Mobile1

Hey guys, long time fan of this board. The people are great here, my first post here. I will get to the point, I have a 2008 metallic grey TL, base model with just over 100,000 miles. Anyway, here is my dilemma.

I love this car so much, it's been reliable since day one. The problem: it's still financed and my dad had to co-sign for me to get loan. At the time I had good credit but not enough dealer said. Ok, great I still owe around $12,000 on the loan. The car needs the timing belt service and great income time I can do that service, but I e come to realize that being a father and having a bigger vehicle is more important. I have a baby boy going to turn 2 in Feb. and wanted to trade my car in for something more roomy/bigger.

If I trade my car in, how bad will that impact my dads credif since he co-signed for me? Also I love this car so much, it has memories that I hold dearly. It has been a champ since day one. I drove it from Oregon to Texas (1988 miles roughly) back and forth 3 times, with no problems at all, during snow times. This car is the real deal. The trip was due to family stuff. So it's been a part of my family and never let me down.

So any advice would be appreciated, thank you happy holidays!

lazytik

Chances are that the dealer told you that your credit wasn't good enough to seem like they're helping you out and doing you a favor. They probably sold the credit to you for a higher interest rate than what the bank said and made money off that too.

Here's what I suggest for next time - monitor your credit regularly and know your score. That way, they can't jerk you around like that. Next, find financing before you find a car - credit unions are great and their interest rates are LOW.

Now, about your current car, try to keep it. What's your main reason for selling? Unaffordable monthly payments or needing space for the kid? I think a TL has enough space for a 2 yr old and their stuff.... If it's the unaffordable payments, maybe consider refinancing. Doing the timing belt service is a lot cheaper than buying an entirely new car. If you're in the NJ NY PA area, hit up Hamilton Honda for that service.

And no, trading in the car won't harm your dad's credit. You might find that you're upside down and may have to roll the debt into a new car (WORST IDEA EVER) or come up with a larger down payment. Either way, I suggest keeping the car...

M.I.N.O.

iTrader: (1)

Well said lazytik. Just keep the car unless you really can't afford it.

Mobile1

My credit was 716 when I financed the car with a 2.99 interest rate with a credit union. Since then due to economy my credit is trash we all been there.

erdoc48

Look at it this way. You owe $12K on the car now. If you trade it in with 100,000 miles on it, it's worth $11396 (I ran a KBB value check on it w/o navi and with the automatic), so if you trade in now, you have negative equity (albeit a small value) and this will get rolled into a new loan, so you're losing twice, plus you have to come up with a down payment, whether you get a loan or lease a vehicle. Then you have to get a new or used vehicle and continue making payments on it, plus, you don't know the reliability of the replacement vehicle if used or how it was maintained. It will be far cheaper to keep what you have, get the TB service done and drive on (and easily get another 100k miles out of it in the process). I think there's too many negatives to trading in at this point. I'd focus on getting the loan paid in full and not taking on a new loan that will no doubt be much greater than the $12,000 you currently own. You indicated you're credit isn't the best and you needed a consigner, so I assume you wouldn't qualify for a low interest loan on a new vehicle or 0% financing. Is even worse with used vehicles in terms of the interest rate.

seductive1

it will actually help your dads credit... if u trade it in depending on what they give you for it, youll prolly be upside down. so say they give you 5000 for it... thats 7000 that will be taked onto whatever new car your buying which will make the payment bigger and make you need a bigger down payment. however. in doing all that your loan on the acura gets paid off from them and they will make their money back on you and when they re-sell the car. but yeah your dads credit will show as a payoff on that loan

DaeHanMeenGuk

I would keep the TL. I actually chose this car over other cars back when I was in the market because I thought that it had good potential of being a family vehicle. After all, it's still a 4 door sedan and it has more space than the IS, 3 series, and C Class, just to name a few cars I was considering getting.

ggesq

iTrader: (1)

keep the TL. making regular payments on it will help your credit- my guess not a fact. echo everything else everyone has previously stated.

Turbonut

iTrader: (1)

Sounds like you're getting itchy for another vehicle, but with one child, or maybe two in the future, keep the TL and get the timing belt service done. Personally, when I was young and with children, I purchased knock around vehicles that the younger generation wouldn't think about driving as they need to keep up with the Jones's and will go deep into debt to create an image, who cares. If you were to purchase another vehicle for what is now the current price of the TL @ $12000 that would be no problem, but from what I forsee, that won't be the case, got to to get a newer, larger vehicle and get deeper in debt.
Keep it, or even a better idea, get a used economy car and have some needed extra money.

losiglow

iTrader: (1)

I routinely drive 2-3 of my kids around (I have 4) along with all of their crap in the trunk and I've never had a problem. When the whole fam-damly is going somewhere we take the minivan since there's 6 of us at that point (I have squished 4 in the backseat of the TL a few times for short trips ). But otherwise, this car is fine for kids. Tons of room in the back for the largest of carseats and the trunk is big enough for their small bikes and scooters.

Keep the TL is my vote.

wilztlxs

iTrader: (8)

like everyone else, keep the TL.

I have two kids, 3 and 1 years old, with two car seats in the back of my TL, no problems at all.

Acura604

i've got 1 kid...a 4yr old daughter.

I've done the "car too small (TSX) went to RDX thing" and i hated it.

I got the TL and it is the ROOMIEST family sedan out there that gives me what i need at a price i can afford.

The kid has been in a TL since she was 2 ...

assuming your kid is out of the 'rear facing' seat phase? forward facing car seat doesnt take as much room.. once the kid transitions to booster seat, the room gets even better.

NOW.. i totally understand for carrying items in the trunk..thats a bit of a different story but interior space should never be a problem.

If you're considering something 'larger'...then what exactly is 'larger?'. SUVs interiors are not necessarily larger but can you afford an MDX? Pilot? what would you get?

parasitius

It blows my mind how people always talk about getting a special car for their kids. Did kids get seriously huge these days or something? Cause I don't think they had SUVs when I was a kid, and I have a LOT of siblings. I think a lot of us subject ourselves to airplane travel, 12 hours at a time, and it is miserable because you are about 6 inches shy of the space needed to breathe... and the TL loaded with 5 has those 6 inches AND THEN 6 more times 2.. keep it yo!

ParaSurfer1979

I'm agreeing with every member saying to keep your car. Here's my .02.

When you first got you're car, your credit score was in the 700's but you had no established credit which is why your dad had to co-sign. That said, the low interest rate you got also wasn't because of your 700+ score. Its because dad makes all or most of his financial obligations on time. Had you not "tanked" your credit, you more than likely could have purchased your second car w/o any assistance of another co-signer. Also your lower credit rating may bring up your interest rate higher. Best bet is to keep the car or do what I did when I was having difficulties financially. I hope you guys won't mind. But I digress.

When I was in flight school at Embry-Riddle Aeronautical university in Daytona Beach I was going full time and working for United Airlines to make my rent, car payment amongst other things none of which were credit cards. If I can't afford it right then, I don't need it. So I came home after fall semester I decided to take a semester off just to "exhale". I went to a good friend that does the loans at Honda, he told me to go to car max, sell your car, and buy a older civic with the positive equity ($7000). So I went home, got on www.auto trader.com, and started searching. Luckily a friend in Raleigh that was selling a 95 EG1 civic EX coupe w/abs. It had GS-R seats, b16b ctr motor and a LOT of other mods. So I drove up to Raleigh, met the guy at CarMax, sold my car, gave him the 7g's and drove home.

Now was this my 1yo CL-S6? NOPE but I was still driving a car I trusted and ended up being very FUN.

So back to you. Being that the odds are you'll be upside down trading the car, keep it. That $10k will be pad off before you know it and I bet you that you'll want to keep your reliable tank called an Acura TL :-) . Have a save new year.

JTS97Z28

iTrader: (4)

Cool, that's where I went! Graduated back in 04.

James

piggydog

economical decision is to keep it. It's about as roomy as a 4 door sedan gets. Trunk is huge to fit strollers etc. The extra space you gain is not worth the price of a new car.

ParaSurfer1979

01 here. Looking to move back to Florida Miami or Tampa asap. You might have known a friend and fellow classmate.