad idea to lend you $18K for a $9K car and offer it at a high percentage interest. That's the way it goes.
Short if gutting the loan out I don't see much of a solution for you.
Ya know.. I took a break from here for a while because of some of the posting.. regardless of what YOU may want to think, reality is reality and a car is worth what it's worth regardless of what you owe on it.
$9k upside down? That means it will cost you $9,000 just to get rid of it and that money has to come from somewhere.
I am in the market for a 2007 honda civic w/nav. And trading in a 2005 Chevy Equinox LS with 23000 miles on it. TMV value is like 13,800(I owe 16.xxx) or so for the chevy.
I got to my first dealer and they give me a rock bottom price of 25,500 OTD in which I think I can get it lower but they arent budging. So off to the 2nd dealer they come back with a price of 27,450, at this point I am floored. I ask the dealer what they were giving me on the trade and he jumped around the question trying not to answer me so I finally got it out of him. He says 11,xxx, so I proceed to ask him why so little, when the trade value is closer to 14,000. He tells me that the dealership is a wholesaler dealership, so I told him to sell the civic for wholesale but my witty remark didnt get a good response.
So I was getting no where with him and he was giving me the manager calling other people on a saturday to get more for my trade run around.
So I am not sure where to go from here, most people are paying 21,xxx for the civic, I know I am taking a hit in the neg equity but I am sure I can work with dealer #1 another 1000 dollars. Or just go to another dealer and see what they say.
$14,000 for an AWD is a stretch... let alone a FWD. Post in "real-world trade-in values" and I can get you a realistic #.
Post mileage, equipment, color, location, and if it's ever seen the inside of a body shop.
Bill
well, there's your problem right there. TMV is not a good wholesale gauge. as brentwood said, post it in real-world trade-in values if you want to know the real value.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Always happy to see you pop in. You still in the biz?
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2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
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I'm taking a breather.. got quite sick... have a BMW Independent repair shop in Jersey that's more of a hobby at the moment although business is good.
Give it another 6mos-year and I know I'll be into another store tho..
Glad you're getting back on your feet!
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2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
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interestingly, I just bought an old bimmer a month or so ago. are you still up in ... oh... where was it? teterboro? no ... that's not right. darn. its escaping me at the moment. Its by the parkway, i think i remember that much.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
What you have lying around for sale?... Older and one where the top comes down...
He's in Fair Haven no less.
Us guys in Jersey gotta get together for lunch/beer etc
I'm probably never leaving Jersey. I'll just keep moving further south.
Bought a house in Jackson a few years back and unless the developers push me out, I think I'm staying.
hey... yer email is private.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
I agree. The Jersey boys have to get together. Someday I will find how the how and why of Mr. Brentwood no longer being a Floridian (that was quick!). Heck, back about 6 years ago he was trying to get me to move down....
Private E-mail? No fair! Drop me a line.
msrpartsllc@yahoo.com works...
tidester, host
SUVs and Smart Shopper
hmmmm... come to think of it. Anyone suspicious that Bill has reappeared after Terry disappeared??
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
No, wait.. they are both buried beneath Meadowlands Stadium.... that's it!!
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Just been sick a bunch lately... feelin better tho. Now, I DID just set the road trip world record I think... Left Emerson NJ - DeBary, FL - Emerson NJ.
Left tuesday night at 10:55pm, rolled back into Emerson this morning (Friend's house) around 9:15am.
I do love this STS I got
I love mine! Just drove it almost 2,200 miles in 34.5 hours! Even driving like a lunatic I still averaged 25mpg overall.">
Bill, what happened? you abandon the Jag camp? ;b
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
MODERATOR /ADMINISTRATOR
Find me at kirstie_h@edmunds.com - or send a private message by clicking on my name.
2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
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it happens so often, that I never correct people. I should have made it a capital Q. Wish there were a change option in our profiles.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S