I own a car dealership... ask me anything.

[CreditCuriosity]

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@Jlu wrote:

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@CreditCuriousity wrote:

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@Jlu wrote:

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@CreditCuriousity wrote:

Ok question for you, don't think you will have an answer for it though.... I am in kinda of an ugly situation.  I thought I got my most recent car at a good price, but add taxes and what not and the loan ended up being alot more obviously and now I am upside down and would like to REFI with either a CU or what not...   Here is the riddle.

Bought an Inifiniti G37s fully loaded etc etc etc for 41kish after taxes, etc probably around 47kish on loan?  It is a '13 bought brand new (dumb, i know but eh), owe 38.5k on it and only has 4k miles (only a 3.5 mile drive to work )... Any suggestions as NADA says about 29kish which sounds like A BIG upside down so refinancing is probably impossible without me throwing alot of money at it, is that correct?   My credit has bounced back alot since I originally got the car, that is why I would love to refi it, but don't think it is possible and might just have to hang onto for another year or two then trade it in or is a lease a viable way into a better rate etc?  Thanks!  Also finananced through NMAC, but they don't do refinances being a primary lender.

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Actually I run in to situations like yours quite often unfortunately. Buying new with < 20% down usually guarantees you're going to be upside down within a year. Hope you have GAP insurance too Your options would be to pay down the note with principal payments (anything above minimum due). You could also try to roll the negative equity in to a new lease where you would have higher payments for a few years but would walk away clean and clear at the end. It's unlikely you are going to be able to maximize your return on investment by selling it privately and making up the difference while dealing with a buyer waiting for a title.. but that would be the cheapest option.

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Oh I am sure it is a common situation.. I do have GAP insurance..  What would you suggest if I could go from say a 8ish% interest rate I am at now... Would you pay off the negative equity or roll it into a new lease with alot better terms, but higher payments or just hold onto and pay WAY to much in interest?...  Just asking what you would do, but understand everyones situation is different.  Been eyeing the new Lexus RC F coming out so might be the right lease time for better terms and to eat the negative equifty

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What kind of G37 ... the coupe, sedan or convertibe? Also what trim level? 29k seems very low for a fully loaded '13 G37 with 4k miles.

At least you have a nice taste when it comes to cars.. I mean it could be worse.. you could be upside down in a Suburban lol

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Coupe, not sure what trims level really means..  It just has all the bells and whistles, don't think I could of added anything extra on, has navagition, sports package, bose, tech package etc... Real low miles as stated as well.. 29k does seem low, but gotta go off NADA, unless I pulled something wrong.  STtill have the new car smell and in EXCELLENT condition lol

[Jlu]

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@turbine wrote:

I would be trading in my current car for a new one along with adding a bit of a down payment ($3000 cash) and having about $1000 in excess from the trade in. The main concern I had was that I only established credit in May of 2013.. and my gross income is <$2000/mo. 

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It's over a year of history with no baddies and no living expenses. You'll find out, but I run in to people all the time making twice as much as you with upwards of 50% of their income tied to debt still getting approved. This isn't 2005 but it isn't 2009 either - money is still cheap and plentiful (thanks to the fed & inflation).

[Jlu]

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@CreditCuriousity wrote:

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@Jlu wrote:

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@CreditCuriousity wrote:

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@Jlu wrote:

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@CreditCuriousity wrote:

Ok question for you, don't think you will have an answer for it though.... I am in kinda of an ugly situation.  I thought I got my most recent car at a good price, but add taxes and what not and the loan ended up being alot more obviously and now I am upside down and would like to REFI with either a CU or what not...   Here is the riddle.

Bought an Inifiniti G37s fully loaded etc etc etc for 41kish after taxes, etc probably around 47kish on loan?  It is a '13 bought brand new (dumb, i know but eh), owe 38.5k on it and only has 4k miles (only a 3.5 mile drive to work )... Any suggestions as NADA says about 29kish which sounds like A BIG upside down so refinancing is probably impossible without me throwing alot of money at it, is that correct?   My credit has bounced back alot since I originally got the car, that is why I would love to refi it, but don't think it is possible and might just have to hang onto for another year or two then trade it in or is a lease a viable way into a better rate etc?  Thanks!  Also finananced through NMAC, but they don't do refinances being a primary lender.

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Actually I run in to situations like yours quite often unfortunately. Buying new with < 20% down usually guarantees you're going to be upside down within a year. Hope you have GAP insurance too Your options would be to pay down the note with principal payments (anything above minimum due). You could also try to roll the negative equity in to a new lease where you would have higher payments for a few years but would walk away clean and clear at the end. It's unlikely you are going to be able to maximize your return on investment by selling it privately and making up the difference while dealing with a buyer waiting for a title.. but that would be the cheapest option.

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Oh I am sure it is a common situation.. I do have GAP insurance..  What would you suggest if I could go from say a 8ish% interest rate I am at now... Would you pay off the negative equity or roll it into a new lease with alot better terms, but higher payments or just hold onto and pay WAY to much in interest?...  Just asking what you would do, but understand everyones situation is different.  Been eyeing the new Lexus RC F coming out so might be the right lease time for better terms and to eat the negative equifty

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What kind of G37 ... the coupe, sedan or convertibe? Also what trim level? 29k seems very low for a fully loaded '13 G37 with 4k miles.

At least you have a nice taste when it comes to cars.. I mean it could be worse.. you could be upside down in a Suburban lol

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Coupe, not sure what trims level really means..  It just has all the bells and whistles, don't think I could of added anything extra on, has navagition, sports package, bose, tech package etc... Real low miles as stated as well.. 29k does seem low, but gotta go off NADA, unless I pulled something wrong

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A fully loaded coupe with AWD books out at just over 32k which puts your LTV right around 115%.. That's not horrible by any means considering you aren't racking up the miles. You might have more options than you think. Have you talked to a CU or bank?

[CreditCuriosity]

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@Jlu wrote:

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@CreditCuriousity wrote:

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@Jlu wrote:

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@CreditCuriousity wrote:

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@Jlu wrote:

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@CreditCuriousity wrote:

Ok question for you, don't think you will have an answer for it though.... I am in kinda of an ugly situation.  I thought I got my most recent car at a good price, but add taxes and what not and the loan ended up being alot more obviously and now I am upside down and would like to REFI with either a CU or what not...   Here is the riddle.

Bought an Inifiniti G37s fully loaded etc etc etc for 41kish after taxes, etc probably around 47kish on loan?  It is a '13 bought brand new (dumb, i know but eh), owe 38.5k on it and only has 4k miles (only a 3.5 mile drive to work )... Any suggestions as NADA says about 29kish which sounds like A BIG upside down so refinancing is probably impossible without me throwing alot of money at it, is that correct?   My credit has bounced back alot since I originally got the car, that is why I would love to refi it, but don't think it is possible and might just have to hang onto for another year or two then trade it in or is a lease a viable way into a better rate etc?  Thanks!  Also finananced through NMAC, but they don't do refinances being a primary lender.

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Actually I run in to situations like yours quite often unfortunately. Buying new with < 20% down usually guarantees you're going to be upside down within a year. Hope you have GAP insurance too Your options would be to pay down the note with principal payments (anything above minimum due). You could also try to roll the negative equity in to a new lease where you would have higher payments for a few years but would walk away clean and clear at the end. It's unlikely you are going to be able to maximize your return on investment by selling it privately and making up the difference while dealing with a buyer waiting for a title.. but that would be the cheapest option.

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Oh I am sure it is a common situation.. I do have GAP insurance..  What would you suggest if I could go from say a 8ish% interest rate I am at now... Would you pay off the negative equity or roll it into a new lease with alot better terms, but higher payments or just hold onto and pay WAY to much in interest?...  Just asking what you would do, but understand everyones situation is different.  Been eyeing the new Lexus RC F coming out so might be the right lease time for better terms and to eat the negative equifty

---

What kind of G37 ... the coupe, sedan or convertibe? Also what trim level? 29k seems very low for a fully loaded '13 G37 with 4k miles.

At least you have a nice taste when it comes to cars.. I mean it could be worse.. you could be upside down in a Suburban lol

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Coupe, not sure what trims level really means..  It just has all the bells and whistles, don't think I could of added anything extra on, has navagition, sports package, bose, tech package etc... Real low miles as stated as well.. 29k does seem low, but gotta go off NADA, unless I pulled something wrong

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A fully loaded coupe with AWD books out at just over 32k which puts your LTV right around 115%.. That's not horrible by any means considering you aren't racking up the miles. You might have more options than you think. Have you talked to a CU or bank?

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Nah haven't bothered to talk with a CU or bank yet.. I thought I was worse off then a 115 LTV ratio.. If that is all it is, then I might be able to refi..  Hmmm, made my day a bit brighter.  Not in a huge hurry, but the more I can save on interest and put towards principle, then the better off I am  obviously.

[Jlu]

^ Whichever dealer sold you that car did you no favors.. 8% is WAY too high for a buy rate on a new car so they likely jacked your rate.

[CreditCuriosity]

I Agree, but my credit was 600ish at the time... now guessing auto enhanced will be 680-700ish.   Only reason I probably even got it at that rate is never missed a car payment and previous loan was a mercedes 60k loan w/4 years on it and multiple other car loans.  Who knows, probably could of done better, but that is in the past and what done is done

[Anonymous]

How do you buy a car with cash? A briefcase of $1 bills? A stack of $100s? Personal check? Certified check?

I intend to never have a car payment again and was just wondering how that worked. Is there more or less room for negotiating when paying with cash?

[turbine]

I just called DCU and spoke with a representative. She told me the max I can get a vehicle for is either 50% or 75% of my gross annual income - not sure if this is valid - if so that means I can not purchase a $25k-$30k car unless I put more down. Is this going to be the same response I get through a dealership? I'm looking at a used Infiniti G37. 

[CreditCuriosity]

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@turbine wrote:

I just called DCU and spoke with a representative. She told me the max I can get a vehicle for is either 50% or 75% of my gross annual income - not sure if this is valid - if so that means I can not purchase a $25k-$30k car unless I put more down. Is this going to be the same response I get through a dealership? I'm looking at a used Infiniti G37. 

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Got a G37s for you, 4k miles, coupe and all... Might cost you a big more then 30k though lol... Funny if you read up a few posts..  J/K.  ... Let JLU answer this for ya.

[CJIII29]

But I need something to ride in thou.