Reply
Established Member
Posts: 48
Registered: ‎11-20-2012
0

Question on auto loan but want another car :(

Hello everyone I love this website and I hope someone could give me some advice in the nicest way possible without being mean.lol I got a loan for a new 2012 jeep cherokee 35000 but credit was okay im not sure the interest but it is high, I had some balances on credit cards. In January, the cards will be completely paid off and I know for a fact my scores will be in the 700s because it was like that before. Now I was upset because the dealer did not tell me that the 2013 model was coming out, and it kind of was my fault I didnt research it, but the 2013 came out right after and I realllllly want it. Do I refinance my loan and get a lower rate or just apply for a new loan for the 2013 jeep and cover the negative equity? I can cover the equity easily no problem, and its kind of more of a want than a need. Hey, you only live once. I would like to know whatp people would do in this situation, I really do want that car though and then I will be done. Would leasing be a issue, if i cover the negative equity and lease the 2013?

I want to be in the 700s again!
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Question on auto loan but want another car :(

[ Edited ]

anthill927 wrote:

Hello everyone I love this website and I hope someone could give me some advice in the nicest way possible without being mean.lol I got a loan for a new 2012 jeep cherokee 35000 but credit was okay im not sure the interest but it is high, I had some balances on credit cards. In January, the cards will be completely paid off and I know for a fact my scores will be in the 700s because it was like that before. Now I was upset because the dealer did not tell me that the 2013 model was coming out, and it kind of was my fault I didnt research it, but the 2013 came out right after and I realllllly want it. Do I refinance my loan and get a lower rate or just apply for a new loan for the 2013 jeep and cover the negative equity? I can cover the equity easily no problem, and its kind of more of a want than a need. Hey, you only live once. I would like to know whatp people would do in this situation, I really do want that car though and then I will be done. Would leasing be a issue, if i cover the negative equity and lease the 2013?


 

first; attempt to sell your current jeep online to get the best possible deal... if you can sell it for close to what you paid then definately go ahead and do that... I personally don't believe in wasting thousands of dollars because a newer model came out; but that doesn't make it the wrong thing if that's the most important thing to you. Id much rather see you be satisfied with your current new jeep and invest the money you would be using to pay down negative equity.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Epic Contributor
Posts: 24,678
Registered: ‎10-23-2007
0

Re: Question on auto loan but want another car :(


anthill927 wrote:

Hello everyone I love this website and I hope someone could give me some advice in the nicest way possible without being mean.lol I got a loan for a new 2012 jeep cherokee 35000 but credit was okay im not sure the interest but it is high, I had some balances on credit cards. In January, the cards will be completely paid off and I know for a fact my scores will be in the 700s because it was like that before. Now I was upset because the dealer did not tell me that the 2013 model was coming out, and it kind of was my fault I didnt research it, but the 2013 came out right after and I realllllly want it. Do I refinance my loan and get a lower rate or just apply for a new loan for the 2013 jeep and cover the negative equity? I can cover the equity easily no problem, and its kind of more of a want than a need. Hey, you only live once. I would like to know whatp people would do in this situation, I really do want that car though and then I will be done. Would leasing be a issue, if i cover the negative equity and lease the 2013?


You Financed this 2012 Jeep or Leased it?

$35k finance 100% or did you put cash down too?

How long have you had it?

How do you not KNOW your APR? How about loan term originally and how many payments you have made?

Fico Scores: EQ- 670., TU 705 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
88 Cards and Counting :smileytongue:
Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: Question on auto loan but want another car :(

Just trade it in, take care of the negative equity and buy the new one. You can roll some of the negative equity into the new loan.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.