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I bought a Lemon, is it too early to trade in???

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Pharoe33
Regular Contributor

I bought a Lemon, is it too early to trade in???

Hello, I was financed for 45,000 for the purchase of a used Corvette Z06 in the first week of August 2013. It's now September 2013 and I've already kicked out over 3,000 in mechanical repairs and as I type this the car is already back in the shop. I was financed through NFCU. I want to ask is it too early to trade this car in and get a new loan with NFCU? If I do this will they pull my credit again and require all the pay stubs and address info they requested just last month? My only concern is I no longer work for the company I was with last month and start my new career this Monday. Any advice would be greatly appreciated.

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ImprovingYouth
Regular Contributor

Re: I bought a Lemon, is it too early to trade in???

Yup, this is what you get for not waiting for the Stingray Smiley Wink

 

But on a serious note, they will definitely pull credit again and the whole 9 which will reflect a brand new loan meaning lower AAoA, and then the inq from the first time the pulled (if they have reported to the CB yet, which they may not have!). Even with all that I'm pretty sure if you explained the situation they will at least match the offer on the car you have already for a different car. But obviously you wont get your 3k back, which is the biggest blow. GL OP.

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly Smiley Tongue) //CK:692, Sesame:656
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Pharoe33
Regular Contributor

Re: I bought a Lemon, is it too early to trade in???

Thank you, I surely should have waited for the Stingray LOL!  I called them today and the good news is if I do the trade and the dealership doesn't give me full pay off for the Corvette, NFCU will add the upside down balance on the new loan which would keep me from coming out of pocket with a down payment for the unpaid balance. The Car is back in the shop right now being fixed Smiley Sad  My biggest concern is my change in jobs and not making as much coin as I was a couple of months ago. Not sure if that will effect my approval this time around.

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Dustink
Valued Contributor

Re: I bought a Lemon, is it too early to trade in???


@Pharoe33 wrote:

Hello, I was financed for 45,000 for the purchase of a used Corvette Z06 in the first week of August 2013. It's now September 2013 and I've already kicked out over 3,000 in mechanical repairs and as I type this the car is already back in the shop. I was financed through NFCU. I want to ask is it too early to trade this car in and get a new loan with NFCU? If I do this will they pull my credit again and require all the pay stubs and address info they requested just last month? My only concern is I no longer work for the company I was with last month and start my new career this Monday. Any advice would be greatly appreciated.


That seems to be about what the low mileage 2008-2009's are going for around here. You can likely find a third party warranty on it as another option.

 

If you bought it from a dealer, I wold have been screaming at them the whole time it was in the shop. As a dealer it is their responsibility to thoroughly recondition the vehicle before resale. 

 

Unless you put a good chuck down or did some major negotiations private party, you are upside down. That will be a problem going into the next vehicle as well.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
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