Why I know its probably impossible I was just wondering how I turned out. I traded an 06 Corolla S for a 2005 scion tc. I was massively upside down for about 6000 on the Corolla and owed 19,000. I wanted lower payments. They gave me 14,000 for my trade (according to kbb.com the trade is only 12,425), the suggested retail is 16,165 for the Corolla. On the Scion the the suggested retail is 19, 475. Did I do the right thing?
By the way my loan was extended another 2 years on the scion but I figure the car books for more than the loan so I should be in good shape right?
Also my payments went from 470/mo to 405/mo
Thanks for the replies
2007-02-08 02:08:36 · 4 answers · asked by lserfoss 1 in Cars & Transportation ➔ Buying & Selling
LMAO, allright I get it, I got rolled. Well, truth betold I love my Scion and a lot more happier with it. Plus, this summer I'm having my buddy who works at a credit union re fi it anyways. Thanks for the replies.
2007-02-08 02:40:29 · update #1
One other thing too, is that there was noway to get 19,000 for a 12,000 dollar car. On ebay the car only went for 10,600. (thank god for reserve) and the most any other dealer would give me trade is 13,000. So does that make it better?
2007-02-08 02:42:26 · update #2
The Kelly Blue Book value (http://www.kbb.com) tend to be a bit on the high end. A lot of lending institutions opt to use the NADA source (http://www.nada.com)
You did good in lowering your payments, but because you extended your loan for 24 months you're still paying interest for a longer period of time.
The only way to prevent further financial fiasco with you at this point, is by advicing you to stick with this car and pay it off. When you buy a new vehicle in the future you will be starting over on a clean slate.
I played this game for many years and it almost destroyed my credit. At the end, I was upside down $14,000. I was paying $51,000 in financed charges for a freaking Ford Mustang and my payments were $750.00 a month.
2007-02-08 02:16:32 · answer #1 · answered by rob1963man 5 · 0⤊ 0⤋
Let's see now. You owed 19K but received only14K. That left 5K to be added on top of the 19K the '05 scion was going for. Which means you now owe 24K on a car that's only worth 19K and is a year older than what you had. So how does the car "book" for more than the loan? My advice is this. With your right hand reach over and grab your left ear. Hold on and with your left hand reach over and grab your right ear. Now PULL and get your head out of your rear end.
2007-02-08 10:24:35 · answer #2 · answered by mustanger 5 · 0⤊ 0⤋
the term "hosed" comes to mind
2007-02-08 11:22:05 · answer #3 · answered by currious 4 · 0⤊ 0⤋
Holy crap! I wish I was your salesman!
2007-02-08 10:17:07 · answer #4 · answered by Anonymous · 1⤊ 0⤋