The dealership knew I had no experience dealing with them and took advantage of that fact. I currently owe 30k in loan and the car is only worth 18k . I ve only had the car for 3 months . I m upside down 12k on it currently . I pay almost 600 a month and my interest rate is 8.9 . The financing term is 72 months
The dealership knew I had no experience dealing with them and took advantage of that fact. I currently owe 30k in loan and the car is only worth 18k . I ve only had the car for 3 months . I m upside down 12k on it currently . I pay almost 600 a month and my interest rate is 8.9 . The financing term is 72 months and at the end of the term I would have paid 40k for a car only worth 18k now . So my plan is to trade in the car for a lease have them convert my negative into the lease and not have to worry about the 12k I m currently upside down with . And lease for a 48 month term . With payments that is not over 500$ . My whole goal is to get rid of my 30k loan and not pay interest that s almost 800$ a year . Is this a smart idea or should I just stick with my car and try to refinance it?
Your ONLY option is to pay down the car for about 24 payments/months. Until then, you don't have a prayer of doing anything else.
You cant borrow your way out of debt. Lease is debt.
PS, you cant trade when you are upside down thousands.
You were taken advantage of by a car salesman and you think trading for a lease will make things better ? You cant, but if you could it would only make things worse.
You lack the common sense of a dish towel.
PS2, your car is worth more than $18k but it doesn't really matter because you are years away from doing anything anyway.
Here's the thing, you can't borrow your way out of debt…
I don't see how refinancing is going to be an option on a loan that so far underwater, no bank is going to want to touch that unless you have other collateral to secure the loan (A house etc)
Dealer too advantage of you? Maybe. But you have to remember their primary objective is to sell cars. Not to offer you financial advice, and tell you you can't afford the car. YOU bought the car, and YOU signed up for an expensive loan. You can't blame anyone else buy yourself for that. So basically you are stuck with the finance contract you signed up for, just keep paying and at least you have a car to drive, and your credit rating will stay OK (and probably improve once the loan is paid off)
It's nice to dream, but this ain't happening. You've got $12,000 in negative equity. That's just not going to disappear. You need to keep making your current loan payments until the loan amount is in line with the value of the vehicle. Might be a few years.
You can,t refinace, have not had the loan long enough,And why would the any dealrship buy your car back when you owe more than its worth,WHo is going to pay off the loan ,Not the dealership
You wanted a car you could not afford.
You paid too much for it.
You need to sort out the debt first.
Pray for a miracle
Find a loan with a bank, preferably your own. The deal is all your fault
I would try to refinance the loan.