ok just want to ask my 2005 xa when i bought was 9999 but i had upside down of 4000 so that makes 14000 for financing at the end of interest and taxes i will be paying around 17677 for 74 months and i got the car with 18k miles now it has one year with me and 34k miles and i still owe around 12000 is it worth it to keep the car or not?

 

74 months? Man, someone got something over on you.

Do you have a great, secure job?

Why do you want to trade up?

I did so because I f-ed up my engine and needed an automatic.

I was at 17 grand at first with all the fees, ext warranty. Car was 14. Then 2 grand down. 24 month peroid. Owed 3600 when traded, got 9750 for trade and put on 09 xb.

 

if i went done all 72 months with mine i would of ended up paying around 23K but thats not going to happen cause its getting paid off 15 months early

 

My loans with toy are simple interest. They charge the interest up front or finance charge, include it in the balance and divide it by the months. Therefore, there is no benefit to pay early like a credit card or line of credit account.

I guess if you can get a great deal in this economy, have great credit, maybe you can refi to a new car and end up in a win win situation. A better rate too.

I sure miss my xa, but now I have a bigger car with an automatic, more power, good fuel economy, 340 monthly payment vs 627, but no mods. Since I am a home owner now, I have more expenses I didnt living in an apartment.

Second, since the payment is half, I can likely pay it on unemployment or a less paying job. Having said that, I am still working on a geo metro and hanging on to my tacoma, both of which are paid for incase I have to let the xb go.

 

i have a stable job but i feel bad paying 17k for a scion xa by the time i finish paying it it will have around 100k miles so i dont know that to do

 

well the best advice is to find a car that has a good rebate so it eats up some of the "upside down value" because if you just keep trading cars your just going to bury yourself

 

i have 13%apr

 

My first toy was like 5% even with a 744 credit score. My second was 5.2% with a 722.

Like above, shop around and only sign if its a deal. If you get 4 grand cash back and financed for 22% for 72 months, its no deal. You should be financed anywhere from 0-8%. Maynot be a bad idea to call your bank or credit card company to get a copy of your credit report and score to see where you stand, why its that and how to improve it before going car shopping.

Yeah, I drive at least 300 miles a week and had 25 thousand on my xa in 2 years. I racked up 7 thousand on my tacoma in 3 months. one reason I am driving the tacoma and geo to save the scion.

 

at the time i had crappy credit score but now it has improved lots!!!

 

I work for a bank and unfortunality, every one has bad credit.

Some people have bad credit from the start as their parents who can not manage money use the kids ssn for the water, gas, power, cable or they pay the bills when they want.

I do feel kind of bad for some people, but my job is much like David Spade on the criminal one commercials. NO!

Customer: I need a loan. I lost my job, I am late on my bills and have 74 thousand dollars in debit.
Me: Ok, you have no source of income, you have defaulted on 13 credit cards and your credit score is 423?

I am sorry, we cant approve you for anything because of your credit score and debit to income ratio.

Customer: I am going to close all my accounts ans go to another bank, another bank alreadyapproved me, but offer a rate of 32%, this bank sucks donkey *****.

I want to speak to your managler!!!!

 

Nice thanks for the info but here is what i want to do i want to just stop paying the car and let them repo but people told me i still need to pay for the diference after the car is sold in an auction so i dont want to pay for that balance so i know is my fault

 

WHAT!!!!!!!???????????

In order for your car to get repoed you need to miss a few payments. Then they auction the car off, subtract that from what you owe and send the balance to a creditor. Not a good idea.

Ok, what replacement car do you want? I would see at various dealers what you can get in trade and for purchase of new. Hopeful with the economy the way it is, you can get more for your car than its worth, then pay less than a new car is worth to reduce your upside down ness.

Ok, so you go the repo route. I dont know about your finance company, but we can cut you a break if you mention you lost your job, had a finanical hardship or were involved in a national disaster(SP?). You do however have to pay income tax on the forgiven part of the balance.

 

Thanks for the info