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In some cases the used car plus higher interest is more than a new car with all the incentives and bonuses.
Niketalk, Thinking Of Just Voluntary Surrendering aka soft repo the KIA vol worst decision of my lif
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Word bout a brand new whip in '12. Used from here on out unless I lease a luxury whip 
Sir San Diego
formerly brolic scholar
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I got a good interest rate on a car that was almost a year old and saved $10K off what it sells for new. I think people rush into buying a car and it becomes an emotional decision. I was cool driving my bucket that was paid for until I found what I wanted and could afford.
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I think i'm over car payments either way. No sense getting the whip I want when VA keeps trying to take my livelihood.
Sir San Diego
formerly brolic scholar
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Veteran Affairs or Virginia? I'm lost.
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Virginia, speeding over a certain amount is considered reckless driving and comes with different consequences than a speeding ticket (anything over 80). Doesn't even make sense to get that whip that hauls *** when you can never haul ***.
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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.
$37k on a Kia? No shots, but you could have gotten a 2014 certified pre-owned for less than half what you paid. You didn't do your homework? Hell, for that price, you could have gotten a CPO 2015 5 series BMW. Just saying.
The other thing is the SECRET clearance. When is your next investigation due? They are renewed every seven years. That could be problem.
superblytrife
Supporter
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Indeed. Managed to get a CPO '15 Passat SE for 17k out the door. Joint was barely broken in. The VW TDI scandal really helped bring down values on all their cars, so maybe that isn't a typical example. But I watched that car for a good month or so before buying it--the price dropped about 1k every 10 days. At that point I had to do it.
I was able to get 2 CPO Passats that had monthly payments TOGETHER that equaled what I was paying for an Accord I bought new (w/ no downpayment). They won't hold their value like an Accord, but for what I paid who cares.
Sir San Diego
formerly brolic scholar
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Gotcha. I got a ticket leaving VA 15 years ago. I forgot about it until I had to get a security clearance in 2011. Paid it off, but yeah, VA's "highways" are stupid.
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And DC.
prolific
Banned
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Was talking about big banks in general. They have this country by the balls and operate with impunity. Google wells fargo
prolific
Banned
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Predatory lending which is typically aimed at minorities. OP fell for the no money down part when in reality the lenghty loan term meant he was going to pay more in the long run
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- 21,750
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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.
$37k on a Kia? No shots, but you could have gotten a 2014 certified pre-owned for less than half what you paid. You didn't do your homework? Hell, for that price, you could have gotten a CPO 2015 5 series BMW. Just saying.
The other thing is the SECRET clearance. When is your next investigation due? They are renewed every seven years. That could be problem.
Honestly i'm not even sure. I have had this same job (jumped contracts but same role, even dealing with the same people) for a bit over 8 yrs. I just fill out my paperwork every time it renews or transfers over, have had no problem. I know, I could have gotten a new Lincoln MKX hybrid for the same, or Lexus ES 300 hybrids go for like 50 new and 1-3 yrs old with still factory warranty remaining drop to mid 20's, and those are big (upscale Avalon, which I also could have gotten) so would've worked better.
I just fell into the hype. That dealership has like a 98% sell rating, ie everyone who walks in there buys something. I actually went in there to get the year old clearance still new models. I didn't research depreciation though.
I had an 06 Pontiac Grand Prix, rare metallic orange color, was only getting me 23mpg which is what made me feel like it was time. It has 196k miles too, which I am seeing listings for people with 300 on theirs so apparently that wasn't as close to lifespan as I thought
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prolific
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How many miles on the 15 passat?
superblytrife
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Had a touch over 16k on the clock. Ironically, the previous owner was an engineer at VW USA in Chattanooga (bought it in ATL). Yes, I tracked down who owned it prior to buying it lol. Gotta do that research to get a better idea of what you're buying!
Bosa
formerly hhaze
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So are you going to try to finance another car? If u do get the repo. Make sure you get your next car within a week. Takes about a week to show the repo in the credit
prolific
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I thought I only did that
I like to aim for previous owners being middle aged female asians since they hardly floor their cars
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OP, have you done any shopping around for the new car you would like to buy?
I'm going to speak from a similar experience on this one. People tend to get fearful of the idea of dragging the underwater amount of their previous loans to new ones, so they never walk into competing dealerships to negotiate a new/used car.
I had a 2014 VW GTI that was giving me some issues, and VW's roadside assistance even denied help once. When that happened, I had enough. I went shopping to a couple of different dealerships, even though I was 7k underwater. I decided on the car I wanted to replace it with, and haggled with a dealer for about 3 weeks or so, as they originally wanted to tack on my loss to the new car (it's a CPO/Dealer Demo). After about 8 trips to the dealership, they finally cracked, and I was able to get the car at a little under sticker price, instead of sticker +7k. I also was able to secure a better loan, so I pay about the same as I did on the VW. Definitely not the best deal in the world, but it was better than having a new car that broke down and was unsafe.
I suggest you just take a look at what you'd like to get. The worst that can happen is that they tell you you're 14k underwater (which you already know), and you walk away. If you can get them down 9k or so, consider paying the difference from what you have, take the L, and move on. Whatever you do, don't get suckered into a bad deal. Definitely research like a mad man before going, and crunch numbers like crazy and take evidence to the dealership with you, and show them why they're not giving you the best deal initially.
I'm going to speak from a similar experience on this one. People tend to get fearful of the idea of dragging the underwater amount of their previous loans to new ones, so they never walk into competing dealerships to negotiate a new/used car.
I had a 2014 VW GTI that was giving me some issues, and VW's roadside assistance even denied help once. When that happened, I had enough. I went shopping to a couple of different dealerships, even though I was 7k underwater. I decided on the car I wanted to replace it with, and haggled with a dealer for about 3 weeks or so, as they originally wanted to tack on my loss to the new car (it's a CPO/Dealer Demo). After about 8 trips to the dealership, they finally cracked, and I was able to get the car at a little under sticker price, instead of sticker +7k. I also was able to secure a better loan, so I pay about the same as I did on the VW. Definitely not the best deal in the world, but it was better than having a new car that broke down and was unsafe.
I suggest you just take a look at what you'd like to get. The worst that can happen is that they tell you you're 14k underwater (which you already know), and you walk away. If you can get them down 9k or so, consider paying the difference from what you have, take the L, and move on. Whatever you do, don't get suckered into a bad deal. Definitely research like a mad man before going, and crunch numbers like crazy and take evidence to the dealership with you, and show them why they're not giving you the best deal initially.
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Op just continue to pay off the car and refinance at a lower rate in few months. You don't want to hurt your credit even more because it's going to be that much harder purchasing the next car.
And do your research before getting your next car. Get a reliable USED rav 4 if you have to. Don't play yourself like this again.
And do your research before getting your next car. Get a reliable USED rav 4 if you have to. Don't play yourself like this again.
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- 21,750
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SInce we're here, how does everyone feel about salvaged title cars? I had a guy on FB offer me a Yukon, it was a theft recovery hadn't even been wrecked at all. Another guy had a salvage but neglected to tell me it was, he gave me the vin though no problem and then when I told him offered to take $700 more off on it. Checked it's carfax and it had a front end wreck Georgia DMV described as moderate no airbag deployment and that's why it was savage. It has since been fixed and runs now. That was 70k miles ago
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This dude still don't get it...
Lease.
Lease.
superblytrife
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How do you guys go about tracking down previous owners?
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My friends all buy cars from the different insurance or bank auctions we have in town, I'm sure you can find one in your area. My 2004 Camry LE was bought in 2006 for $9,000 when it was repossessed from the previous owner. My mom drove it until 2014 and then gave it to me, and I am still driving it today. It has 140k miles on it and the only thing I have had to fix mechanically was the alternator which cost me a grand total of $140 including labor. Tires, parts and oil for it are cheap, and while it isnt the sexiest car on the road, it has served my family well for a decade.
Buying used doesnt mean you have to get a car from a dealer. If you have the cash, try to grab one from Craigslist or the auctions. I would suggest the auctions because they will let you have a mechanic inspect it before you buy it, and some auctions even have pre-approved mechanics check the rides before selling them. Idk if I will ever buy a car from a dealer, when I can buy the car from the same place most used car dealers get their cars anyway
Buying used doesnt mean you have to get a car from a dealer. If you have the cash, try to grab one from Craigslist or the auctions. I would suggest the auctions because they will let you have a mechanic inspect it before you buy it, and some auctions even have pre-approved mechanics check the rides before selling them. Idk if I will ever buy a car from a dealer, when I can buy the car from the same place most used car dealers get their cars anyway
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Nah no lease, regardless of what I decide with the Kia, just looking for an old model SUV with awd/4wd under 6 racks I can just pay cash fot to have for wheb the weather acts up
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