StartingOver10,
No, I didn't include the interest with the price. I owe $9K plus interest. Thanks for sharing the information. I will definitely read the " How to Buy A Vehicle" Post. I just want out of this trap. I was thinking that if I owe $9K. I could get $2K for the trade in and put down about $3K and the rebates can eat the $4K. No?
Starting Scores in BK13: EX521,TU537,EX520
@enerey wrote:If your loan is only for 2 years why not just stick to original plan and keep driving till next summer or even longer? if you are not having mechanical issues with the car that is what I would do even though it sounds like you don't like the car anymore.
Enerey,
I want out of the car. I needed a car at the time and that's all that I could get at the time after my BK..
@StartingOver10 wrote:
@MzOptimistic wrote:I guess I need to wait and save up so I can have a down payment also.
That is part of it, having savings for a down payment.
Also remember to check out CarMax or a similar type dealership that buys vehicles and can give you a quote right then and there. Usually with a trade they are going to give you the worst possible value on the trade in because it boosts their profit. That's how you ended up with $8k negative equity when the most it could be is $6k based on your post.
Is the $9k what you paid for the vehicle or are you adding in interest? I ask that because I see posts all the time where people add in their total interest (paid over the life of the loan) and give the balance + their interest as the remaining due (which is not correct).
If you have a $9k balance and you want out of the vehicle, this is what I would do:
- Get car detailed
- Go to Carmax and get quote to sell it to them so you have a number that is good for one week. This is for planning purposes.
- If you don't have the difference in savings so you can sell it to Carmax then work on a plan to come up with the funds (selling things around the house, making extra payments to the loan, getting a second job to save up more, whatever you can do to get the funds)
You won't have this issue the next time you buy because you will have proven you can make the payments after your Bk. Try not to trade this one in as it won't be an asset to you and will hurt your negotiations on the new vehicle. Read the stickies at the top on how to buy a vehicle.
StartingOver10,
No, I didn't include the interest with the price. I owe $9K plus interest. Thanks for sharing the information. I will definitely read the " How to Buy A Vehicle" Post. I just want out of this trap. I was thinking that if I owe $9K. I could get $2K for the trade in and put down about $3K and the rebates can eat the $4K. No?
@cartwrna wrote:
Scratch what I said, I just saw where your max budget is $400 a month. You won't find a cheap enough car with a big enough rebate to cover that I wouldn't think. 9k for a 2002 Chevy Malibu seems extremely high (it's about a 3k car on Craigslist), no pun intended. As other poster said, are you sure your not looking at the total you will pay when all is said and done with interest? The way a contract is wrote up it shows the final amount you will pay when all is said and done over the life of the loan if you make the minimum payment principal+interest.
Cartwrna,
Yes, the car is only worth $3K. I am sooo angry at myself for getting the car but I needed a car to get to and from worth and also to take my daughter to school. That's why I want out of this car asap.