Not sure if this is a good purchase or not but I think it will in the long run?
CREDIT SCORE IS **610
I have a 2018 Acura TLX 2.4 4 Cylinder. Loan amount is 25K left with a 9.04% Interest payments are $730.00 per month with Moderate Damage/Frame Damage
Filling up the Acura a week is $65
Toyota offered me $18,500 which was fair considering last year i got offered $22,500
I went into Toyota and got denied for a 2021 or 2020 Toyota Camry TRD. Toyota Financial said the car was to much LTV(Loan to Value) even with 4500$ down. Toyota Financial told me and the Finance manager to wait till March for the new Finance specials. Come along March and the dealer told me that Toyota approved a 2023 Toyota Camry XSE V6 Fully Loaded with
MSRP= 36,645.00
Factory Installed Packages& Accessories which is $2,020.00
Cold Weather Package
Driver Assist Package
Navigation Upgrade Package
Blacked out package Total Price= 40,561.00 INTEREST RATE IS 5.5% For 72 Months Toyota already Confirmed this is correct.
Total Price would be $44,452 after said and done. Some Negative equity was rolled in.
What’s up with the damage? Did you consider having insurance look at that, maybe the car is totaled and you can walk away, although I’m confused why a Toyota dealership would offer $18k on a car with frame damage, feel like there’s some details missing
well I’m confused, frame damage is a big deal, I assume the unibody isn’t actually bent. Rolling your negative equity into a $40k Camry is just kicking the can down the road, you’ll still be negative for years to come. What’s the MSRP and discount on the Camry?
All the negative equity was rolled in, the rate is great for your credit score, assume that’s through TFS, I assume no cash down or is $4500? You need a worksheet breaking down all the numbers, I’m not sure what exactly is going on. Whatever you do make sure you get GAP if you go through with this
You really need to replicate your numbers in the calculator
$56k to drive a Camry for 6 years, it’s your call. I’d pay down the Acura until it’s positive, throw some double payments at it. Do you have the $4500 in cash or using a CC or something? Not sure a fully loaded Camry is the best choice, that’s probably the highest depreciating one you could get.
Sounds like you are going to move forward but the warning signs are flashing: a Camry for over msrp, a credit score that needs improving, and a good amount of negative equity. If you do move forward, I would have a plan to stick with this car until the loan is paid off.
What problem are you trying to solve for here - is your current car reliable? Doesn’t seem like you’re reducing your payment and likely not going to save on gas going from a 4cyl to V6.
Have you gotten other estimates on value of your car?
Is MSRP really the best you can do on this car and do you need the $2k add-ons?
