I need to lose my car payment.

[Koa]

Originally Posted by Chad86

Since when is this car not reliable? Please elaborate as to any issues you have been having.

I think he's saying: While he'd like to keep the FRS, pressing fiscal matters make trading it in, along with the 2 years of payments left, for something not as fun, but still reliable

Originally Posted by FirestormFRS

He never said it wasn't reliable. Damn Canadians!

canucks!

[Tcoat]

Originally Posted by FirestormFRS

He never said it wasn't reliable. Damn Canadians!

Hey, what does being Canadian have to do with misinterpreting something?
You should just be saying "Damn Chads!"

[Koa]

Originally Posted by Tcoat

Hey, what does being Canadian have to do with misinterpreting something?
You should just be saying "Damn Chads!"

..true. I love you guys (the non french kind). Washingtonians are basically American Canadians anyway

[Tcoat]

[UtahSleeper]

Sell privately and buy privately. Since xB's are not high demand cars you can look for a few options as a replacement, sell your car and get a ride to the sell of the car you want.

[srt4evah]

If you do decide to go for a trade-in, let me know what they offer you. I might be interested in working something out with you. Maybe a bit more than the dealer, plus help you find your replacement...

[bodayguy]

Could you get a bank loan for the xB, then sell the FR-S real quick and pay off the loan?

[fledonfoot]

Just traded in my 13 with 45k on it. Shopped about a half dozen dealers. Best trade offer I got was $15,250 at a Toyota dealer. Worst was $13,500 at a Ford dealer. This was in November, in NJ where the market for these cars has just TANKED, and we're about to head into the snowy season.

Car was pristine with a full Toyota service history, and needed ZERO reconditioning for resale (being my own service advisor helps with that one). I was surprised - I was expecting closer to 16+, given the market I ended up at 15,250.

[Chad86]

Originally Posted by Tcoat

Hey, what does being Canadian have to do with misinterpreting something?
You should just be saying "Damn Chads!"

LOL

[BlackMonarch]

Refinance with some money down. If you only owe 10k, walk in to a bank with 1.5k in hand, or less, and be like "Hey, payment's insane, tired of paying on 28k when I only owe 10, let's refi this bitch" and walk out with a 180$ car payment.

To add to this a bit, you hav a 2013\14 MY vehicle. Banks will not look favorably on trading it off for an 04-10 vehicle. Your interest rate will be exorbitant, and your payments won't move all that much. Banks look at risk vs payout on auto loans. They sit and ask "What can we take them for besides the cost of the car, but also safely lend them so they won't default?" - Now obviously new cars are much lower risk. Won't break, less likely to be totaled out, warranties, etc.

Getting in to trading a new car for an old car, the banks get kinda suspicious. They wonder why - And then they realize it's because you don't like your car payment. What's going to stop this guy from doing this AGAIN? they ask. And it becomes an uphill battle for the finance department to get anything done for you at that point because the banks are playing hot potato and throwing it from subprime branch to subprime branch.

Your honest to (deity of choice) bet, is to go to your bank\lender\money-establishment and attempt a refinance.

[srt4evah]

^^^ solid advice, but depends on your credit situation too.

If you have excellent credit, Randolph Brooks credit union here in Austin is giving 1.65% financing, that's what I got on my ISF.

If you can refinance $11k for 5 years at 1.65% you're looking at $191 per month.

[Dadhawk]

Originally Posted by BlackMonarch

Refinance with some money down. If you only owe 10k, walk in to a bank with 1.5k in hand, or less, and be like "Hey, payment's insane, tired of paying on 28k when I only owe 10, let's refi this bitch" and walk out with a 180$ car payment....

That's not really how a (simple interest) car loan works, but your advice is good if @Linseal wants to keep a car payment, make it less a month, but pay longer, but it sounds like he wants to get rid of it.


To clarify, he's not really paying a $28K car loan payment. He is paying a $10K car loan payment on a 24 month term (the remainder of his loan).
He would get the exact same payment (adjusted for interest rate differences) if he financed a $10K loan for the remaining time on the original loan. The only way the payment goes down is to refinance it for a longer period than the 24 months (or so) remaining on the original loan. Maybe that is what you intended, but your "Hey..." part doesn't make it sound that way.


If it were me, I would sell the car, take the cash and buy whatever car I could afford with it and whatever cash you can throw at it, then save up additional money, rinse and repeat. Your "new" car will not lose much value in 10 to 12 months, so you may be able to flip it for about what you paid for it, maybe a little more (I've done that with low cost cars in the past).


That's exactly what I did about 20 years ago to get out of the car loan business, and never looked back.

[Gearbanger]

Whats a car payment?

[Jyn]

Originally Posted by Gearbanger

Whats a car payment?

Something I heard poor people have.