Question:
I got into this car owing money from a past lease. So i was negative to begin and gave no money either. My payments are too much now. I want to get rid of the car and buy an older one or lease one. The trade in value is less than what i owe. I have some money now that i could put down to maybe make up the difference if needed. What should I do? Help please?
Answers:
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First off, its a mistake to trade in cars with negative equity. You do that a few times and you are basically paying for two cars and you only have one.Where can i find older model cars for sell ?
If you have some cash, go to a dealer and trade in the car, make up the difference in cash so you have 0 owed. ( Do research about trade in values so you dont get ripped off! Dealers make more money off of trade-ins than new sales!)
Find a reasonable car that has some good rebates too, so it offsets the value a bit and you're not so stilted on the equity. For instance a Ford Focus zx3 (the 2 door + hatchback) has a $2500 rebate right now, and an MSRP of only about $14K. You could buy the car, use the rebate as a down payment, and have a payment in the $2500-$280 range.
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Dont fall for the "I can get you low monthly payments." Get a good price on the car first-- then find out what the payments are. You're paying the PRICE of the car-- so if they get you lower payments by stretching out the term, they're not doing you a favor.
I am too easy to sweat, is it disease? I will sweat a lot even after drinkig a cup of coffee?
yipes, you leased it? you will still be coughing up bread before you get rid of itIn your opinon whats the worst new car to own?
a lease? you pay forever and get nothing when you'r done.look for a 500 car untill u learn how to take care of yourself.Car dealers will be glad to put you even more upside down in another car so be careful. That is a bad road to continue down. If you can afford a new vehicle then look for a manufacturer offering a cash back incentive and use that to offset your negative equity. If you can only afford a used car then you really need to sell yours instead of trading. You are always going to get bottom dollar when you trade. You will also get a much better deal on a used car buying from an individual instead of a dealer.
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When your upside down on your payment, depending on how much longer you still owe you may be better off keeping the car you have if it is in great shape and you think it will last you several more years.If you trade it in a get a crappy car then you may have car troubles and other expenses that you may need to invest in the car
You can try cleaning it up and trying to sell it for as much money as possible, but unless you have been paying on it for long enough to pay off the amount that you were in the negative, and actually paid some towards the actual car, then you are in a pretty bad situation.
For example, if you still owed $6000 on your old car, and traded it in on the new car (at which point in time they probably screwed you over royally because you didn't make them give you enough cash for it - remember - you still ended up paying for the old car even after they took it and sold it and made even more money).
I need a car loan, but I am a college student with limited income, please advise me.?
Anyway - lets say you were in the negative $6000, and bought the new car for about $20,000, and they were 'generous' and gave you $3000 for your old car, so your loan ended up being $23,000. Unless you have paid it down to about 17-18K, then you probably still owe more than the car is worth, and even if you sold it, you would still end up in the hole. You could then buy a cheaper car, but you are still going to be in the negative anyway. Keep in mind that the new car started depreciating the second you drove it off the lot - so even if you have taken immaculate care of it, it isn't going to be worth that much.
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Depending on your situation, you may want to go ahead and keep the car, and either pick up some additional shifts, or take a part time job to help cover your bills. Get the car paid down to the point where you can sell it. The absolute last thing you want them to do is come and repo it.
Depending on the length of time you've owned the car has a lot to do with the options you have.(1) If you've had it for awhile try to get the car refinanced for a lower rate this will also lower your payments.(2) Try to sell to a private seller, trade in value sucks b/c they give you the lowest price they can.(3) Your gonna have to suck it up and find job #2 so you can make your payments.(4) Give it back to the dealership and take the HUGE hit it is going to make on your credit history. Good luck
Keep trading in that negative equity and you'll be driving a 1984 Accord and paying $20k.
What type of car should i buy?
If you put more than 20K miles per year on a car, I would avoid a lease. You say that you have some money now - if it is enough to pay the existing car down to its loan value, you could refinance the car and bring your payments down. If you go lease, you will still have to address the difference between what you owe and what the car is worth. Leasing is a good option for someone who puts minimal miles on a car, but extra miles drives the cost up with no "equity" at the end of the contract. I have been in this shape on a car, and I had to gut it through until I took care of the deficit - it takes patience.More Questions & Answers ...
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