Any chance to refinance and lower the payment?
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Might be trading in my Subaru STi...
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youre basically screwed unless you want to ruin your credit.. that car isnt worth what you owe on it and trade in is even less.
1. try to find someone to take over the finance agreement
2. let it get repoed and go tote the note
3. good luck will happen and you will find a job where you can afford it again
4. maybe you have some cash laying around to buy a cheapo car..
<--- hasnt had a car payment in years (but never has anything cool either)"PSH!!!"
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Originally posted by Stephen View Postyoure basically screwed unless you want to ruin your credit.. that car isnt worth what you owe on it and trade in is even less.
1. try to find someone to take over the finance agreement
2. let it get repoed and go tote the note
3. good luck will happen and you will find a job where you can afford it again
4. maybe you have some cash laying around to buy a cheapo car..
<--- hasnt had a car payment in years (but never has anything cool either)
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"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf. "
George Orwell
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Originally posted by Sean88gt View PostYou're probably close to $6k upside down. Rolling that into another car would be foolish. You can always get new "things" but you have to make sure you're protecting your survival vs your credit.
So you will probably get anywhere from 24-26k for the car. If you figure $20 per $1,000 financed that will put the payment of the negative equity alone near $200 a month. (roughly) So if you want your payment cut in half ($300) per month you need to look for a car that is roughly $100 per month......not going to happen (at least not with 0 down.) The other roadblock you will run in to is getting a bank to carry that much negative equity in the car...which again..will not happen.
If you sell the car yourself for $30k can you pay the difference out of pocket yourself? If you can then you will have a bit more flexibilityin buying a car outright.
I was in the car business for 6 years. If you have more questions, let me know.
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what 6 yrs were you in the business?
margins aren't what they used to be
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