Yeah, as the title states i'm at the dealer right now.
in lieu of gmac's 0% financing program i decided to give it a shot.

any suggestions/tips? i filed out my trade/credit information, already went on a test drive and stuff...

 

What are you trading in? What are you buying? Asking price, options, etc. are all important in this matter

 

Ah forget it, I was trying to trade in the fgt-LT... but I owe like $19k.. It's only worth (max) like 11k trade in.
I would've been financing nearly 30k.

My original dealer raped me upon purchase.

 

in lieu of? That means instead of.....not because of. I was confused for a sec....

Hang onto your car and try to pay it down faster. I traded in my lease 1.5 yrs in---took a hit but no where near what you were looking at.

 

30000 for a ss/sc? don't think so.. hold on to your car untill you're out of the red, then get one.. you'll kick yourself later on...

 

Yeah -- I meant due to, not instead of. Haha.

 

Why are you surfing the internet at the dealer?

And if you owe 19K on your car your pretty much going to be SOL on most cars

 

**** it!!


Take the hit, I took a 6k hit on my 05 Ram when I traded it in on the SS.

 

$6,000 ouch. Do you regret it?

 

dude dont do it, just hold off alittle while longer.

 

how do you owe 19K on that car?, how long have you had it and whats your interest?

 

holy **** 19k for an lt.....omg i got mine fully loaded...est. price of 24k....for 18k.....man i hate to say but u sure as hell did get raped

 

yeah, i know i got raped lol.
and i surf the web everywhere... even when im at work, like right now
<3 blackjack

 

You probably had a nasty interest rate. Double up on your payments if you can - pay off the principle. If your interest rate is above 10% and you're just making standard payments it'll take you forever to get out of Neg Equity, like 80% of the term of your loan.

If you have a high interest rate - pay as much as you can EVERY month. If you've got an extra $500 laying around, put it on your principle. 10+% paid off over 2 years isn't that bad, but if you wait the whole 4 or 5 out you'll be paying an extra $10,000 or more on the car just in interest.

And do not roll that much negative equity into your loan. If you got in a wreck and totaled your car you would be totally fucked.

Another tip - if you're dead set on a car and your credit rating is above 620ish, see if a bank (capital one..) will finance you outright on a new car - don't even bring your old car into the picture.
That way you aren't dealing with the stealership's finance department - you can walk in like a cash buyer.
Then you can sell your 3LT and pay off as much of that loan as possible (probably get at least $14k on the private market if you're low mileage) and roll the remainder of your your payment into a long term personal loan.

If you have really, really shitty credit you could just finance a new car and let your old one be repossesed, your score will be fucked for 7 years - but it probably will be anyhow because of whatever is on your current score. I do not advise this, but it can work.

Best advise - keep your car and fall back in love with it. Do some bolt on mods, buy a turbocharger, whatever.

 

Good advice. Sometimes I just can't justify paying nearly $400 a month for this thing.

My credit rating is good, and I might have another plan here in a little while.

 

Try to pay your car down faster... GM will be doing 0% at the end of this year when the 08's are getting ready to come out too... just wait a little longer.

 

Ya and those have turbo




jk

 

You know, if you're interest rate on your 3LT is really high, like above 15% and you DO qualify for the 0.0% now, you could in reality be paying the same amount either way.

What I mean is that with you may have as much tied up in interest on your current car as you are upside down on it... i.e, if you're paying $8,000 in interst on a $20,000 car, you're
paying $28,000 for that car. On the other hand, if you're putting a $8,000 in negative equity (3LT) on top of a $21,000 car (SS/SC) at 0.0% interest, you're still paying $28,000 for a $20,000 car.

I still think you MIGHT be screwed if you were to get in a wreck since the insurance company would only give you the list value of the car at best, but I'm not sure. Obviously this doesn't tie into JUST having a high interest rate (your current situation) as your payoff on your car is much less than the total amount you owe if you have anything above 0.0% financing.

What rate did you get if you don't mind my asking and how long is your original loan term? On a second thinking, it could be a good way to get yourself out of a bad situation since the ss/sc will likely hold it's resale value better..

 

any car close to 20,000 and over you will be paying 300 plus a month if you don't have a down payment, and finance short term. That's with good credit. I would just mod my cobalt into a cobalt ss. It will be cheaper in the long run, and with out all the extra finance charges.

 

I traded my 2.4 in for the SS/SC over july 4th... when GM was running their 0%... took a $3000 hit on the trade... ended up paying $25 more a month for the SS/SC... worth it in my opinion.

 

^Guessing you got a lower interst rate, too? That's the only way I can see your payments only going up that much - $25 even on a 60 month loan is only $1500.

 

I got the 0% for 72 months... lovin it!