REVscene - Vancouver Automotive Forum

Shu_Hayate09 · 03-28-2012, 03:56 PM

thanks everyone!

mos_skeeto · 03-28-2012, 03:58 PM

Just curious why you're in need to get a new car. Why not tough it out and pay off the rest of your car instead of getting into more debt?

Presto · 03-28-2012, 04:49 PM

I think this is a job for a trip to the casino.

hillmar · 03-28-2012, 04:58 PM

Maybe try to post your payments and loan value for your car and see if someone is willing to take over your loan. ( you can also throw in some incentives like paying for the transfer cost of the loan or cash for taking over the loan.) You can also see if you have any family or relatives that would be interested in a new car that might take over your loan.

GabAlmighty · 03-28-2012, 05:07 PM

You need to figure out your wants and needs.

Why stretch yourself for a new car when the one you have is perfectly fine? Or must you always have new things?

belaud · 03-28-2012, 05:13 PM

Just spent a few minutes re-re-re-re-re-reading your post, and all I can say is, you're screwed.

bottle · 03-28-2012, 05:33 PM

Honestly I think the Mazdaspeed 3 is a perfectly fine, great car.

LIKEABOSS · 03-28-2012, 07:20 PM

Your car has only 55kms on it? So you just bought it and now you don't want it anymore? Wow.

Gridlock · 03-28-2012, 07:40 PM

The problem is, you are underwater on the loan. I did a quick search, and people are asking 18-19k for that car. You owe 20.

So, even if you privately sell, you will now have a couple of grand sitting as unsecured loan with the bank.

So to sell your car, you need them to go to the bank with you and pay them the money, then you need to give the bank like another 2 g basically just to get out of your car.

Then you need to go to the dealership and put down a deposit of something, depends on the car ...2g? to dive something off the lot and play the depreciation game all over again, and you already lost once.

So you need to convince a buyer that you aren't a scammer, and talk them into going to your specific bank and paying for the car. You've spent 4 g.

Or...you talk the dealership into 14g for your car, roll 6g into the new car loan and have a wicked large car payment for a car that will be new, but never worth what you pay for it. Oh...and lose even more when IT starts depreciating.

It costs you 2 g over private sale for the convenience of one stop shopping.

You're young aren't you?

4444 · 03-28-2012, 07:40 PM

its a lien, not a lean

keep the car, the only real option you have (assuming you have NO way of getting $20k) is to try to sell it with the provision that you need to eliminate the lien by settling the bank (you sell for $15K and pay $5K to bank + fees i'm sure).

why you'd want to do this is beyond me, what will you do, borrow another car that you can't afford and that you'll end up getting tired of really quickly.

here's a rule of thumb to eliminate the risk of this happening again - buy your cars with cash, then when you get tired of them you can actually do something about it rather than being stuck... same can be said for living within your means (unless you have a company to run the car through, then in that case, lease all the way)

i don't think you'd be successful at getting someone else to take over the loan - its a loan, not a financing deal, finance company won't automatically swap over loan to someone else as they may have crap credit worthiness

Shu_Hayate09 · 03-28-2012, 08:13 PM

wow, holy crap, thanks everyone! seriously, except for the one guy who did the ONE thing i said not to do , you guys are very helpful

you guys are right though, i should probably do the sensible thing and pay off my loan first. i mean obviously i want something better, but where do you draw the line

thanks guys!

i like the instant replys to my thread

jing · 03-28-2012, 08:16 PM

I'll give you 14 for it. Srs offer

4444 · 03-28-2012, 09:53 PM

Quote:

Originally Posted by Shu_Hayate09

wow, holy crap, thanks everyone! seriously, except for the one guy who did the ONE thing i said not to do , you guys are very helpful

you guys are right though, i should probably do the sensible thing and pay off my loan first. i mean obviously i want something better, but where do you draw the line

thanks guys!

i like the instant replys to my thread

not to flame you, but you really think you 'deserve better' than a car that you already can't afford?! (just because you can pay your loan payments as they come due doesn't mean you can afford something)

i really don't know what's wrong with living within one's means - i'll tell you something else, working your arse off, saving up until you can pay for something with cash is WAY more satisfying than signing loan papers & having to work subsequently for something (freedom vs. slavery, as far as i see it - you are a slave to a car you don't even want, i'm free with a car i love - have been this way since i was 17)

LIKEABOSS · 03-28-2012, 10:06 PM

Quote:

Originally Posted by 4444

not to flame you, but you really think you 'deserve better' than a car that you already can't afford?! (just because you can pay your loan payments as they come due doesn't mean you can afford something)

i really don't know what's wrong with living within one's means - i'll tell you something else, working your arse off, saving up until you can pay for something with cash is WAY more satisfying than signing loan papers & having to work subsequently for something (freedom vs. slavery, as far as i see it - you are a slave to a car you don't even want, i'm free with a car i love - have been this way since i was 17)

I made a similar argument in another thread and got flamed by a bunch of bozos. It seems many RS members like to be debt-slaves.

rawr · 03-28-2012, 10:25 PM

I work in a bank and you can't imagine how many people owe thousands and thousands $ in debt just because they want something. A new car is nice, but it is also a luxury not a necessity. I wouldn't say a Mazdaspeed 3 is a bad car--it's an extremely good one. Last thing you wanna do is to put yourself in more debt just to look "cool". In a few years you'll look back and question yourself.

Invest that money. Put your money into something worthwhile.

FerrariEnzo · 03-28-2012, 10:54 PM

can you ask your family member to help out.. get them to pay for it, sell the car, pay them back and get a new car load??

it is a Mazdaspeed, so its should be better then the avg mazda3... keep it... if you can afford it, it means you shouldnt go against fate.. haha

its like a women who dresses up nice but weather is shit, but they still wanna suffer to look nice...

belaud · 03-28-2012, 11:49 PM

Quote:

Originally Posted by Shu_Hayate09

wow, holy crap, thanks everyone! seriously, except for the one guy who did the ONE thing i said not to do , you guys are very helpful

you guys are right though, i should probably do the sensible thing and pay off my loan first. i mean obviously i want something better, but where do you draw the line

thanks guys!

i like the instant replys to my thread

I only said it because you crossed off almost everything that you COULD do to get rid of the car & loan. Not to disrespect sir.