Bad Car Loan - Anyone else trapped?

There's hope champ.

Make on time payments for the first 4 or 5 months and refinance. Make on time payments after that for another 4 months or so and refinance again. Try to refinance as many times as possible until you get to a payment that you're comfortable with.

My first car, my apr was 19.9%(the max at the time).
I did exactly what I am telling you to do and my Apr got to 5%. Then i traded the car In for something I really wanted. Got financed for that car at a little over 2%.
My first car loan went from santander, to capitol one to ally bank :lol:
Sucks man. I dont have any experience with this **** and ive had three cars in 15 yrs driving.

I hte how these slime buckets at dealership be preying on ppl. I know its business, but that whole financing for 100 months on a two door altima is baffling. Having you paying almost double the car. Yughck
Oof, let this be a lesson to the rest of yall... this is almost inconcievably bad all around... if 100 a month breaks you on the payment youve made several mistakes. 3 months ago was probably the worst time in human history to buy a used car. The car you paid 20 for... well 35.... its only worth 15. Tops. Wholesale values have dropped week over week for like 12+ weeks straight. Had you waited till EOY or Spring at the very least you woulda saved 5k+.

Anyway. Total it. Or make it easily stolen. Then lease something new and buy a beater.
For those asking whether I got GAP...sort of

Progressive calls it Loan/Lease Payoff, and it only covers 25%. So say I get totaled in an accident and the car has depreciated to $15k, they'd pay for like 1250 of the 5k discrepancy if I understand correctly.

I had scheduled an appointment this Saturday to get the windows tinted, this guy is so good I had to book like 3 weeks in advance. Past couple days I've been debating with myself if I should cancel ($300). With the insurance increase it's gone be VERY VERY close of me getting an overdraft. But I figure, like others said it's going to force me to pursue side work more aggressively and build a stronger work ethic.

And in the back of my mind, I've been thinking about all the other stuff people finance and it's a low key helping me rationalize my decision. I've always paid for my phone's and laptops upfront with cash. Where I live there's two rent to own stores...mostly furniture/household items. Dumbest thing I seen in there was a lamp for $125, that would have 24 monthly payments of $10 per months.

Past week I was legit teary eyed, to the point co-workers was coming up to me asking if I was good. But my confidence is slowly baselining again. I think as long as I keep these credit cards at 0 I'm good. My only real vice has been kicks and clothes and I'm at the point where it's like, been there done that.
Since you just got it, check the value on it and try to get ahead of the loan then sell that mfer asap …Depending on the car you might not be that much underwater yet so it’s still hope just gotta make some moves
Screenshot 2022-12-13 103646.png

I'm hanging on to my 0% interest rate on my car with a passion. Get at least one call a month asking me if I wanna trade it in.

They can go kick rocks.
Real talk....are you sure $300 tints are the move right now?? Unless it's for a non-aesthetic reason, you might want to hold off until you come up with a concrete plan rather than getting them so you can become low on funds a means to motivate yourself to find side hustles.

Also - you mentioned that you are into clothes and kicks...not sure what your day-to-day or regular weekend social life looks like but it might be worth looking into liquidating your wardrobe.

Another tip, which you might already do, would be to create a spreadsheet where you can track all of this accurately to see where you can cut costs/save money, how much extra you can generate with regular side hustles and how much you can get from getting rid of stuff.
My leases have about a 1.25% APR for the past 2 leases and people paying 20% on financing. Jeez. I get it though as i know people who had ****ed up credit get caught in the same thing. If people tell you credit doesn’t matter, car leasing or financing will prove you otherwise.

Get your credit up and refinance. And never **** up your credit again. Consider it a learning experience.
Also a good rule of thumb I went by when purchasing a car was was look at your monthly payments. Taking this all in at moment can be very difficult because salespeople WILL always create a pressuring environment. Take your time, be transparent if you don’t understand how the payments work and they’ll break it down for. This tactic makes for them to state the obvious like high interest rates, and if you catch it, they’ll look into recalculating lower APRs or adjusting repayment plans that are more affordable like 72 months instead of 60 months. But the longer repayment plan, the more you pay out of pocket.

If the car is anywhere north of $500, consider if it’s a car that’ll appreciate over time and not depreciate the moment you drive out the lot. So if you plan to trade or sell, you’ll lose little to none. if you can get a loan and APR that rounds your monthly payments around $300-$350 a month, that should be an understanding payment by most people, and that’s before insurance.

Don’t be afraid to walk out the lot. They’ll say another buyer is looking at the car today, which maybe true but it’s another pressuring tactic. They’ll call you back another day with a better APR deal.

Shopping for insurance should be easy, look for a company that do soft credit checks. Since I’m still single, Geico was the best option for me. Other major companies like State Farm were better off for families to insure multiple drivers.
Keep making payments... Invest in chain link for the next 12 months regardless of price... Cash out mid 2024... Pay off car in full...
In this car market, your not going to get anything even remotely decent for $3k-$5k. For that money now, irs gonna have VERY high miles, not clean, and most likely some form of problematic issues.

Very true.

You need at least 10k. OR be able to DIY/know a good mechanic for cheap.
Dude you are really spending 300 on tints while worrying about possibly being overdrafted at the bank bc of it? What are you thinking man? Cancel that ish and start saving bread.

He was much more forward than me but this. Definitely do not get the tints OP. Basically the same way you made a bunch of decisions for your girl that led to getting into this predicament, you need to make a bunch of similar decisions for yourself to get out. I am pretty sure you can resolve this by Summer 2023 with the right moves and for your situation, fortunately they are not even that drastic. I have faith in you OP, keep your head up.
What car is it anyways?
4 year old fusion. I initially was interested in a 2020 hybrid, but when I came back later that day someone had already bought it. Then the salesman had me look at a Optima (also a hybrid). I was impressed, But with it being a Kia I was worried about it being targeted by jackers. I then told him that hybrid wasn't necessarily a prerequisite, and I'd like to stay with Ford cause that's what I had the most experience driving. I ended up buying the 18 Fusion, because a rental company had it the last 2 years it had detailed maintenance records which made me more comfortable. I also liked that the sales guy was catering to my wants, instead of trying to upsell me on something I didn't want.
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