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Please help me decide what to do. I have a Dodge Avenger 2011 with 77,714 miles it's in good shape except a small cosmetic problem at the rear from a bump. I would like to trade it in for a more appropriate vehicle. I am considering trading it in now because my transunion auto 8 score is 672, experian 654 eq 625.
KBB value for trading to a dealer is: "good" condition a little over 7000.00 or 7600.00 for "very good." With the damage to the rear I am not sure which one. I did put new tires on it recently and it has been treated gently as I do not often drive it.
I was contacted recently by two dealers in my area encouraging me to respond but I would like to know what to avoid and whether I should do this. I tried to refinance it but Navy Federal denied my application in May.
Is there a way to lower the interest rate? Any advice is greatly appreciated as always. Thanks!
That really depends on how much you owe on it? If you are too far upside down, it will be hard to rollover a high balance into a new loan. Maybe try refinancing first.
Thats the problem with high interest loans, the first few years you are paying nothing but interest (on any loan) and the semi high mileage vehicle you are driving is depreciating like crazy. You go to trade in and you are $3,000 or more upside down.
Generally, you won't get "good" on Kbb with any type of cosmetic damage. More like in the "Fair" range.
What are your auto scores? If you have collections, baddies, etc. - Credit unions really frown on that - have you tried Capital one? Iwas denied by DCU and got the best rate (1.99 on a new) from capital one.
Thanks for responding. I appreciate that you took the time. Here is more information.
My auto 08 scores on Myfico today are transunion 8 score is 672, experian 654 eq 625.
Equifax is model 5 602
Equifax model 8 is 625
Trans auto 4 score is 673
Trans model score 4 is 646
EXP model 8 score 654
EXP model 2 score is 648
The car is already financed through Capitol One. $429.00 never late no missed payments.
Baddies
Judgement for $1500.00 I still owe $287.00 to finish paying it off.It will be paid 0ff 08/01/15. It is owed to attorney who agreed via letter to remove the judgement after I finish paying it off.
Recent collection medical 113.00 (Senex/mailed offer to pay for delete)
Old medical collection 63.00 previous offers to pay for delete but no response.
Old electric bill (waiting for response on pay for delete offer to pay in full 08/01/15) $223.00
I have steady income $3100.00 monthly now since Oct 2012. I am a permanent/totally disabled veteran. I have no missed or late car payments and no outstanding debts other than the one's above.
How much do you owe on the car?
11000.00
What kind of car are you interested in getting now?
new?
That's what I am trying to figure out too:smiley I want to lower my interest rate somehow. If I trade it in I am thinking about buying a used suv. I had a Mazda Tribute before this car and loved it. I drove it until it literally died. 200,000 plus miles.
Main objective is lowering the interest rate I'm paying. My payments are $429.00 per month now but the payment amount doesn't bother me. It's the interest.
@Pineknot69 wrote:That's what I am trying to figure out too:smiley I want to lower my interest rate somehow. If I trade it in I am thinking about buying a used suv. I had a Mazda Tribute before this car and loved it. I drove it until it literally died. 200,000 plus miles.
Main objective is lowering the interest rate I'm paying. My payments are $429.00 per month now but the payment amount doesn't bother me. It's the interest.
How about a new Mazda CX-5?
Mazda participates in Truecar.com
I would select the car you are interested in and the options and color you want and submit it... don't answer your phone (it will start to ring instantly) respond to them only by e-mail. Once you get an exact match certificate sent to you or one comes across that is close enough match (options) you can e-mail them that one and they will lock in the price and send you a certificate.
You can then inq. about financing with Mazda ONLY.
If you think you are close enough to deciding on that car and you are locked into a price and dealership I would ask the sales person you are dealing iwth through email if you can apply on their website to see if they can get you approved at the special apr going on .9 for 36 months, you have to see what it is for longer.
I would just tell them you have not decided on trade in if they ask... just keep the deal simple for now.
You can have finance rate, car purchase price and everything done before even going to the dealership if you want.
If you have a carmax near you I would go have a purchase offer made on your car from them... they always pay much higher than ANY dealership has ever offered me but because I had the buyer offer from carmax when I bought my nissan, the dealership said can we just give you $250 over what carmax offered so you can just do all your business with us here today!? YES!
that's excellent advice I really appreciate it. I had no idea Carmax would pay more. I am thinking I should wait a bit as the car prices (I'm told) are higher now and I was advised to wait until the new 2016 models are out? Is that what you would do or should I go for it now? My thinking is I am not sure they will approve me and I don't want to take the hard pull until I'm pretty sure it's worth it. Thank you