Sorry for sounding like an ***, but you really should've assessed your financial situation before your purchase...but I guess it's not abnormal that many people would be overly eager and end up making poor financial decision for this car since it DOES appeal to young guys

at least now you should've learned your leason...

Hope things work out

 

Yea, well when I got the car.. and up until around the end of June.. I was fine. Everything was good, the payments didn't cause me to struggle. Then things changed with work, and it had hurt me financially with the hours, and pay, and what not.

But, im gonna do what I gotta do.

Thanks for the opinions, and replies!

 

Totally agree with this comment. You made a serious financial obligation and got way over your head. Sell the car on your own and go find an Eagle Talon for under $7,000 and mod the crap out of it with the left over cash!

I'm glad I have one payment left due on December 10, 2006
$246.00 put half down upon purchase.......

 

If you hate driving it, it would probably be wise to get rid of it now for something cheaper that you do like. Otherwise you'll hate the car the whole time you'll have it.

 

Sell the car privately. Trading it in would be the worst possible thing you could do as you will end up in an even bigger hole. Don't look at things just from the perspective of what you pay/month - this is where people screw themselves over. Look at it from the perspective of what you pay altogether.

$27k-29k is a lot bigger hole to dig your way out of than if you sell it and have to come up with $2-4k plus $1k for a beater. My solution cleans up your mess comfortably in less than a year. Keeping the car means you will be home free in what - 4 or 5 or 6 years? Considering you are struggling as is and its frustrating you, do you really want to keep fighting with it for that long?

 

He owes $28,000 on his Evo. If he sells it on his own for $24,000 and buys a 9+ year-old car for $6,500 he'd be breaking the contract on the Evo because he probably doesn't have $10,500 lying around to make up the difference he owes. Then his credit rating will be shot, his payments won't change 'till he pays the $10,500 he still owes, unless the payments go up for breaking the contract by selling the collateral! He can't get a loan on a 9+ year old car and even if he could, the bank wouldn't cover the inequity.

I think the left over cash of which you speak is in your bank account, not his!

 

Sorry for sounding like an ***, but you really should've assessed your financial situation before your purchase...but I guess it's not abnormal that many people would be overly eager and end up making poor financial decision for this car since it DOES appeal to young guys

at least now you should've learned your leason...

Hope things work out
Hate to be a *** too but people should not be buying a car they cant afford. Unless they know there job is very stable and payments are not ridiculous. Sorry any payment over 500 is crazy. Unless you making in the upper 5 digits.

 

The bank owns the car and won't let him sell it 'till he pays them off. If he trades it in, at least he knows that he'll have wheels he can afford for the next few years. If he sells it himself without being ultra-careful, he'll be in a much bigger hole and probably without wheels. No bank would let a dealer screw him with that kind of inequity so it's not a concern unless he puts money down.

If we did that, nobody would take a loan to buy a car (except 0% etc.). Nobody would have credit card debt. This forum would have like 10 people in it. It's generally good advice, but the fact is, this person, like most, can afford a certain amount per month, and isn't in a position to take the very best advantage of his money.

Depending on the OP's situation, this may be the best solution, but he'll have to work it out with the bank that loaned him the money for his Evo first.

 

Keep the car for another year and then re-finance it to lower your payments. You will be able to do so through your local credit union with little or no problem.

 

He said he hates having it, not driving it.

 

not really discussed but why did you pay 37k for an 05 in sept. I bought my 05 in sept 16 for 32260 otd here in so. cal and it had the ssl package on the 0% promo. Maybe you traded in a car you where upside down 3-5k on. What ever the reason you need to be more careful with you purchasing power next time you go to buy. A trailblazer ss would be a horrible purchase finacially as the value on that baby will go down much faster then your evo has and the payment will not be any less as that is a more expensive car. Your easily 7k upside down if you try and trade it in. I assume you don't have 5k to get out of the car private party. If you can't afford the car you will probably have to trade it in on a economy car that has a huge discount from the dealer and factory. Look for an 06' in the new car newspaper ads. Good luck. As for the ix you can't get 0% on those cars right now with 7k upside down and new ix ssl going otd for 35k your looking at finacing 42k ouch!!!!!

 

Agreed. I'd love to have 0% interest on it! Just keep it, enjoy it, and make the payments.

There's tons of people on here paying more per month than you, you're not alone. And there's even more paying less to principal - that 0% is nice.

 

Its pretty much the same thing, if he hates having it, he wont be too happy driving it. It will always linger on your mind while your driving that car.

 

Wow, the 0% interest is great, it's practically free money! The $37k principal for a $32k (?) car is what is killing you. The good news is that you will never get a better deal to make up that $5k than what you have now. It will probably take you about 18 months to get to the point that you owe less than the car is worth, but it is the fastest way to recover. In the meantime, you still get to drive your evo.

Don't feel too bad though, by my estimation you're paying roughly the equivalent of 7% interest on your evo ($32k @ 7% for 60 months = $633.67 payment). Unless you had the ability to buy the car outright, you still would have probably paid $600 a month or so. All in all, it's really not that bad, as long as you can make the payment each month.

 

This is true but all you have to do is get an unsecured loan to cover the rest. You tell the bank you can't afford the car and you want to sell it and they will generally give you the loan themselves for the remainder unless your credit score is absolutely rock bottom. They assume less risk this way and it happens all the time.

And how do you KNOW that? The only given if you trade it in is that you will throw away more money had you just sold it privately.

And what's wrong with that?