So I am new to all of this. So my problem is I’m negative equity about 6 to 7 k which is 180 to 210 a month in payments.
2019 bmx x2 loaner.
3250 incentives
750 conquest
Total 4k
So down to 33 995
1500 down
Monthly payments with taxes tag and first month 615 a month for 36 months and 10k miles. I know it seems like a lot but it’s about 420 before the negative equity. Any thoughts
You have that much negative equity and have explored all options (Carvana, Vroom, etc), you should look at something that has an MF as close to 0 as possible. This will reduce your finance charge.
Yea I’ll keep looking. I’m close just to do it and sucking it up for 3 years and being free. My problem was buying a car with a good car fax just to turn around a year later and that good fax updated to a bad one. Never seen it but it screwed me
They’re probably offering you much less than your trade is worth. Showing you $5500 off the X2 then dragging (lowballing) your trade by 2000 makes this a pretty weak deal
They giving me 15 500 for trade. 2015 Honda accord v6. I owe 21 873
Carfax has an accuracy guarantee… I would think you can go after them. It’s worth googling anyway
You should take your car around to a number of dealers and act interested in their vehicles just so they’ll give you an offer. You’ll find out what it’s really worth
Yea I probably should of. It was the car before this. C300 4 matic sport. So I already rolled negative equity once but should of leased back then. Then I would of only had one year left.
Just stick with the Honda. Do u really want your payment to jump by $200 a month. After the first 6 months that new car smell wears off and that $600 payment will really burn
I dont know if this matters but I’m paying 505 now. so an extra 110 a month. Also. I was paying 550 but refinanced without penalty like 6 months ago. I have 4 years left on the Honda. 26 000. Miles on that
I agree, no point raising your payment to move to the X2. Just stay with the Accord a few more years and you wont be upside down anymore.
Exactly. In 36 months you will have equity on the accord. In 48 months you’ll have it paid off. And it’ll be worth like 8 grand. Stick with the accord.
So you want to pay thousands to get out of an Accord with only 26k miles and into an X2 for total OOP of ~$26k? Because the carfax shows it was in a fender bender or something?
I don’t understand this at all. The Accord will need gas, oil and $40 of brake parts over the next 3 years. If you hate it that’s one thing, but at some point you have to stop the cycle of rolling in negative.
OP likely just wants to try something new and at the same time find something that can take a lot of negative equity rolled in.
I don’t recommend it unless the car being traded in has impending outsized maintenance or repairs in the near future in which case press hard on the trade in as well squeezing the dealer for as much discount as possible to reign in the gap and payment as a result.
Got my sister in law a deal on a 38k brand new X2. O down at 384 a month. Her first car and no loyalty or college grad which would have made it sweeter. She would be at 340 a month with them.
Perhaps not a good time to get out of what your driving. Just stick with it until your in a better position.
It’s the weekly “kick the can down the road” thread. 99% of them never make sense, this one included.
There are so many stipulations built into that to protect themselves…good luck with that.
Could’ve been a simple timing issue where the CarFax wasn’t updated in time due to a very recent accident before the previous owner traded it.
To rely on carfax alone and not have an independent shop inspect the car before purchase is just plain foolish.
$33,455 “Purchase price”
0.00165 Money factor