i have a 2007 rl and i owe 23.300 on my car.

The car i want is a 2009 rl and the listing price is 31k .

I checked a few sites that had my trade-in value for 16k to 19k.

This past week i went to my credit union and got approved for a loan for 20k.

This coming Saturday i will be going to the dealership to hopefully get a good price on my trade in.

Do i have any type of leverage with the credit union approval ?

How do i go about getting the best possible deal since this will truly be my first time getting a car loan by myself ?

The car is at a hyundai dealership should i go get it checked out by acura to see if anything needs to be done ?

Any suggestions you can give me willl be well appreciated

 

yikes.
lost money there.

 

Don't do it. It's not worth it at all. Just keep your car

You're upside-down at best, $4,000. And then trying to get a $31,000 car that is very similar to one you already own. Thats $35,000 or more just to upgrade two years??

Just don't.

 

I would worry about paying down your current car at the moment.

 

I was a little overzealous with my calculations, you're being modest with the 4K upside down.

 

I'm being VERY generous with my upside-down calculations. He could be upside down around $8,000 and then wanting a $31,000 car, plus taxes and fees. We're talking $40,000+.

 

What about a lease ? Would i make out better with a lease ?

 

The acura sale manager told me that have some type of incentives for loyal rl owners. 4000 towards any lease or brand new rl

 

Don't lease, don't trade up.

Is it really worth $30,000 to $40,000 for a used car that is only two years newer than yours?

 

is a new center stack(radio/navi) worth $40k to you!?

its the same car, and you want to shell out 40 grand for another used one.

 

You can transplant the center stack to the current car----I've seen it done!

 

The only reason im even considering it is because my father co-signed my current loan. I need to get him off my loan. He's trying to buy a house in the near future. I know i could probably refinance the loan but why would i refinance a 5 yr old car. Idk maybe it doesn't make sense to most but i kinda does to me. If it makes financial sense then more than likely i will do it

 

Just refinance. Probably not an issue if your credit is half-decent and you haven't missed a payment

 

Or sell it and buy a cheaper car, not a more expensive one.

 

I'd say don't trade it in, if your concern is to remove the co-signer try calling your current finance co and see if you can remove your co-signer and refinance the remaining monthly payment on your own. Try all your options before jumping into a higher debt that you will regret later on.

 

update

i went to the dealership they offered me 18k for my car and they lowered the 2009 rl to 28.5k plus i was going to put 1500 as a downpayment. The messed up part about the whole deal is the salesperson that im working with wants the same car. So it's almost like fighting with him for the car and you know the house always wins. The salesman already got approved because the sales manager pulled a few string to get the guy approved. Anyway i will probably just try to refinance my current car and call it a day.

 

Wise idea. Don't waste your money. The 2007 is a great car, keep it and run it into the ground.

Chris

 

Good gawd, thats still a bad deal, ANY WAY YOU SLICE IT.

please post the terms of your refinance. hopefully, you arent getting screwed there either

 

The only way that makes sense is to refinance on your own. If you can you will get your father removed from the loan and go on to establish your credit rating on your own.

 

Honestly I would not do it... all you are getting is a face-lift and end up paying additional 8k (price difference) plus negative equity of $4000-5000 ... nah I would not do it...

2007 is a good version - why leave it?

Btw my first car loan I was actually co-signer and my mom-in-law was the buyer: my credit built within 5 years and I was able to get another car plus two bikes with my wife who I co-signed on her car... trust me you should not do it!

 

I can't refiance my car they only refinance 2008 and better

 

^who did you try to refinance through?

 

Go to a credit union.

 

i got financed through pentagon federal credit union - there's a fee to join ($15 or something) but they have really good rates and as far as I can tell, are willing to take a chance on anyone with decent credit (as in, they financed my 2007 RL for ~16500 borrowed)

 

Let me know if you wana trade steering wheels LOL
Yea I only use credit unions or dealer financing.

 

Someone will refinance the balance on the car because if its worth 18K in "trade-in" then you are not underwater - you just about retail (depending on the miles).

You just have to shop it. Bet you get a better interest rate too.

I just bought an Acura from a Toyota dealer and if I could redo anything (besides the extended warranty drama) it would be not to buy an Acura from anyone but an Acura dealer.

 

i went to my credit union and that's what they told me that they only refinance 2008 and up

 

Try PNC or chase.

 

This is exactly what I did. Both my local credit union and normal bank gave me crappy 5% or larger APR offers for my car. Pentagon Federal offered me 2.49% APR for $16500 borrowed on a 60 month agreement. I know for certain they do refinancing on current loans that are from another lending company at about the same rates.

I'd definitely shop around and see what you can come up with. There is almost certainly a lender who will refinance your loan here as long as your credit is decent.


I don't mean to keep advertising PFCU, but its just who I found the best rate with when I bought my RL a year ago. AND I keep getting email about their great loan opportunities.

 

Go to a different CU. There is more than 1.

Not sure if you have Randolf Brooks, RBFCU, where you are, but they have some good offers as they try to build their member base.

 

Nasa FCU has been offering meet or beat rates as low as 2.49%.

 

Heed the advise of the majority of your fellow posters! The financial sense says to keep your '07 RL. brinox recommended Pentagon Federal Credit Union for refinancing. I second that! They're offering 1.99% on refinancing vehicles for up to 60 months, AND they'll allow you up to 100% of NADA RETAIL value of your car.
If you did make a deal to purchase the '09, that negative equity would haunt you for years to come! Believe me... Some day you'll be thanking that salesman that he bought the '09 out from under you!

 

I'm w/ everyone else on this thread.
2007 is fine.

 

update

Ended up buying the 2009 black on black for 28.5k will refinance through either acura or my credit union in a few days.

i brought the car from a hyundai dealership i was kinda leery about it but i took it to my acura dealer and they perform a thorough check on the car and said it's in great condition. The car still has the original bumper to bumper warranty so i got my door panel replaced free of charge.

i know you guys think it's practically the same car but i'm telling from driving it the last few days it is a joy to drive and it's definitely an upgrade from my 07

i'm extremely happy with my purchase and don't regret trading in my 07.

i will post pics after i get the car detailed sometime this week

 

why the heck would you refinance it!?

and what did you get for a trade in on the '07?



geez,even without the missing info, i still think you got shafted.
Have fun with debt!

 

duh to get a better interest rate and you hit it on the nail with the boxers you are definitely crabby by nature...smh

 

^yikes.

 

acura said that thry can beat that interest rate of 7% and they will let me know by monday. if that falls through i will go through my credit union and get that 1.9 interest rate that they are offering within the next 6mos.

 

I don't know who you talked to, but Chase does refinancing and financing on '07 and newer vehicles. If they don't want to do it, talk to your credit union. Unless you've done something really stupid with your finances, I would bank on having the refinance done in less than a week, and you might walk away with a better rate.

 

Shouldve let me get that wheel before you traded it in! Good luck with the car. I forsee 2.5 gen's value dropping once the RLX comes out