Ok so about 4 months ago i traded in my 2003 gti for a 2004 g 35 coupe. I picked the car up with only 21,000 miles on it and payed 30,000 for it after taxes and fees. I currently am making payments and i owe 27,000. I want to get out of this car and more importantly this much debt. I want to have something around 17-22k. I cant get approved for a loan right now because of how much my current loan is for. i have no idea what to do because paying 580 a month for this car and having an apr of 12% is just killing me. I would really appreciate any ideas on how i could get rid of this car without losing an arm and a leg in the process.

 

WoW. Trade the car in take the 7-8k hit and get a car in the 10k range and you'll have yourself a car. Could you free up some debt by selling the Plenum and CAI?

Honestly you know that you got yourself in a tight spot. Did you just want this car that much that you got yourself into a seemingly shTTy situation. For 600 a month i would have gone somewhere else.

 

Selling you G now would be costly because you'll never find a buyer that's
going to give you $30K. Best bet would be to get it refinanced for 8% or
there abouts........shop around and find the best deal! Selling the G now
would be like dropping your soap bar in a gay bath house........

 

I'm a loan officer in the automotive business and I see this kind of stuff all the time. If you get me the current mileage on the car and your zip I can see how much the unit is worth and about how much "upside down" you are. To be honest, you're most likely going to have to put some money down to get out of that car (and a sweet car it is ) to get picked up by a bank or finance company.

The plus is that you're trying to go into a lesser valued unit and reducing your monthly automotive obligations. Of course, the rest of your credit will come into play as well. Dont plan on looking at much of a decrease in interest rate because beacon scores do not change rapidly. Keep in mind that the year of the car, and term your financing, affects your interest rate.

 

Decided to keep the car and so i refinanced it through my local credit union and dropped my % rate from 12 to 6.9 so my payments are now quite manageable. thanks for the help though

 

Gotta love those credit unions

They're able to give those rates because they are not obligated to some of the taxes that banks are. Its a good thing to be a member of.

Wish I could have been more help and congrats on keeping the G!

 

thanks alot