I just brougt a 2007 Hyundai Accent 4 door and I was used by the dealer i'm a female first time buying a car and he told me to refinance in six months because the car is 14,446.00 with 24% apr. I don't want this car anymore because it's just too little for my family and he told me this will be a good idea because my credit score was 524 and it would help improve my credit and he also told me I would be able to trade it in within four months, I didn;t know anything about bad equity on a car, I don't want a five year car note on something I don't want. Would anyone give me advice Please, If I lose $2,000 it would be better than spending thousands of dollars on something I don't want isn't it or keep the car refinance in six months and take a lose, what should I do?
2006-12-05 02:26:46 · 6 answers · asked by Tulena J 2 in Cars & Transportation ➔ Buying & Selling
will it be better to refinance
2006-12-05 03:47:48 · update #1
i have been paying an extra 50$ with payments a month and it will be $4000.00 and some change in august will that be a realistic time to trade it in or will the value go down
2006-12-05 04:54:29 · update #2
You bought a car, and now have to live with the consequences of the choices you made. There is no right to return a vehicle after you take delivery of it, so the answer saying you have three days to return it is incorrect. That only applies to in home sales, not when you go to a place of business!
A used 2007 low mileage vehicle like yours in worth about 10,500 wholesale, so if you were to sell it to a dealer today, you would be looking at losing about $4000 + what you paid in taxes and tags.
The best way to get out of this situation is to pay the the car off as quickly as you can, double up on the payments. You may also want to check with your bank or credit union to see if you can get a better finance rate. When you have paid the balance down to the point that you no longer owe more than the car is worth, then you can sell or trade it for something you like more!
2006-12-05 04:18:31 · answer #1 · answered by fire4511 7 · 2⤊ 0⤋
I'm not trying to be mean or condescending when I say this, but you've made bad choices all the way around on this one.
You should never buy a car that doesn't meet your needs no matter how pretty it is or the deal you are getting. You usually have 3 days to return a car for a full refund. If that time has passed, you are out of luck.
You are going to lose more than $2K your expect to lose. It will probably be more like $4K because you'll only get wholesale value in the trade-in.
You're currently experiencing one of life's hard lessons, and I feel for you. In the future, take more time in selecting the vehicle for you and your family. Just for infomation's sake, you could have purchased a used 2004 Saturn Vue, or 2004 Hyundai Santa Fe for the price of your Hyaundai, and had plenty of room for you and your family.
Also, when you search for your next vehicle, take someone with you who you can bounce questions off of so that person can be your voice of reason. You probably wouldn't own that Accent if you had.
Like I said, I'm not trying to be hurtful in what I'm saying, but this is going to be a very hard lesson to learn. When it comes time to buy again, don't go to that dealer, don't let the dealer know you want to do a trade-in until after you pick the car that's right for you.
Shop around for a loan before you shop. Try your local bank or credit union. They will more readily work with you when you already own a car then before you won one.
And good luck, whatever happens.
2006-12-05 10:56:53 · answer #2 · answered by Lemar J 6 · 2⤊ 0⤋
your going to lose a lot more then 2000. also you will have to pay the note before the finance company will let you get rid of the car and since you just bought it and with the high interest you more then likely owe more then the original 14000 dollars you payed for the car.
2006-12-05 10:32:48 · answer #3 · answered by george 2 6 · 0⤊ 0⤋
You should have not have bought the car. Sell it count ur losses and buy a good used car and pay cash for it.
2006-12-05 10:33:44 · answer #4 · answered by mbz300sdl2006 2 · 0⤊ 0⤋
i am so sorry. hyndai's suck soooo bad. You can try to sell ot fpr as much as you can or even get blod and complain to the manager and tell him you think you were takin advantage of buts thats all you can do, sorry.
2006-12-05 10:35:15 · answer #5 · answered by bhbghgjbvmnbncvb 4 · 0⤊ 1⤋
sounds like grounds for legal recourse. see an attorney.
2006-12-05 11:57:54 · answer #6 · answered by Anonymous · 0⤊ 5⤋