New Car or Not???

[reneasworld]

So, the air stop blowing cold on my AC, I am sure it is just a freon issue but I have been debating whether or not I should purchase a new or certified pre-owned car. I initially was going to wait until next year but am really considering taking that step now. Currently, the car drive is in my mother's name. It is a 2010 Chevy Equinox which was purchased 3 years ago with 19,000 miles on it as a Certified Pre-Owned car from the dealer. The car price was $19,000 and the monthly payments is $550 (which includes gap). She is financed with Santander. I have been thinking that I could probably pay less now with my scores (FYI, as of today my EXP Plus score is 660).  The only thing is on Experian I have an auto loan from 2006 that was voluntarily repossessed. It has been deleted from all of the other bureaus but Experian says it will expire in March of 2015; which is strange since Experian is my highest score right now.  I really do not want to put any money down and I do not mind paying the same price for a new car but do not want to exceed that cost and would actually love it lower.  What are my options, any insight would be great?

[dabrian]

Try to refinance with DCU. They will pull transunion. A can of freon will cost you $15 dollars.

[reneasworld]

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@dabrian wrote:
Try to refinance with DCU. They will pull transunion. A can of freon will cost you $15 dollars.

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^^^^ lol ^^^ Yeah, and the dealer said they will fill it when I go for my regular oil change and tune-up, I always keep the maintenance up on my cars. It just is when you are already considering getting something new and something goes wrong, you think should I just go ahead and get a new car.  I talked with my friend who does financing, he pulled me from the ledge and said that if I keep it up, hopefullly my score should be close or over 700 by March of next year and the repo will have dropped off with two of my other baddies. The only thing I have left is a medical bill that I think I will pay for delete or something. So, I will wait

[09Lexie]

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@dabrian wrote:
Try to refinance with DCU. They will pull transunion. A can of freon will cost you $15 dollars.

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DCU is an EQ puller.  If you are not a member, it will be 2hps -1 for membership and 1 for credit. 

[_jb_]

How many miles on the vehicle now? I don't understand trading in a four year old vehicle for a new one in the first place, and especially not because of a problem that can be fixed for $15 and 15 minute of your time.

I am glad that you have decided to forgo the new vehicle for the moment, but I strongly encourage you to forgo it for as long as possible (ie: until you have major problems with the vehicle/10 years old at least). Your finances will thank you in the long run.

[reneasworld]

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@_jb_ wrote:

How many miles on the vehicle now? I don't understand trading in a four year old vehicle for a new one in the first place, and especially not because of a problem that can be fixed for $15 and 15 minute of your time.

I am glad that you have decided to forgo the new vehicle for the moment, but I strongly encourage you to forgo it for as long as possible (ie: until you have major problems with the vehicle/10 years old at least). Your finances will thank you in the long run.

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Thanks, it was more because of the high interest rate. I have 3 more years and the interest rate is very high, I think close to 20% (not quite but close) and I just felt like I could get a lower interest rate and pay for a newer car with a lower payment. Thus, since I was already thinking like this and a minor issue shows up, I ask myself if I should go with my gut. I still plan on trading it in next year but I will have better bargainin power when I scores reach 700 (as I was told by my friend who is a manager at a dealership and had been in financing for years).  FYI, it currently has 63,000 miles on it. There is still on warrant on the  things like engine, transmission,etc until 100,000 miles. If I buy pre-owned, I usally buy certified so that a warranty still exists.

[sccredit]

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@reneasworld wrote:

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@_jb_ wrote:

How many miles on the vehicle now? I don't understand trading in a four year old vehicle for a new one in the first place, and especially not because of a problem that can be fixed for $15 and 15 minute of your time.

I am glad that you have decided to forgo the new vehicle for the moment, but I strongly encourage you to forgo it for as long as possible (ie: until you have major problems with the vehicle/10 years old at least). Your finances will thank you in the long run.

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Thanks, it was more because of the high interest rate. I have 3 more years and the interest rate is very high, I think close to 20% (not quite but close) and I just felt like I could get a lower interest rate and pay for a newer car with a lower payment. Thus, since I was already thinking like this and a minor issue shows up, I ask myself if I should go with my gut. I still plan on trading it in next year but I will have better bargainin power when I scores reach 700 (as I was told by my friend who is a manager at a dealership and had been in financing for years).  FYI, it currently has 63,000 miles on it. There is still on warrant on the  things like engine, transmission,etc until 100,000 miles. If I buy pre-owned, I usally buy certified so that a warranty still exists.

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See the post above about DCU  With your scores now you should probably qualify at 5.9% or so.  Lower your payments now and see how you like your current car lol

[reneasworld]

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@sccredit wrote:

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@reneasworld wrote:

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@_jb_ wrote:

How many miles on the vehicle now? I don't understand trading in a four year old vehicle for a new one in the first place, and especially not because of a problem that can be fixed for $15 and 15 minute of your time.

I am glad that you have decided to forgo the new vehicle for the moment, but I strongly encourage you to forgo it for as long as possible (ie: until you have major problems with the vehicle/10 years old at least). Your finances will thank you in the long run.

---

Thanks, it was more because of the high interest rate. I have 3 more years and the interest rate is very high, I think close to 20% (not quite but close) and I just felt like I could get a lower interest rate and pay for a newer car with a lower payment. Thus, since I was already thinking like this and a minor issue shows up, I ask myself if I should go with my gut. I still plan on trading it in next year but I will have better bargainin power when I scores reach 700 (as I was told by my friend who is a manager at a dealership and had been in financing for years).  FYI, it currently has 63,000 miles on it. There is still on warrant on the  things like engine, transmission,etc until 100,000 miles. If I buy pre-owned, I usally buy certified so that a warranty still exists.

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See the post above about DCU  With your scores now you should probably qualify at 5.9% or so.  Lower your payments now and see how you like your current car lol

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So, you think I should just refinance my current car. FYI, I just found out from the dealer that it is not the freon, the car needs a new compressor and the total cost is $1,000.00.  When I have to pay large sums like this is when I say to myself, maybe I need a new car. lol

[sccredit]

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@reneasworld wrote:

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@sccredit wrote:

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@reneasworld wrote:

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@_jb_ wrote:

How many miles on the vehicle now? I don't understand trading in a four year old vehicle for a new one in the first place, and especially not because of a problem that can be fixed for $15 and 15 minute of your time.

I am glad that you have decided to forgo the new vehicle for the moment, but I strongly encourage you to forgo it for as long as possible (ie: until you have major problems with the vehicle/10 years old at least). Your finances will thank you in the long run.

---

Thanks, it was more because of the high interest rate. I have 3 more years and the interest rate is very high, I think close to 20% (not quite but close) and I just felt like I could get a lower interest rate and pay for a newer car with a lower payment. Thus, since I was already thinking like this and a minor issue shows up, I ask myself if I should go with my gut. I still plan on trading it in next year but I will have better bargainin power when I scores reach 700 (as I was told by my friend who is a manager at a dealership and had been in financing for years).  FYI, it currently has 63,000 miles on it. There is still on warrant on the  things like engine, transmission,etc until 100,000 miles. If I buy pre-owned, I usally buy certified so that a warranty still exists.

---

See the post above about DCU  With your scores now you should probably qualify at 5.9% or so.  Lower your payments now and see how you like your current car lol

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So, you think I should just refinance my current car. FYI, I just found out from the dealer that it is not the freon, the car needs a new compressor and the total cost is $1,000.00.  When I have to pay large sums like this is when I say to myself, maybe I need a new car. lol

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Yes, I think you should refi your car now.  If it was certified why is the AC compressor not covered?

[reneasworld]

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@sccredit wrote:

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@reneasworld wrote:

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@sccredit wrote:

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@reneasworld wrote:

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@_jb_ wrote:

How many miles on the vehicle now? I don't understand trading in a four year old vehicle for a new one in the first place, and especially not because of a problem that can be fixed for $15 and 15 minute of your time.

I am glad that you have decided to forgo the new vehicle for the moment, but I strongly encourage you to forgo it for as long as possible (ie: until you have major problems with the vehicle/10 years old at least). Your finances will thank you in the long run.

---

Thanks, it was more because of the high interest rate. I have 3 more years and the interest rate is very high, I think close to 20% (not quite but close) and I just felt like I could get a lower interest rate and pay for a newer car with a lower payment. Thus, since I was already thinking like this and a minor issue shows up, I ask myself if I should go with my gut. I still plan on trading it in next year but I will have better bargainin power when I scores reach 700 (as I was told by my friend who is a manager at a dealership and had been in financing for years).  FYI, it currently has 63,000 miles on it. There is still on warrant on the  things like engine, transmission,etc until 100,000 miles. If I buy pre-owned, I usally buy certified so that a warranty still exists.

---

See the post above about DCU  With your scores now you should probably qualify at 5.9% or so.  Lower your payments now and see how you like your current car lol

---

So, you think I should just refinance my current car. FYI, I just found out from the dealer that it is not the freon, the car needs a new compressor and the total cost is $1,000.00.  When I have to pay large sums like this is when I say to myself, maybe I need a new car. lol

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Yes, I think you should refi your car now.  If it was certified why is the AC compressor not covered?

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Pass 60,000 miles now. The only things left covered until 100,00 is the powertrain items ( I think that is what it is called) engine, transmission, etc.  I am guessing that would be a hard pull. With so many recent CCs reporting would that affect them approving me?