Lowering Car payment ideas?? - Chicagoland Sportbikes
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post #1 of 63 (permalink) Old 03-20-2008, 10:36 AM Thread Starter
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Lowering Car payment ideas??

So I bought a car 2 years ago and it seems that the payoff price is is more that what the car is worth. I moved into a house and the monthly payment is getting to be to much. I would like to find a way to get rid of the car and move in to a cheaper car with out to much hassle. Any ideas or am I F'd with the car

If my calculations are correct, this will create ice... OH NO, KILLER MUSTARD GAS!
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post #2 of 63 (permalink) Old 03-20-2008, 10:46 AM
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If you're upside down in the loan now, you'll end up even more upside down if you get a different car. You might be able to lower the payment, but will end up paying more in the end (over the life of the loan). I know auto loan refis are available, but I don't know if they will allow you to do a loan for much more than the car's value.

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post #3 of 63 (permalink) Old 03-20-2008, 10:49 AM
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Your fucked. I am in a same situation, not so much with being overwhelmed but with wanting a new car. I am like $5k upside down and there is very little negotiation room these days and they will just roll it into your new loan which makes things not that much cheaper and still upside down.

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post #4 of 63 (permalink) Old 03-20-2008, 10:53 AM
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your f'd, only way to get out of this is to sell the car outright for the most you can get and pay off the rest.

trading it will only put you deeper in the whole, trust me on that i've, I've been there too many times.


Oh and I hope you have gap insurance. otherwise if you total it you will owe the difference between the cars value and what the insurance company pays out.




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post #5 of 63 (permalink) Old 03-20-2008, 10:55 AM
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post #6 of 63 (permalink) Old 03-20-2008, 10:59 AM
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You will get more money selling it to a private party, but the money you make over a good trade will negate the tax you will pay. Six of one, half dozen of the other. If you don't need a new car, don't get it. now is not the time, in my opinion, to take chances with money. Unless you are going to get a junker that you can live with, you won't save any money by going to another equal level car.

Now, if your credit is outstanding you can get a no-interest loan on a car. Offers are still out there for those now-and-then. You will still need to come up with the cash on the payoff difference for your old car, but having a new loan with no interest is very nice. Just make your payments on time.

If you don't have the cash to pay off the balance on a trade, my advice would be to try a refy to keep the payments low month-tomonth (although you pay more in the long run) or tough it out as is. You will pay the least over time if you keep what you have if you are upside down by 5k...

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post #7 of 63 (permalink) Old 03-20-2008, 11:01 AM Thread Starter
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Thats what I thought. impulse buys suck. if its shine'n I buy'n. IDIOT!

If my calculations are correct, this will create ice... OH NO, KILLER MUSTARD GAS!
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post #8 of 63 (permalink) Old 03-20-2008, 11:01 AM
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What kinda car? Wanna trade and take over my payments? $220 a month ftw.

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post #9 of 63 (permalink) Old 03-20-2008, 11:06 AM
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Refi the car. It will cost your more in the long run, but you will have a lower payment.

Go to state farm bank. Also, you could keep making the old payment and still payoff on time. But when things get tight, you can pay the lower payment. It takes some discipline, but you could make it work for you. I did that once when I was buying my first condo out of college. It helped me qualify for a higher payment, but I kept making the old payment and paid it off on time. I think it cost me like $20 in the end.

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post #10 of 63 (permalink) Old 03-20-2008, 11:08 AM
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Wreck it on "accident"
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post #11 of 63 (permalink) Old 03-20-2008, 11:10 AM
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Yeah what kind of car wanna sell it and how much?
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post #12 of 63 (permalink) Old 03-20-2008, 11:15 AM
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Quote:
Originally Posted by bluebusa07 View Post
Wreck it on "accident"

Sure, then insurance covers what the car is worth and he has to pay off the extra out of pocket right away...



Run the numbers. Find out if Refi works to save you money, or set it up on a longer payment plan like Jrock suggested.

The only other options are just keep paying it, or get out from under it by selling it private party....which may not work depending on how upside-down you are on the deal. Nobody is going to buy a $10k car for $15k, but if it were only $11k you might be able to hook someone on the deal.

Run the numbers and find out what works best for you. Don't wait till you are drowning to do it.

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post #13 of 63 (permalink) Old 03-20-2008, 11:18 AM Thread Starter
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What kinda car? Wanna trade and take over my payments? $220 a month ftw.
04 jetta 34,000 miles silver fully loaded 18's. covered till 78,000 $16,825 left on car

If my calculations are correct, this will create ice... OH NO, KILLER MUSTARD GAS!
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post #14 of 63 (permalink) Old 03-20-2008, 11:21 AM
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gimmie dem 18's i got an 06 GLI

but the only way to save money is sell it and ride the bus. either way, you owe what you owe. sorry bud.

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post #15 of 63 (permalink) Old 03-20-2008, 11:26 AM
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Quote:
Originally Posted by RockStaRR View Post
04 jetta 34,000 miles silver fully loaded 18's. covered till 78,000 $16,825 left on car
Fack, another Nazi sled. I'll keep my problems.

Private seller FTW.

OR

Check the BB value, if the dealer cuts you a check that equals the amount that you owe, trade the sucker in and get a cheap beater = lower payments.

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post #16 of 63 (permalink) Old 03-20-2008, 11:37 AM Thread Starter
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gimmie dem 18's i got an 06 GLI

but the only way to save money is sell it and ride the bus. either way, you owe what you owe. sorry bud.
Gimme $800 they are the VW bbs 18's

If my calculations are correct, this will create ice... OH NO, KILLER MUSTARD GAS!
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post #17 of 63 (permalink) Old 03-20-2008, 11:39 AM
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Gimme $800 they are the VW bbs 18's
pics would be great! Put it on vwvortex.com. and audizine.com. Lotsa potential buyers at either site.

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post #18 of 63 (permalink) Old 03-20-2008, 12:13 PM
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Besides slapping a Ducati badge on it and selling it for bukoo dollars to the fan boys, there's not much you can do. Cars are depreciating assets.

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post #19 of 63 (permalink) Old 03-20-2008, 01:26 PM
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What's your interest rate? Maybe capital one will refi you at a better rate. Be CAREFUL though because it will extend your payments even farther. Take the extra $$ saved and continue to shovel it at the loan.

First sell the rims!

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post #20 of 63 (permalink) Old 03-20-2008, 01:34 PM
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Can you pull out some cash from somewhere else in order to pay off the loan and keep the car? What's your interest rate on the loan? I'm not suggesting that you eliminate your "rainy day" savings but if you're earning a return somewhere else that nets to less (after taxes) than what you're paying on this loan then you're not gettting ahead and should liquidate that asset to pay off this loan.

You've taken the worst of the depreciation hit so if you're still somewhat satisfied with the car you should force yourself to hold onto it for now until you're in a better financial position....nice car by the way.

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Cars are depreciating assets.
Depends what you use it for....most are liabilities if you ask me.

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post #21 of 63 (permalink) Old 03-20-2008, 01:42 PM
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"Ride it like you have 30 monthly remaining payments" should keep most people out of trouble.
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post #22 of 63 (permalink) Old 03-20-2008, 02:01 PM
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Pull 5g's from your 401k, drop that in teh car payments = less payments.


Quote:
Originally Posted by G2G
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Isn't that like having sex and not finishing though?
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post #23 of 63 (permalink) Old 03-20-2008, 02:08 PM Thread Starter
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Quote:
Originally Posted by DefyInertia View Post
Can you pull out some cash from somewhere else in order to pay off the loan and keep the car? What's your interest rate on the loan? I'm not suggesting that you eliminate your "rainy day" savings but if you're earning a return somewhere else that nets to less (after taxes) than what you're paying on this loan then you're not gettting ahead and should liquidate that asset to pay off this loan.

You've taken the worst of the depreciation hit so if you're still somewhat satisfied with the car you should force yourself to hold onto it for now until you're in a better financial position....nice car by the way.



Depends what you use it for....most are liabilities if you ask me.
Rain day fund is bike fund which sucks. good insight though. I guess might just bite the bullet and keep the car I really like it. and yes it is good on gas

If my calculations are correct, this will create ice... OH NO, KILLER MUSTARD GAS!
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post #24 of 63 (permalink) Old 03-20-2008, 02:20 PM
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Quote:
Originally Posted by EndlessRR View Post
Pull 5g's from your 401k, drop that in teh car payments = less payments.

fewer payments yes, not neccessarily a lower payment

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post #25 of 63 (permalink) Old 03-20-2008, 02:24 PM Thread Starter
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Oh yea work for small company no 401k

If my calculations are correct, this will create ice... OH NO, KILLER MUSTARD GAS!
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post #26 of 63 (permalink) Old 03-20-2008, 02:26 PM
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Quote:
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Oh yea work for small company no 401k
no 401K, so you put money into a IRA then right? you could use that the same way.

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post #27 of 63 (permalink) Old 03-20-2008, 02:32 PM Thread Starter
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Quote:
Originally Posted by clearwaterms View Post
no 401K, so you put money into a IRA then right? you could use that the same way.
I not very smrt

If my calculations are correct, this will create ice... OH NO, KILLER MUSTARD GAS!
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post #28 of 63 (permalink) Old 03-20-2008, 02:42 PM
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Quote:
Originally Posted by RockStaRR View Post
I not very smrt
Thats not your real picture in your avatar is it?

Seriously, I guess it depends on how "upsidedown" you are, and if youd be willing to sell itand pay the difference, then drive around in a reliable but ugly "beater" car with little or no payments so your house payments arent so hard to manage. Id be willing to do that, but I dont care what people think of my car, just that it gets me from point A to point B. Think about it.

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post #29 of 63 (permalink) Old 03-20-2008, 02:44 PM Thread Starter
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If my calculations are correct, this will create ice... OH NO, KILLER MUSTARD GAS!

Last edited by RockStaRR; 03-20-2008 at 02:50 PM.
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post #30 of 63 (permalink) Old 03-20-2008, 02:52 PM
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Quote:
Originally Posted by clearwaterms View Post
fewer payments yes, not neccessarily a lower payment
Darn. Just stop paying and have that shit repo'd. Voila, no car, no payments.

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