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I got a car loan of $26000 with no interest in 2017. I was only able to make the monthly payment of $393. It was on a small,brand new off the lot car from Toyota. But,someone did a hit and run in Nyc and my car has dents. I also ran up a lot of miles driving all over NJ due to my career. I am at 120,000 miles in under two years and nine months. i still owe $15700 on it.
The issue.Both cars are from the same dealership btw. Apparently the dealership is running a special. No money down on a new car. My loan is directly from Toyota.Both loans would be.
While getting my car serviced,someone from sales came over and asked if i wanted to trade it in. Due to the condition of the corolla,he said he could only offer $3500. I told him i am not buying if they do not give me at least $6000 for it.(it isnt like they do not have service records on it, I ONLY used them the whole time)
So he said he would shave off $4000 of the price of a Rav-4 to make up for the loss on the 2017 corolla.That is $20000
Here is where it gets fuzzy. I had $8600 i was going to use to pay on the corolla,which would have brought me down to $7100 owed on the corolla. The salesman said it would be better to put the money down on the new car and roll over the $15,700 into the new loan. I asked him what was the difference and he would not say directly. Because i would have rather given the money to the bank,and still walked out with the new car with no money down. My new payment would have been $659/mo for 6 years at 1.9% interest.
I got a car loan of $26000 with no interest in 2017. I was only able to make the monthly payment of $393. It was on a small,brand new off the lot car from Toyota. But,someone did a hit and run in Nyc and my car has dents. I also ran up a lot of miles driving all over NJ due to my career. I am at 120,000 miles in under two years and nine months. i still owe $15700 on it.
The issue.Both cars are from the same dealership btw. Apparently the dealership is running a special. No money down on a new car. My loan is directly from Toyota.Both loans would be.
While getting my car serviced,someone from sales came over and asked if i wanted to trade it in. Due to the condition of the corolla,he said he could only offer $3500. I told him i am not buying if they do not give me at least $6000 for it.(it isnt like they do not have service records on it, I ONLY used them the whole time)
So he said he would shave off $4000 of the price of a Rav-4 to make up for the loss on the 2017 corolla.That is $20000
Here is where it gets fuzzy. I had $8600 i was going to use to pay on the corolla,which would have brought me down to $7100 owed on the corolla. The salesman said it would be better to put the money down on the new car and roll over the $15,700 into the new loan. I asked him what was the difference and he would not say directly. Because i would have rather given the money to the bank,and still walked out with the new car with no money down. My new payment would have been $659/mo for 6 years at 1.9% interest.
Any advice?
Drive the Corolla into the ground. Literally drive it till it falls apart. THEN go buy another car. Go buy a used car. Stop buying new cars with the mileage you are driving. I drive about that amount now and you won’t see me buy anything new. You can pick up great cars cheap if you wait and jump on it cash in hand. Then you sell the other car. That’s what I do. I’ll buy a cheaper car cash vet the vehicle by driving it weekends and doing the maintenance then 8 start driving it put the old one up for sale.
Buying new cars when you drive 35/40k a year is a exercise in bad financial decisions. Last car 8 bought I paid 2600. Put about 1k I too it. Drove it 45,000 miles. Sold it for 3000. Total cost to me was 600 over 18 months.
Not what you want to hear but just keep driving the corolla until it dies. No sense getting way underwater on another vehicle.
Think about this. "Rolling over" one debt you can't pay off now and could barely make the monthly payments on into another larger debt with a higher monthly payment isn't a great idea. All for a shiny new undented car. The salesman said it would be better to roll one loan into another? Their job is to sell you something. Do you really think they want to help you out financially? They don't. They want to keep selling you more expensive (expensive to buy, feed, maintain, insure) cars!
Be glad the car is a toyota with 120 k and NOT SOME GM OR FORD CRAP that could easily be worn out with that milage. Keep driving the toyota and keep it serviced too!
Be glad the car is a toyota with 120 k and NOT SOME GM OR FORD CRAP that could easily be worn out with that milage. Keep driving the toyota and keep it serviced too!
I have had many great Fords and have had a crappy Toyota before.
The only reason i considered the new car was because it has a lifetime warranty on the powertrain. The corolla does not.
Plus,by the end of this year the car should have 200000 miles in it
Used cars never work out for me.
I put 20,000 miles on it and an expensive repair happens.
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