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

Discussion in 'General' started by datznasty, Oct 29, 2016.

  1. datznasty

    datznasty

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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. :rolleyes
     
  2. sneaksoy

    sneaksoy

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    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.
     
  3. datznasty

    datznasty

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    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
     
    foamtothedome likes this.
  4. bigego24

    bigego24

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    I read this post and you avy was my response. :lol:
     
  5. willie mcfly22

    willie mcfly22

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    Don't surrender it. Keep makin the payments. In another year refinance to get the payments lower....
     
  6. law3001

    law3001

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    Don't **** your credit man keep making payments. We all make mistakes some harder than others but learn from it
     
  7. superblytrife

    superblytrife

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    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.  
     
  8. superblytrife

    superblytrife

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    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.  
     
    ill steelo likes this.
  9. dirty

    dirty

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    You agreed to pay 32k for a kia? :rofl:
     
    Chopper, ninjahood, kingkoopa and 4 others like this.
  10. kal-el-8

    kal-el-8

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    What I was thinking :rofl:

    Jesus.
     
  11. diego

    diego

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    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.
     
  12. inshoekid

    inshoekid

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    You have gap insurance. Leave it running with the windows down someone will grab it if you do it in the right place.
     
    Last edited: Oct 29, 2016
  13. datznasty

    datznasty

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    38. The Cadenza is more than that and the K900 (aka the LeBron) starts in the 60s

    Thought it would work better for my needs at the time, which have since changed.
     
    Last edited: Oct 29, 2016
  14. central

    central formerly halftime

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    School me on leasing

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

    diego

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    Drive to Newark OP.
    You gon be aight.
     
    flyknit likes this.
  16. Bert.

    Bert. formerly zyzz

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    If you did the math it comes out to like 39k lol
     
  17. diego

    diego

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    Or you could be upside down $25K on a car.
     
  18. Bert.

    Bert. formerly zyzz

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    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 :lol:

    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
     
  19. prolific

    prolific

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    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
     
    Last edited: Oct 29, 2016
  20. winter91

    winter91

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    You live in Oklahoma? Or was that someone else?