09-14-2012 05:17 PM - edited 09-14-2012 05:21 PM
So, I have a 2010 IS-250 loaded with 21,850 miles.
The sticker was like 42,500 in May 2010, I put down 4200 and my payments are 329 w/ tax etc per month
It is a 36 month lease with 30k miles limit
It was hit on the right back and repaired and I nor anyone else could tell it was ever in an accident.
When I brought it to the Lexus dealership today to try and get any equity out of it, they said I was upside down.
Appraised today at 22,800
The dealer at Lexus told me to bring it to Carmax and let him know what they said.
My auto vantage score was 626
I would like to get rid of it and into a cheaper car.
I have been previously approved with Capital One, but the interest rate was 16 percent..WAY too high
I know if I pay down my debt my score will go up
Any thoughts?? Has anyone had any luck with carmax?
09-14-2012 05:21 PM
If you had the vehicle repaired at a larger body shop or through insurance they know the exact dollar figure and type of damage. Most shops and insurance companies enter this information into registries like Carfax so its no secret. I would attempt to sell it outright and hope they dont pull the Carfax or work a good deal for a trade in and take the little bit of negative equity.
09-14-2012 05:24 PM
Well I think they only know about the damage because I stated it had been an accident, maybe I should not have done that, but I was being honest because I thought they would figure it out. I have not looked at the carfax to see if the accident was on there as I got bumped at the dry cleaner
09-14-2012 05:30 PM
they can do an ultrasonic check to measure the thickness of the coating that will give away if it has been painted so they can figure it out. Repaints by a shop are thicker coating than factory
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO