Upside Down Loans

[maddoggyusa]

sounds like you might be getting some "screw her over she's a young woman" treatment from the dealerships

[Kens ss]

Originally Posted by babymandm

I did not purchase any of the extra things they offered, but I did roll in the tax, tags, fees in with the loan. And I didn't roll over any money on this loan, I meant I had a small amount of money that was given back to me after the loan was paid off from the totaled car. The amount they gave me for my car that was totaled paid off the remaining balance of the auto loan along with a few extra dollars in my pocket. Thank you for the links to NADA and KBB. I did do both sites and I got the amounts that you got, which is why I feel I'm being taken advantage of by these dealers offering me $17,500.00 for mine. I might have made a mistake and it was only because I needed another car and I get what what your saying about me "having to have a Camaro", but I've always been a Camaro girl and I always will. And I can afford what I have, I just want what I want. Thanks for everyone's help and opinions, positive and negative. I appreciate it!

I have probably posted too many times to this thread as it is, just trying to help you with your options.
I know what it's like to wish you had something even better than what you have, such as you wanting a convertible SS.
But quite honestly, I looked at your pictures of you current RS and I just have to say it is simply beautiful!
Sure a convertible and more power is fun, but learn to enjoy yours for a few years... Just remember, every time you drive it, there is someone green with envy, wishing they could have a car like yours.

Also think of the bright side, maybe in a few years you will even be making more money, and you will still be able to find some sweet 2013 convertibles with very low miles (if bought in the snow belt), I just bought my "11 with very low miles and all the options for well under 30k. While a very similar 2015 would have been over $45k
Relax and enjoy jour very sexy Camaro!
Ken

[yzark99]

A buddy of mine decided to get a new car at the end of his lease. He couldn't make up his mind, and kept trading in his latest vehicle for another one from the same dealer for a few months. They added up the cost of each vehicle he "bought" and added it to his total. They were such nice guys that they just added each addition onto his existing financing without letting him know how bad it was getting. He ended up in a $14,000 car with $49,000 owed. It eventually bankrupted him.

[SIN R G]

Originally Posted by PalmerGA

No dealers have called you back because none of them are going to touch your loan. THEY know you made a terrible deal and they are not going to help you get out of it.

I was thinking the exact same thing. The problem your running into is that you took an 84 month loan on a NEW car. Now you want to go back and get a 2013 or older model. The longest most banks will give a loan for a 2013 is 48 months, possibly 60 months. The dealers are looking at rolling the amount you will owe into 48 months and your payment is going to be much higher than it is now. Could you handle a payment that may double what your paying now?

[babymandm]

Thank you all for the comments and helpful advice. I was thinking of trying to sell it privately but how difficult is it to do that when you don't have the title in hand? I never had a financed vehicle that I sold. I just started paying almost double my payment to try and get the balance down, if not by Spring, maybe Summer. And no, I would never want to have a car that I would HAVE to pay double the amount a month for a long time. I know how fast things can change with the way the economy is, so as long as I can afford it, I'm going to keep making these extra payments a month. And I have come to terms with my car for now and this situation I'm in, thanks to a lot of your comments and advice. But sometimes I just get there urge to do a search and see what's out there for sale and I find something I like it and it eats you up knowing you can't try and get it. I have learned from my mistakes and will never take out a loan for that long again. When I spoke with my credit union about my situation last month, they told me they now take out loans on new vehicles for 96 and 120 months. That is insane!! I just have to stop looking. And wait until next year. I really want to see the 16 vert in person when it arrives to the dealers in spring but I'm guessing if I would like it, which I doubt, the price will be way out of my limit. And just seeing pictures and video, it just don't impress me, the look I mean. The options are very cool, but to me the 5th generation will always have my heart. Thank you again for all the input, personal stories, and kind words. It does help to hear others opinions and what they went through or someone they know.

[trashmanssd]

This may help you learn a valuable life lesson. You cant chase the carrot on the end of the stick because you will never reach it. There is always something better, better car, better phone, better house, better shoes. Keeping up with the Jones's will only make you broke and will not make you happy because there is always something better out there (unless maybe if you are a Saudi prince).

[enzia35]

Originally Posted by Dfault

That really sucks that you're negative, but you've gotten some great advise from the members here. Take it in well, you might want to shop around through the many dealerships out there and walk in and ask to see the car with the highest incentives to cover the negative equity. It probably won't be the best looking car, or the car to get you the ladies, but it'll get you out of debt safely and maybe into a new car.

Also, from my experiences of growing up the hard way because I was a hard headed dumb butt, most women don't even care that you have a super nice car. Besides being a single male in a really nice sports cars makes women think you have more money than you really do and they're going to expect you to deliver if you expect to get anywhere with them.

There was a Porsche 918 parked at a store here one day. Only dudes were gawking at it.

Just wait until the '17. More bugs will be worked out by then.

[motorhead]

Originally Posted by PalmerGA

Well we've all heard the expression that "hindsight is 20/20" so, what do think you should have done after totaling your 2010? This may seem like a pointless question at this stage of the game, but hopefully this thread has turned into a learning experience for others who may be thinking about buying a car they simply cannot afford. Like many of our stories here, perhaps your story will help someone else stay out of a similar situation.

Your story, though unfortunate, is TOTALLY your own fault. You had to have another Camaro because that's "all you've had since you were 16". So you got one - a brand new one - because you "really didn't have a choice, nothing else available that I seen and I never had a brand new car".

So now you have a new car that "after the first month" you hate. At least you "got a good deal". Seriously? You took out a EIGHTY-FOUR month loan to be able to afford it. You do know 84 months is SEVEN YEARS, right?

You, young lady, need some serious help with managing your finances. You have no idea how reality works when it comes to money and now you are stuck for seven years with a car you hate. And that $20 a month you are adding to your payments... you may as well buy a case of beer with it and get some enjoyment out of it because you're just pissing it away. You might pay off your car in 82 months paying $20.

No dealers have called you back because none of them are going to touch your loan. THEY know you made a terrible deal and they are not going to help you get out of it.

Good luck to you. This is going to be a long and painful lesson for you.

Nothing like telling it like it is and not sugar coating. The true hurts some times, but needs to be said anyhow.

[baum]

OP- a couple things can i ask how old are you? did you buy this car alone or did someone help you (an experienced auto purchaser)? can i ask what was sticker price what did you pay?

this is what i read in the post (correct me if im wrong).. young(er), first time buying new (alone), dealer said yeah we can sell it to you and all you really cared about was monthly payments (not the actual car price)? Monthly payments is a BIG no no. they will change the terms to get you into that vehicle. EX your 84 mo loan.

cars are meant to be negotiated on. a dealer doesnt actually "own" new cars. after 90 days they have to make monthly payments on them. which is why dealers try to get rid of oldest inventory first (will usually be willing to "discount" them a little more). dealers have the ability to make $0 on the price of the car because every car has a holdback (money the manu gives the dealer just for selling it). dealers also make money on financing through them. this is why dealers always push to finance with them. IF you have a high enough credit score you can negotiate your apr. by law a dealer can mark up any apr by 2%.

There are many online loan calculators you can simply put in purchase prices, apr's, terms and it gives rough monthly payments. These are great tools and the internet makes it even easier to get dealers to lower prices as you can shop and compare without getting out of your jammies in the morning.

When i purchased my camaro i sent email blasts to every chevy dealer near me. once i received prices then i started to see what others would do (match others prices). i actually went with a check in hand to one dealer and said if you match this price i will write your name on here. when they started to "play" their games i said look either sell me the car here is the cash or i will go to xxx dealer that will. they escorted me right to the door in silence.

i was young and dumb. in my early 20's i would go in and they would tell me what i was going to pay (bad credit, lack of negotiation skills). i learned after my first few deals. now i play hardball.