what should i do? not that i can't afford but having the car i don't have saving at all. and if i were to resign, i will have problem finiancially to support the car.
2007-07-06 21:27:52 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
the car loan is roughly $51000 including interest. every month i have to pay $615 for car loan, petrol $250, parking $90, parking cupon $10 for 2 month s.
2007-07-06 21:30:24 · update #1
but in the long ran....will i cut my loses if i pay the different. or should i keep the car till it break even? will i let go it now then i don't have to lose so much? i really confused here should i keep the car or let go of it?
2007-07-06 22:19:10 · update #2
You are going to owe much more now than the car is worth. With a 7 year financing term, most of the loan payment for the first few years is going towards interest! You have only had the car for 8 months.
When you buy a new car, you lose value when you drive it off the dealership lot! It went from a new car, to a used car!! You are not clear abut what you paid, and the amount financed. Using $50,000 as the price, when you drove the car off the lot, you most likely lost $5000 or more in value! You also lost the taxes that you paid, which could be another $2500 or so.
You have made 7 or 8 payments. more than likely you have not paid $1000 on the principle balance. The rest went to finance charges! If you financed $50,000, you may owe $49,000 or more now. Your car may be worth $40,000 more or less. To sell the car you would have to pay the difference in what you owe and the value of the vehicle, before the bank or finance company would release the title.
You say you have no savings. In this case, your best bet would be not to resign, but to keep working. Try to pay extra each month to reduce the principle balance of the loan. The quicker you pay down the balance, the less you will pay in interest!
2007-07-06 22:08:32 · answer #1 · answered by fire4511 7 · 2⤊ 0⤋
Try to hang on to the car for at least 5 years. Driving it off the lot dropped its value ~20%. All cars depreciate rapidly in the first three years. After that the value drops off more slowly.
2007-07-07 04:31:51 · answer #2 · answered by Jimbo 3 · 0⤊ 0⤋
If you have problem supporting the car for the next few initial years without salary, then seling it would be the wiser choice. Though you have to bear the ridiculous initial depreciation, you have no fuel cost, insurance, maintenance to worry about.
2007-07-07 06:04:08 · answer #3 · answered by dawei007 1 · 0⤊ 2⤋
Contact the finance company and ask for a settlement fee. Might not be as bad as you think!
2007-07-07 04:30:47 · answer #4 · answered by Sal*UK 7 · 0⤊ 0⤋
i would not want to take over the payments either.thats alot of dough to have for payments. trade in value might not be good. just bought.did you converse with sales mngr. ?
2007-07-07 04:39:53 · answer #5 · answered by martinmm 7 · 0⤊ 0⤋