I have a $500 car payment and I want to cut that in half now that I have a baby. My car is only worth about $13,000 but I owe $17,000. How do I get into a cheaper vehicle without having to come out my pocket?
2006-09-22 10:40:09 · 6 answers · asked by RHEA 1 in Cars & Transportation ➔ Buying & Selling
Anything is possible, I would tell you to come into my dealership but I'm sure it's too far away. Go to a couple dealerships see what they say. Don't get your credit pulled but you need to have a good idea about how your score is. Do share this with them. Term time might be able to be stretched to help you. If the dealership can't get you close to the payment you want, try to sell your car outright. You do get more when you do that but it might take some time. But do remember that if you trade in your car you save on taxes by deducting cost before tax is added.
2006-09-22 13:22:17 · answer #1 · answered by cargrl 3 · 0⤊ 0⤋
It's hardly possible. I'm a finance manager in a car dealership. I see this every day. Honestly, there is no way you can cut your payment in half with out any money down. You already have to roll over $4000 in negative equity. To have a $250 vehicle payment, you need to be on about a $10,000 vehicle-finance for 60 months, and have really good credit. That would be WITHOUT any negative equity. You will definately need at least $1,000 down. I would suggest going into a lease. Don't let that scare you, please, leases are NOT bad things. GM also offers something called SmartBuy. It's like a lease, you still have mileage restrictions, but you own the vehicle. If you can trade your vehicle in, put some $$ down and get into a lease in maybe a new Chevy Cobalt or Pontiac G6 that has some options to hold the value, you could probably lower your payments. Not by half but maybe $350-$400. Being $4,000 upside-down is not a real bad thing. Most people are twice that. Hell, I was $10,000 in the hole and went into my current lease. In three years, I just drop the vehicle off and start all over. No payoff to roll into the next loan, no trade. Hope this helps you. Any other questions, just ask!
2006-09-22 17:54:10 · answer #2 · answered by indigonipple 3 · 0⤊ 0⤋
The fiance manager is correct, no way you can do it without some cash down.
another guy did have a good idea too. would a damn shame if your car got stolen and found its way into a river/lake/stream/swimming pool, or had say 10 gallons of gas pumped into the back seat and left to burn in a bad part of town. . . truly it would be a shame, and a hardship im sure your insurance company would hate topay for but would have little choice. might want to make sure you have gap coverage...
2006-09-22 20:06:19 · answer #3 · answered by Chris 2 · 0⤊ 0⤋
why on earth would you buy a car with a $500 monthy payment? you should have bought a cheaper vehicle in the first place. is it a lexus/caddy/bmw or some other high end car?
2006-09-22 18:04:36 · answer #4 · answered by MiaDiva28 6 · 0⤊ 0⤋
find a river for your car
2006-09-22 17:42:55 · answer #5 · answered by sup 5 · 1⤊ 0⤋
no way out for you, without losing money.
2006-09-26 09:00:27 · answer #6 · answered by Anonymous · 0⤊ 0⤋