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Auto loan help

disdreamin
Valued Contributor

Re: Auto loan help


@Tech2410 wrote:

We have 2 a/c's, set them on 60 by 9am, they don't stop running and by 2 or 3 it's almost 80 in our trailer lol. It's crazy. 

we installed a transmission cooler but my husband doesn't want to chance it which is annoying because that's $500 we spent for nothing. It was ROUGH getting here. It took us 6 hours to go 90 miles (pre trans cooler) because of how frequently we had to stop because the transmission would get hot. The cooler has had the trans base temp 30 degrees cooler and we've been overheating by about 20-25 degrees so in theory we should be able to go further north but we don't wanna get stranded. 


We honestly thought about renting a uhaul truck (the regular pickup trucks are Chevy 2500s) LOL. But no one in our area has them, the closest place is 100 miles away so it'd be 100 miles there, 100 miles back to where we're at, and then however many miles to get further north. 

 


Ugh, but yeah as you go north I'd guess there really isn't a way to do it without elevation gains.

 

Have you considered looking into a company that would haul the trailer for you? I don't know how expensive it might be, but it might be worth it if you don't have terribly far to go to get somewhere cooler that would be more enjoyable. Who knows, maybe it's only a couple bucks a loaded mile or something like that. Might be worth investigating while you're stuck inside trying not to roast. Smiley Sad

Message 11 of 21
JM427
Contributor

Re: Auto loan help

I went back and re-read your original post, a couple things to consider.

1.  The negative equity in your trade is going to be a tough one to get over.  Even if you could do the deal on the 75K loan with 20% down, you will still be fighting the negative equity at trade in, or if the new loan isnt contingent on trade in of the old vehicle, you still have it to deal with.  

2.  With your auto enhanced scores being what they are, and all other things considered, I am skeptical that you could go the dealer route and be approved with any kind of decent terms.  

3.  The only real chance that I can see, and this is only my humble opinion, is to check some other open enrollment credit unions like PenFed, but temper your expectations as to what you can realistically get into used.  But here again, point 1 is still an anchor around your neck unfortunately.  

 

I am sure of a couple things that I have learned in life, decisions made in desperation almost never prove to be sound in hindsight.  And the first thing a feller should do when he finds himself in a hole is to put the shovel down.  

 

I am not saying any of this to be mean or insensitve, I am just looking at the data points you provided and I can easily see you getting into a worse situation in trying to get out of your current situation.  I am not sure that I wouldnt try the slow and steady route of 75 miles a day limping back to flat ground or cooler climate to think through the next steps.

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Message 12 of 21
disdreamin
Valued Contributor

Re: Auto loan help


@JM427 wrote:

I am not sure that I wouldnt try the slow and steady route of 75 miles a day limping back to flat ground or cooler climate to think through the next steps.


That's why I was suggesting looking into a hauler for the trailer. I'd be concerned about reasonable financing given the circumstances described, and buying more time to save would likely be the best route forward. Getting somewhere OP and associated traveler(s) can enjoy the next couple of months seems like it should be a priority over replacing the truck, as it affords time to stockpile more cash.

 

Unfortunately, at this time of year I'd guess the most pleasant places relatively close to their current location would require heading north. Any other direction probably isn't going to provide cooler temps to make daytime in an RV more manageable.

Message 13 of 21
Tech2410
Member

Re: Auto loan help

To get that far north it's several thousand unfortunately, that's why we considered renting a uhaul truck 😂😂😂

We're just stuck in a crappy part of the country where it's all mountains and high elevation and even if you manage to get out of the mountains and climb down, it's still a significant amount of miles to get far enough north where it's not miserable inside. 

 

im not sure what we're going to do. My husband will absolutely not pull the trailer anymore as we do have gap but don't have mechanical breakdown protection so if we blow the transmission we're completely up a creek. In September I'll have some grant and scholarship refunds from college (it's my last semester thank god I'm almost 30 lol) so that'll be another $5k. I was planning on paying off my personal loan with it but we'll see.  

Just an absolutely frustrating situation. We have another $2k-$3k to throw into savings this week. 

Message 14 of 21
disdreamin
Valued Contributor

Re: Auto loan help


@Tech2410 wrote:

To get that far north it's several thousand unfortunately, that's why we considered renting a uhaul truck 😂😂😂

We're just stuck in a crappy part of the country where it's all mountains and high elevation and even if you manage to get out of the mountains and climb down, it's still a significant amount of miles to get far enough north where it's not miserable inside. 


Oh darn, that's a chunk of change. I am shocked it's that much, but with the cost of fuel I guess it makes sense. That Uhaul is looking better and better, I see why you've been considering that. If you can reserve one, it sounds like it might be worth the hassle of the 100 mile drive to pick it up. And yeah, having driven the areas all around where you are a number of times, getting to a location that's going to be tolerable without AC running every minute in the daytime is a hike.

 

Congrats on being so close to done with school. Hopefully things will begin looking up shortly and you can get back on the road before long. Best of luck, and please update when you can.

Message 15 of 21
MrZero
Regular Contributor

Re: Auto loan help


@Mdowning30 wrote:

Save yourself thousands of dollars, get a good reliable used vehicle with a clean carfax. Pay off your card balances AZEO or let them report >9% you scores will go up quite a bit.

 

I have a 2015 Toyota Camry XSE V6 with fairly low miles that I'm still paying off I'm happy with it and plan on not having another car payment after it, unless the monthly payment and APR is very low lol


I know this is over a month old but that's not happening for what the OP needs in 2022 with a good used vehicle near prices of new there's little point, hopefully they avoid new Fords. Also CarFax is not reliable and is a pretty much a dealership sales tool, it rarely tells the full history of a vehicle since it's completely reliant on info being sent to them by shops and insurance companies, a lot of stuff goes unreported. Only way to tell if a vehicle has issues is to take it to a trusted mechanic.

Updated 8/12/22.



Total Inquiries: EX: 1|TU: 1|EQ: 1
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Utilization: ~1%

Message 16 of 21
increasingmyfico
Regular Contributor

Re: Auto loan help

Definitely go new in this market. Also try the captive finance company (Ford credit, GM Financial) or Ally. They will be more willing to help and you can refinance if the rate is too high. On the bigger loans it can be easier to get the credit unions to refi than be the first to play.


Message 17 of 21
Tech2410
Member

Re: Auto loan help

Just wanted to come back and say we did it! 

 

We financed with Campus Credit in Wichita, KS. This is our second loan with them. We got a 2019 GMC Sierra 3500HD, 45k miles, for 58k. We were not able to trade in the suburban due to the negative equity BUT we are selling it to our niece. Like officially selling it lol. She has a check from the bank for us for $2k short of what we owe, and then we covered the $2k. My husband is driving down to OK next weekend to get it to her and then flying back.

 

It took dang near living on beans, rice and potatoes for a month, staying in a **bleep** RV park because the lot rent is cheap, but we successfully saved $12k in 2 months. 

 

I just finalized my financial aid and scholarship package and will have a return of $5800 (not a student loan refund) and will use that to pay off my personal loan that is at a $4200 balance right now, and the other $600 will pay off one credit card, and $1000 will pay off another.

Message 18 of 21
Tech2410
Member

Re: Auto loan help

new is impossible. We have called literally every dealer within a 1000 mile radius and not a single one has a new duramax on the lot that is crew cab and 4wd. They have tons of single cabs but we have a toddler in a car seat and a 65lb dog, we cannot do a single cab. 90% of them have straight up told us if we want new we're SOL unless we want to order and we'll get it in 8 months. 

 

We tried financing with:
Cap One, Ally, Granite Federal Credit Union, GM, Global Lending, Americredit, Western Vista, American First CU, Communication Federal CU (our personal bank), Westlake, TD Auto Finance, Wells Fargo, Santander, Chrysler Capital. 

 

All gave the following options:
1. Straight up denial

2. 30% to 50% down

3. Rate was sky high at like 19% or more

 

We financed at 5.5% with what was originally 20% down but we were able to get them to shave $2k off because it needed new tires (not immediately, just within the next few months) and rather than them installing, we will be back in OK in October and will use our friend who sells us tires at cost lol. 

Message 19 of 21
JM427
Contributor

Re: Auto loan help

@Tech2410 Congrats on getting a deal done.

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Message 20 of 21
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