UPDATE!!!!!!!! Upside down seeking advice!!!!!!!!!

[creditgambler2018]

2 options:

Refinance ASAP with a credit union. YOU MIGHT HAVE to give money down to credit union or pay off 2 gs to be able to refinance at a lower rate. You are really taking it from the behind big time no lube nothing.

OR

Trade it in for a NEW CAR, BUT, BUT YOU HAVE TO MAKE SURE, I MEAN MAKE DEALERS WORK FOR A SALE FOR THE BEST OUT THE DOOR PRICE INCLUDING TRADE. I MEAN, DONT MAKE A DEAL SAME DAY, MAKE THEM CALL YOU FOR A GOOD DEAL, YOU NEED LOW LOW RATE TO BE ABLE TO AFFORD PAYMENTS BECAUSE ASSUME SOME OF THE CURRENT LOAN WILL ROLL OVER. 

IF ALL FAILS SUK IT UP AND CONTINUE TO MAKE PAYMENTS TO LOWER THAT BALANCE FAST.

[Anonymous]

OP

If you do some number crunching, things might get much more clear.

So a 15,517 for 44 mo with a 0 APR = 352.6. What you pay is 565. That means you are paying almost 212.4 each month just in interest. This means that in over 44 months you will pay almost $9345 just in interest. That is outageous to say the least considering that you have very decent scores.

Now I realize that you will not get a 0% APR so lets assume a modest/conservative 6% considering your credit history your monthly payment is almost 394. so over a 44 mo period you will pay almost $1848 over the course of 44mo. At that point in time your car will be almost 9 years old and would have required a decent amount of maintainence work which you are not factoring in at the moment.

Considering all of the above and the current value being almost 13k of your car, I would go to a Honda dealer (because they most likley will give you a higher trade value) and get a newer/new car. Realize that the 2K negative equity will be equal to the 6% interest charge that you will pay over the next 3 and half year. There are some great deals out there with the memorial weekend and all of 0.9% with new cars and most credit unions will give you a good rate as well for  a CPO car as well. There are great deals with a lot of other manufacturers like 0% with Toyota so explore your options.

Hope this helps

[Anonymous]

I so appreciate the numbers crunch I'm not tying to make a another mistake.  how do apprasials or trade ins work online with credit unions or Can you request to be pre approved for $30,000 and go from there. 

I also thought about paying the negative equity but thats a lot to eat and it would come from my emergancy fund and I just built that up and do not want to touch it especailly for a car I do plan or keeping this vehicle for the long haul so If i can go no down, low payment, and a good w warranty I'm good.

I just wish I knew what usaa considered to be good scores to quailfy for 3.99% 72 months thats advertised on the website but, then when I look at dealer financing I may be able to quailfy for lower than that but I don't want all the fees and headache that comes with the dealership.

[Anonymous]

Would never advise anyone to take money out of an emergency fund and this is def not worth it. 

I would seriously consider just rolling in the negative equity into a new car. The only points and "fee" that you want on your quote from a dealer are the following

MSRP including destination

Selling price

Dealer fee = usually ranges from 299-499 (although these are negotiable but most dealers will NOT budge)

Bank fee = usually in the range of 500 (this goes to a bank e.g chase with Mazda, or Honda financial services with Honda)

Tax = usual state tax where car is registered

Title and registration fee = DMV fee = usually at or near 200 depends with state (check your local DMV, cali has a tire fee and a green fee I think .. small but there and required)

anything else ask the dealer to explain and post it here most people will help you, if its bogus be prepared to walk away!

[Anonymous]

Also check the loan approved thread and pick out the people with the relevant CU/bank/institution you are looking for and ask them. Fill help you immensely. 

[RonM21]

I'm thinking the credit union route may be a better option for you also.

[Anonymous]

Thank you, Thank you, Thank you

you guys are awesome..I'm headed back to the approval side now thats where I get the confidence my scores will work in my favor some way I will keep updated looking to purchase next week..

does anyone have input on true car or edmunds.com?

[Anonymous]

The prices that each one of them mentions especially for new cars are higher than what you pay for. I would say that read through the specific forum of the car that you want to buy. I went through driveraccord.net when I was buying my Accord Sport

MSRP and destination was 25900, true car exceptional price is 22,921 (This i think does not include state tax, dealer fee and DMV fee), I got quotes from 23000 to as low as 21,200 + TTL which I ended up using(note we had purchased a car from them previously) and got the car. Mail multiple dealers, even if its a 50 mile drive.. get multiple quotes, pit one dealer against the other to get a lower price even than the one they previously offered!

[surferchris]

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@Anonymous wrote:

OP

If you do some number crunching, things might get much more clear.

So a 15,517 for 44 mo with a 0 APR = 352.6. What you pay is 565. That means you are paying almost 212.4 each month just in interest. This means that in over 44 months you will pay almost $9345 just in interest. That is outageous to say the least considering that you have very decent scores.

Now I realize that you will not get a 0% APR so lets assume a modest/conservative 6% considering your credit history your monthly payment is almost 394. so over a 44 mo period you will pay almost $1848 over the course of 44mo. At that point in time your car will be almost 9 years old and would have required a decent amount of maintainence work which you are not factoring in at the moment.

Considering all of the above and the current value being almost 13k of your car, I would go to a Honda dealer (because they most likley will give you a higher trade value) and get a newer/new car. Realize that the 2K negative equity will be equal to the 6% interest charge that you will pay over the next 3 and half year. There are some great deals out there with the memorial weekend and all of 0.9% with new cars and most credit unions will give you a good rate as well for  a CPO car as well. There are great deals with a lot of other manufacturers like 0% with Toyota so explore your options.

Hope this helps

---

Good advice.

[Anonymous]

what is a CPO car?