How many miles do you have on it? Did you put any money down? How many payments have you made?
I have about 13k miles no money down and I have made about 9 payments so far of 388.36
I feel terrible that you were taken advantage of. If you can get the interest rate on the loan down by talking to the bank or finance company you used, that would definitely help. If you can get the rate down, it could save you $50/month or so on interest. Whomever financed it does not want the car back. The last thing they want is a depreciating asset on their books. They will repo it if you don’t pay, but they’d much rather negotiate with you and have you making the payment on the vehicle. Explain the entire situation to them and ask if they can do anything.
I also suggest that in the future, the next time you go looking for a vehicle, come here or take someone along that is familiar with negotiation and have them help. You can always post a deal and get feedback here or on any number of forums like edmunds.com to see if you are getting a great, average, or terrible deal.
Do you feel the same way when you pay full price for a pair of shoes at Macy’s and salesperson doesn’t tell you there is a 10% coupon available? It’s up to you to find out about discounts.
Breemiler14, if you want advice on your entire financial situation, it may very well be advisable to either let the car go back (repo) or file bankruptcy. It all depends on your individual situation. It sounds like going from $388 to $250-$300 is not really going to help you very much if you are struggling right now. What is your income? What other debts do you have? What other monthly payments? These would be questions for the Dave Ramsey show if you want good free advice.
Are you serious? The dealership and/or salesperson should have voluntarily offered to reduce the price to someone who was agreeing to pay sticker?
They didn’t “let” anything happen…takes 2+ parties in a contract which the buyer agreed to (presumably without any gun being held to his head).
I understand you feel sympathy for the OP but no crime occurred here. Please spare us the theatrics of throwing around words like “criminal”…Rule no. 82 of the Internet is that it’s only a matter of time before any online discussion devolves into someone being called a Nazi.
No offense to the OP, but it’s up to each buyer to educate him or herself. Maybe back in the day pricing transparency was harder to come by, but in the internet age with tons of information out there (and no negotiation required if you use a pricing service like Truecar, Costco, etc) the only thing “criminal” to one’s bank account is to go in uninformed.
Where do you live? I live in PA and the average trade in value for that vehicle is very good condition at 13k miles is 12685. Or is it already in bad condition?
I am from Florida, my truck is in good condition as well
I really dont want to file for bankrupt or have the truck repo because regardless I will still have to pay off the loan or the deficiency balance.
I will try and get in contact with a credit union do you have any in mind that are big on refinancing.
Refinancing is probably the best option now. If you get it at 3% you’ll save about $30. I don’t think taking the negative equity into a lease will save much more plus you’ll have to pay some upfront fees.
What can you actually afford for a car?
PenFed is, they are awesome. I was able to refinance a loan I had with Santander that was at 9.7% to 2.25% so go try.
We both know (or at least you should) that it’s a false equivalency.
Only in terms of the amount of money, otherwise - exactly the same. Besides, you wouldn’t turn money down if you worked in sales, would you?
Criminal may be a strong word, but can’t we all agree that it seems this dealership really took advantage of the OP not understanding the numbers at all? Seems the OP was made to believe that they got under MSRP, when in fact they didn’t. Seems like a tax on the mathematically challenged. (Sorry couldn’t help myself)
See if you can refinance first. If not, you may want to at least talk to a bankruptcy lawyer about the pros/cons of filing a bankruptcy petition. I suspect if you are having difficulty with these car payments, you might be struggling with house and credit cards, etc. You would likely have to give the vehicle back but what you still owe should get wiped away or a payment plan you can handle.
Okay thats what I will do, if all fails I only have one credit card in my name thank God and I am paying on that as well.
Or possibly a second job until you get above water but I am sure you work very hard already and have already considered that option.
Yes, I have I have been bussing my tale. I’m new at all this car stuff. For the desired amount of my loan what should I put on the application?