Car Financial Advice....

[tj detweiler]

My friend bought an Evo 2 years ago from the dealer after trading in her car. She's been paying roughly 650 a month on that damn car up until now and want to get rid of it to lower payments to hopefully something half that price. She owes about 28k on it right now, so whats the best way for her to get rid of the car? She's going to need a car in exchange for this so. I'm not too knowledgeable when it comes to selling cars you still owe money on so any help I can pass over to her would be appreciated. 
edit: I just looked at her statement, and she actually pays 480 a month. She's just been paying 600-700 to try to get it down, I'm telling her to just get rid of it.

 

[rawex5]

$650...

 

[stillin729]

please tell me what her your job is?  I bet she you has one hell of an interest rate

you should have consulted Lucky Luchino first 

 

[s2sick]

Well she's going to take a loss on the vehicle for sure.

Is the EVO being leased or financed through the dealership?

 

[a55a5in11]

Originally Posted by RaWeX05

$650...

$650...

 

[tj detweiler]

yeaaa. I'm sayin. +@!% is ridiculous. She knows she's going to take a loss.

 

[solecity]

Originally Posted by a55a5in11

Originally Posted by RaWeX05

$650...

$650...

But $650?? ..

 

[rfx45]

My first suggestion is to go to Carmax and just get it appraised to see how much you can get for the car there. This should also determine if the car cost less/more than is still owed ($28k), important part as selling it might cost her a lot more than just keeping it. Since she's been paying an absurd amount monthly, then I'd assume the car cost more than what is owed. From there, look for an affordable car she can trade it in.

Depending on the mileage, it looks like a 2010 Evo is still selling for around $28k-$32k so if she can trade it in for that much, then she can use whatever leftover as a down payment. Give Carmax a try first though, they are willing to pay $28k, it pretty much pays the whole loan and just take the past 2 years of payment as a loss and go for a more affordable car.

 

[josednk1068]

So I have this friend ...

 

[tj detweiler]

Thanks RFX, appreciate the help man. She really loves her car and doesn't want to let it go lol. She's paying 200ish extra a month than she has to so she can help pay it faster but I still think its too much. I'll have her do the carmax appraisal when she has time, thanks again.

 

[dbailey86]

 $500/month for an Evo man i'd never but you can just sell it and ask someone to take over the loan. Someone out there is willing to do that

 

[10 piece nuggets]

Why she get an Evo?

 

[crcballer55]

Originally Posted by TJ Detweiler

Thanks RFX, appreciate the help man. She really loves her car and doesn't want to let it go lol. She's paying 200ish extra a month than she has to so she can help pay it faster but I still think its too much. I'll have her do the carmax appraisal when she has time, thanks again.

Just get rid of the car.  Even with the extra payments it'll still take 2 more years to pay it off.  Tell her to get a good care for about $5-10,000 and drive it free and clear for a couple years while she saves what would be her car payment.  After that, she can easily pay for a newer, better care in cash without having to worry about payments.

She'll enjoy having a paid for care a lot more than anything you have with payments.  Sounds crazy, but it's so true!

 

[tj detweiler]

Originally Posted by crcballer55

Originally Posted by TJ Detweiler

Thanks RFX, appreciate the help man. She really loves her car and doesn't want to let it go lol. She's paying 200ish extra a month than she has to so she can help pay it faster but I still think its too much. I'll have her do the carmax appraisal when she has time, thanks again.

Just get rid of the car.  Even with the extra payments it'll still take 2 more years to pay it off.  Tell her to get a good care for about $5-10,000 and drive it free and clear for a couple years while she saves what would be her car payment.  After that, she can easily pay for a newer, better care in cash without having to worry about payments.

She'll enjoy having a paid for care a lot more than anything you have with payments.  Sounds crazy, but it's so true!

I'm not sure why she got the evo exactly, I just know she really loves the car a lot and hates to give it up. I agree with you, she def just needs to get rid of it and and buy a more affordable car and pay that off then get an evo later if she still wants one at a much more affordable price. My dad works at a dealer auction so I get my cars there for very good prices at times. I didn't know her then when she got her car so I told her to just get rid of this one and buy an "ok" car and pay that off within a year or 2 then I could help her buy a car at the auction. She made a bad decision and she knows it, but now that she wants to live on her own without roommates she needs to cut back that high car payment. 

 

[oh you mad]

Originally Posted by StillIn729

please tell me what her your job is?  I bet she you has one hell of an interest rate

you should have consulted Lucky Luchino first 

 

[brotherforreal]

Damn!!! I paid $350 for my LEXUS GS

 

[yngsimba.sneakershoebox]

X

 

[los angeles fresh]

The only reason I don't have an evo is because I didn't have credit when I was shopping for a car. I settled for a 2012 honda and now paying $200 a month

BEST BELIEVE IMA TRADE IN/SEL IT FOR AN EVO!

 

[crcballer55]

Originally Posted by TJ Detweiler

Originally Posted by crcballer55

Originally Posted by TJ Detweiler

Thanks RFX, appreciate the help man. She really loves her car and doesn't want to let it go lol. She's paying 200ish extra a month than she has to so she can help pay it faster but I still think its too much. I'll have her do the carmax appraisal when she has time, thanks again.

Just get rid of the car.  Even with the extra payments it'll still take 2 more years to pay it off.  Tell her to get a good care for about $5-10,000 and drive it free and clear for a couple years while she saves what would be her car payment.  After that, she can easily pay for a newer, better care in cash without having to worry about payments.

She'll enjoy having a paid for care a lot more than anything you have with payments.  Sounds crazy, but it's so true!

I'm not sure why she got the evo exactly, I just know she really loves the car a lot and hates to give it up. I agree with you, she def just needs to get rid of it and and buy a more affordable car and pay that off then get an evo later if she still wants one at a much more affordable price. My dad works at a dealer auction so I get my cars there for very good prices at times. I didn't know her then when she got her car so I told her to just get rid of this one and buy an "ok" car and pay that off within a year or 2 then I could help her buy a car at the auction. She made a bad decision and she knows it, but now that she wants to live on her own without roommates she needs to cut back that high car payment. 

If she wants to gain financial freedom she'll have to gain the maturity to get rid of something she can't afford to win later.  Rather than just getting a car with lower payments that'll be paid off in 2 years, tell her to buy a cheap A-to-B car that will suffice for a couple years while she saves the "payment" each month and puts it towards a better car in a couple years.  Not only will be save the interest on the payments, she'll also save a lot more from the lack of depreciation on the vehicle too.

 

[rawsheed]

this womps

 

[PrisonerofDoom83]

Finish paying it off at the regular monthly payment . Should be worth atleast 15k once paid off

 

[antbanks81]

light a match, burn the joint

 

[6 Rings G.O.A.T.]

$650 a month car payment.. DAMB..

 

[rfx45]

Originally Posted by 6 rings MJ

$650 a month car payment.. DAMB..

$650 a month on a car isn't really that bad, $650 a month for an Evo on the other hand is a different story.

 

[pinoy805jays]

its funny cause my boy wants to trade in his paid off evo 9 for a hyundai. yeah everyone saying hes crazy cause its a "hyundai" but i dont blame him. with gas going to maybe $5 here in the summer in cali and him having to put 91 octane