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Niketalk, Thinking Of Just Voluntary Surrendering aka soft repo the KIA vol worst decision of my life

post #1 of 167
Thread Starter 
So, I am TREMENDOUSLY upside down on my 2015 Kia Optim Hybrid Ex (with every option, sticker just around 37). I also have 32k miles on it. I went to the dealership to talk trade in options and they pulled my credit report from 2 of the bureaus and noticed that while my credit union gave me a better rate, they're not even reporting. Put that model and # of miles into KBB and I think you get like $14,000 or $15,000 current vaue of the car while I owe almost double that paying $470 a month. They bought up that I should just voluntary surrender it. They made it sound much better than what I am reading about it now, still a repo, but at most it'd just **** up probably 1 of my bureaus. What do yall think? I mean I goofed big time here, I also took out the loan over 7 yrs to get my payments there no many down (and gave them my 06 Grand Prix).

I joked about having gap insurance and "something" happening to the car and Meth didn't like that, so seems like my only options to pay Mercedes/BMW note for a Kia, which admittedly are extremely nice, feature filled, and reliable cars, their reputation just has to catch up, or just take that credit hit and get something that'll work better for me. I need an SUV. I saved up cash to get a cash SUV, used. Can free up that almost 5 bills a month.

I am also a Government worker with a secret security clearance, you can have a few credit bumps and things here and there but too many affect that status so I'm weighing that as well.

Sucks because I am so analytical most of the time with things, do all the research, read reviews, compare, etc and typically make such good decisions in my life but like the 3 ****** up ones I have made are the most damaging and long term. eyes.gif
post #2 of 167
You made an agreement to your credit union that you'd pay your loan, be a man of your word and accept your mistake (though it sounds like a rather reliable car so I wouldn't call it that much of a mistake) and honor your loan agreement.
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post #3 of 167
Thread Starter 
Nah I'm thinking about putting it in neutral and kicking it into the lake. Gotta leave a few valuable in there (id cards, drivers license etc) so it doesnt seem too fishy/intentional
post #4 of 167
Quote:
Originally Posted by DatZNasty View Post

Nah I'm thinking about putting it in neutral and kicking it into the lake. Gotta leave a few valuable in there (id cards, drivers license etc) so it doesnt seem too fishy/intentional
I read this post and you avy was my response. laugh.gif
post #5 of 167
Don't surrender it. Keep makin the payments. In another year refinance to get the payments lower....
post #6 of 167
Don't **** your credit man keep making payments. We all make mistakes some harder than others but learn from it
post #7 of 167

Whatever you do, know that when you surrender it, you'll be on the hook for the difference between what you owe and what they're able to sell it for.  So it isn't like you're wiping the slate clean--you'll still owe on it.  

post #8 of 167
Quote:
Originally Posted by sneaksoy1 View Post

You made an agreement to your credit union that you'd pay your loan, be a man of your word and accept your mistake (though it sounds like a rather reliable car so I wouldn't call it that much of a mistake) and honor your loan agreement.


This is very honorable, but unrealistic.  My man has a SEVEN year loan and is upside down approximately 14k.  

 

You don't make yourself suffer for making mistakes.  You try to find the best solution that will minimize damage to your credit AND put you in a better place financially in the shortest amount of time.  Sometimes the answer is letting stuff get repossessed.  Been there, done that.  

post #9 of 167
You agreed to pay 32k for a kia? roll.gif
post #10 of 167
Quote:
Originally Posted by Dirty View Post

You agreed to pay 32k for a kia? roll.gif

What I was thinking roll.gif

Jesus.

#Lakeshow

 

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#Lakeshow

 

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post #11 of 167
This is why lease>

OP, looks like you going to learn the hard way on this one.

We all been there.
I never forgive Steezy for the time he took me to his slime ball dealership cat...

Don't let this **** hit your credit.
Did you agree to those terms because you wanted to be on the + side of cars value or because you liked the car?

Keep grinding.
And next time get that lease.
post #12 of 167
You have gap insurance. Leave it running with the windows down someone will grab it if you do it in the right place.
post #13 of 167
Thread Starter 
Quote:
Originally Posted by Dirty View Post

You agreed to pay 32k for a kia? roll.gif
38. The Cadenza is more than that and the K900 (aka the LeBron) starts in the 60s
Quote:
Did you agree to those terms because you wanted to be on the + side of cars value or because you liked the car?
Thought it would work better for my needs at the time, which have since changed.
Edited by DatZNasty - 10/29/16 at 11:02am
post #14 of 167
Quote:
Originally Posted by Diego View Post

This is why lease>

OP, looks like you going to learn the hard way on this one.

We all been there.
I never forgive Steezy for the time he took me to his slime ball dealership cat...

Don't let this **** hit your credit.
Did you agree to those terms because you wanted to be on the + side of cars value or because you liked the car?

Keep grinding.
And next time get that lease.

School me on leasing

Everybody telling me not to lease cause you have nothing to show for it at the end

Real Madrid / Yankees / Egypt

 

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Real Madrid / Yankees / Egypt

 

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post #15 of 167
Drive to Newark OP.
You gon be aight.
post #16 of 167
Quote:
Originally Posted by Dirty View Post

You agreed to pay 32k for a kia? roll.gif

If you did the math it comes out to like 39k lol
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post #17 of 167
Quote:
Originally Posted by Halftime View Post

Quote:
Originally Posted by Diego View Post

This is why lease>

OP, looks like you going to learn the hard way on this one.

We all been there.
I never forgive Steezy for the time he took me to his slime ball dealership cat...

Don't let this **** hit your credit.
Did you agree to those terms because you wanted to be on the + side of cars value or because you liked the car?

Keep grinding.
And next time get that lease.

School me on leasing

Everybody telling me not to lease cause you have nothing to show for it at the end


Or you could be upside down $25K on a car.
post #18 of 167
Quote:
Originally Posted by Halftime View Post

Quote:
Originally Posted by Diego View Post

This is why lease>

OP, looks like you going to learn the hard way on this one.

We all been there.
I never forgive Steezy for the time he took me to his slime ball dealership cat...

Don't let this **** hit your credit.
Did you agree to those terms because you wanted to be on the + side of cars value or because you liked the car?

Keep grinding.
And next time get that lease.

School me on leasing

Everybody telling me not to lease cause you have nothing to show for it at the end

You're paying to borrow a car

If you're one of those people who gets bored of a vehicle quickly and likes to get a new car every few years then yea you should lease

Luckily for us in Michigan, Chrysler offers amazing lease prices and no one else comes close.

I remember when i leased my loaded 2012 charger RT that was a demo with 1k miles with nothing down for $210 a month and this was when the car first dropped. An absolute steal.

When I returned the car since it had a lot of value I actually made $400 laugh.gif

Right after that i leased a fully loaded 2014 Chrysler 300S v8 for $235 a month

Doubt prices are that low in other states tho
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post #19 of 167
You overpayed on that KIA probably due to your credit score at the time of purchase like the dude out in miami with the high mileage M3

Your best bet is to drive it to the hood and leave the key in the ignition. These banks aren't ethical to begin with


Don't buy Korean if you want a car to hold its value. Get a toyota/lexus
post #20 of 167
You live in Oklahoma? Or was that someone else?

Originally Posted by Methodical Management 
If buying the latest sneakers is still at the top of your list once you've reached your mid-thirties, something's wrong.

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Originally Posted by Methodical Management 
If buying the latest sneakers is still at the top of your list once you've reached your mid-thirties, something's wrong.

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post #21 of 167
Im confused why are you trying to get rid of it? Why dont you just continue to make your payments like you agreed. Then it doesnt matter how much upside down you are.
post #22 of 167
Thread Starter 
Quote:
Originally Posted by Prolific View Post

You overpayed on that KIA probably due to your credit score at the time of purchase like the dude out in miami with the high mileage M3

Your best bet is to drive it to the hood and leave the key in the ignition. These banks aren't ethical to begin with


Don't buy Korean if you want a car to hold its value. Get a toyota/lexus
They dropped the price 5k this model year but 37 was the msrp price with all the upgrades, you could go right on the site and build it using the checkboxes and it came to just under 38

I could still make the payments, I could still make the payments and still get an SUV which is what one of the guys was trying to sell me on, but I need something different right now, an suv and/or bigger car
post #23 of 167
I have a Kia Optima. I loved the way it looked compared to the other cars in its class. Resale value sucks on it though. So imma prolly drive this b till the wheels fall off. Seriously tho...I think you should have your buddy drive your car and never comeback
post #24 of 167
Quote:
Originally Posted by Prolific View Post

Your best bet is to drive it to the hood and leave the key in the ignition. These banks aren't ethical to begin with


Don't buy Korean if you want a car to hold its value. Get a toyota/lexus

What exactly makes a bank unethical about agreeing to give someone the money they need to purchase the car and expecting it to be repaid in the agreed upon time frame at the agreed upon rate?

OP you realize even if you commit insurance fraud, if your insurance doesn't cover the entire amount of the loan balance you're still liable for the remainder.
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post #25 of 167
If it's not on your credit, just give it back to the dealership.
post #26 of 167
Quote:
Originally Posted by Diego View Post

Drive to Newark OP.
You gon be aight.


LMAO saw this on Black Market

 

@DatZNasty I gave my advice in the credit thread .

post #27 of 167

trade it in for whats it worth (downgrade) and pay the remainder of the balance. 

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post #28 of 167
Aside from the price tag, what's so bad about a fully loaded whip though?
post #29 of 167
Thread Starter 
Quote:
Originally Posted by sneaksoy1 View Post

Quote:
Originally Posted by Prolific View Post

Your best bet is to drive it to the hood and leave the key in the ignition. These banks aren't ethical to begin with


Don't buy Korean if you want a car to hold its value. Get a toyota/lexus

What exactly makes a bank unethical about agreeing to give someone the money they need to purchase the car and expecting it to be repaid in the agreed upon time frame at the agreed upon rate?

OP you realize even if you commit insurance fraud, if your insurance doesn't cover the entire amount of the loan balance you're still liable for the remainder.
gap insurance bruh
post #30 of 167
roll.gif cat dropped damn near $40k on a Kia with zero down and a 7 year loan.

You can't make this **** up. People are dumb stupid when it comes to money.

Already has 30k+ miles too. Lol
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