I’m trying to wrap my head around how you still owe nearly double what your car is worth. I’m hoping the same mistakes aren’t going to be made again.
Was there negative equity rolled into the Acura deal? Do you have a high interest rate? Did you stretch your payments out many years, with little principle paid? Maybe a combination of several of these things?
Throwing money into the fire never stops the burn; at the end of the day you’ve made things much worse.
$8k of negative equity would be ~$220 PER MONTH (assuming a 36 mo lease) to pay for a nonexistent car. That doesn’t even include paying the bank to use their money.
I understand that, but what difference does it make…? The OP is underwater one way or another. I’m not sure why it matters if that is backed by some sob story or he/she simply made poor choices.
I know the transmission on some of these early TLX’s had issues right? but I still think it’ll be one of the more reliable ‘luxury’ sedans you can buy so it makes sense to keep it until it really is falling apart or the negative equity is more manageable.
I don’t think there is any lease that can absorb this kind of negative equity in this market and be considered anywhere close to a decent deal. I wondered if maybe an Altima given they’re fairly cheapish for leasing at the moment but it’ll be an inferior car and if you’re still racking up miles with Doordash etc, probably doesnt make much sense.
This is the problem with the auto industry. We, as a society, allow car dealerships to blatantly take advantage of buyers. Why?
That being said keeping the car you have and paying for repairs when they come up would probably be the most budget friendly solution (that car should last forever with proper maintenance). If you must move into something new take a friend to be a sounding board and sleep on whatever offer they give you. You can always post on here to get feedback.
We are in agreement that OP is underwater. If OP had a high interest car loan, my recommendation would have been that they refinance their existing loan at the lowest rate possible. There is thread with more detailed info.
At the end of the day, I am just trying to help OP get out the negative equity cycle.
Because people are lazy and want instant gratification. It never ceases to amaze me the effort people will go through to avoid doing the most basic level of research on one of the largest purchases theyll make in their life.
very bad when you still have that much negative equity, you need to make research and understand why you need a new car and why you want to give up used one. This may not be a common sense for a normal people but this is the key in this forum. It’s not a good idea to keep building up your negative equity. And it is stupid to use a expensive car for doordash if that’s your plan, you are burning your hard work money.
Tell that to the government during the 2006 housing bubble
The amount of legislation that passed as a “crackdown” on the banks that “took advantage” of buyers making poor choices is still felt to this day. Yet its perfectly ok for dealerships to keep dumping negative equity into new cars.
Dealerships and banks are just the facilitators. Individuals who feel the need to get into a new vehicle and roll negative equity are the ones you should be preaching to.
