Now that it has a accident on carfax. Reports structure damage aswell so like 2% off dealers willl touch it. 20,000$ was the best offer I got. Many dealers told me
To take the 20k and run
Where was your insurance when the car was originally damaged? Did you not get any diminished value?
i always thought “structural damage” = salvage title instantly
- you rolled negative equity
- accident damage with “Structural damage”
- high interest rate
i would refinance the car and eat it
chances are you gonna pay an inflated price for a used/new car + roll negative equity + high apr again
just my .2 cents
You recommend any good banks for refinancing?
Should have pushed to totaled it out and let GAP eat the balance.
For Mass I’d go with Sharon Credit Union
Avail for
Norfolk, Suffolk, Middlesex, Plymouth, Barnstable, Bristol, Dukes and Nantucket countiesthe following towns in Worcester county of the Commonwealth of Massachusetts: Blackstone, Hopedale, Mendon, Milford, Millville, Northbridge, Southborough, Upton, Uxbridge and Westborough, or
For prime credit, as low as 2.24% for used cars up to 60 months. IDK if they’ll take a car with structural on the VIN tho.
As long as it’s not a salvage title I doubt they will care.
Also OP is saying structural but probably just means frame damage. Not all frame damage is catastrophic. There are commercial frame straighteners that do a decent job. It’s just life.
If if was $5k-7k of damage and the car was worth around $25k-$30k you may not have had this option.
IDK the CUs policies, and I’m not super familiar with cars with damage, accidents, or marks on title. I will defer to people with experience in that matter. Also this conversation is assuming OP has t1 credit.
Sounds like you only checked with dealers. You need to check Carvana, Carmax, vroom, shift and whatever else. You can do those online for a few minutes each. They’ll show exactly how much they’ll ding you for the carfax report.
I guess things can change in 4 yrs, but, if they are paying 9% interest, I would assume they don’t have Tier 1 credit?
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How many months left?
Oh wait, are you saying you have $30k left to pay at $730 a mo? Thus about 41-mo left?
All due respect, unless you’re in a significantly improved financial position, do you really feel you need to upgrade to a brand new $44k car?
If you have $3,500 to spare, make a lump sum payment to principle, no? You’ll save on interest and you’ll be in the same position regardless if you later decide to trade up (ie roll $6500 NE and no down vs $10k NE and $3500 down).
Either way I’d try refinancing.
I’d keep trying to make extra payments as extra funds allow and keep improving credit. A 2018 TLX has plenty of life left in it. Will cost you less in depreciation/maintenance than a lease payment on a 2022.
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I don’t need a 44k car no. I was browsing around. My credit isn’t that good as it was years ago. One bank was willing to refinance it but at 12% 560$ a month.
Holy cannoli man. $30.3k is just your current principle/payoff. Taking this to term will be more like $38k.
Throw every dollar you comfortably can to pay this down, forget the idea of getting a new car. Just do what you can to keep improving your credit and refinance once your credit is sufficient to net you a lower rate.
You wanna buy gap insurance. Then park your car next to the ramp on a lake and forget to put it in park…
11 Likes
Plan includes “free” food and a place to stay too?
Don’t you worry. Has GAP Insurance