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Established Member
anthill927
Posts: 48
Registered: ‎11-20-2012

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!
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webhopper
Posts: 7,230
Registered: ‎09-16-2011

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.


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Creditaddict
Posts: 18,818
Registered: ‎10-23-2007

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?

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Valued Contributor
tooleman694
Posts: 2,296
Registered: ‎08-25-2011

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.


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