- 766
- 687
- Joined
- Mar 26, 2009
3 months ago, I financed a car for $20k at 72 months with a monthly payment of 500. When it concludes in 2028, I'll have paid an extra $15k. My credit score is high 600s, The only reason the deal was so bad is cause I had just spent most of my savings paying down my ccs and didn't have a more significant down payment (1400 ) And because the cards were paid off so recently, my older maxed out balances were showing up when they ran my credit.
Insurance is whats got me in my feelings tho. Compared to my previous car I am paying an extra 100/mo which didn't surprise me as the value is 2x and it has a loan attached to it. What I had forgotten about, last Spring in my old car I had hydro-planed into this lady at a red light partially because of the rain and partially because the brakes on that car needed work. So when I got my 2023 renewal policy it looks like I'm paying ANOTHER 100/mo because I lost my 5 year safe driving discount and because they applied the claim.
Last summer after the rear end incident I let the car sit at home and reduced my coverage to liability for like 2 months until I had enough saved up for repairs.
I was thinking of doing the same thing, but it turns out the loan requires me to carry full coverage otherwise they have the legal jurisdiction to come and repo the car. Besides waiting for the claim to fall off, all of the salt that's going to be on the road the next 3-4 months is something else that bothers me.
I already reached out to the lender about voluntarily surrendering the car, but it's going to ruin my credit for the next 3 years (pretty much the same as a repo) and then they'd auction it off at a real low price and I'd still be on the hook for the next 72 months, at like 200 per month.
Reached out to the dealership about selling it back to them, and they'd give me about $17k...I would have to immediately pay the lending company $3k (which I don't have) meaning I'd have to take out a personal loan.
Seems like I'm stuck in an impossible situation, short of hitting the lottery or getting a raise I'm gonna be paranoid these next 6 months of barely making my bills on time.
Insurance is whats got me in my feelings tho. Compared to my previous car I am paying an extra 100/mo which didn't surprise me as the value is 2x and it has a loan attached to it. What I had forgotten about, last Spring in my old car I had hydro-planed into this lady at a red light partially because of the rain and partially because the brakes on that car needed work. So when I got my 2023 renewal policy it looks like I'm paying ANOTHER 100/mo because I lost my 5 year safe driving discount and because they applied the claim.
Last summer after the rear end incident I let the car sit at home and reduced my coverage to liability for like 2 months until I had enough saved up for repairs.
I was thinking of doing the same thing, but it turns out the loan requires me to carry full coverage otherwise they have the legal jurisdiction to come and repo the car. Besides waiting for the claim to fall off, all of the salt that's going to be on the road the next 3-4 months is something else that bothers me.
I already reached out to the lender about voluntarily surrendering the car, but it's going to ruin my credit for the next 3 years (pretty much the same as a repo) and then they'd auction it off at a real low price and I'd still be on the hook for the next 72 months, at like 200 per month.
Reached out to the dealership about selling it back to them, and they'd give me about $17k...I would have to immediately pay the lending company $3k (which I don't have) meaning I'd have to take out a personal loan.
Seems like I'm stuck in an impossible situation, short of hitting the lottery or getting a raise I'm gonna be paranoid these next 6 months of barely making my bills on time.
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