atsx1313

Today, I received a letter from Acura dealer saying that they have certain demands to used car market... and they want to buy my 13 TSX

yea, i know everyone receives this kind of letter... I used to get all the offers from nissan (previous car) saying they will my buy car...

and they wanted my 13 acura tsx for 16 TLX with similar monthly payment and blah blah blah...

1) I only heard bad thing about their letter saying that they will buy your car... but anyone experienced it?

2) I still have 24 months to go with the payment, then that means i'll have to pay off the rest of the finance amount right?

Don't worry, I am not even thinking about it, but what ifs??

quanaman

iTrader: (4)

The letter is basically to get you in the door. When I worked at a dealer they even sent out letters with fake "checks" attached, with the approximate black book value of the car written on the check. We would ahve clients come in with these fake ass checks expecting to get a whole lot more than what their car is actually worth (Clearly we didnt take into account mileage, condition, carfax, etc.) and clients would get mad and storm out.

Its dumb and annoying. Anyways though, you dont have to pay off the car to trade it in. The dealer will handle eveything if you choose to trade in. They would pay it off for you and sell it/send it to auction/whatever. If you have positive equity in the car you would just roll that into your down payment.

Flipster23

iTrader: (15)

It's all BS, don't believe the dealers.

They will also pay off your trade so you don't have to worry. The only issued I had when I bought my Explorer was I traded in my Accord a day before the payment was due. So I did not make that payment. I had to submit proof the my Ford dealership took position of my Accord.

atsx1313

do you guys think if I currently have bad apr, it's better to sell it/trade it in for new car and try to renegotiate??

I could not find place for me to refinance my current car... it's about 10%... cause i was a student... and couldn't pass up on TSX that i dream of driving... yea i know it was a stupid move...

robpp

iTrader: (2)

go to your bank. they will tell you.

or a credit union is better...cheaper money.

all depends on credit score and such/

ceb

If you have a decent credit score then now is the time to refinance. If you trade your car in then you'll just get a longer payment.

If you have poor credit then the new car will come with the same predatory rates.


It is ALWAYS better to refinance than it is to buy a new car.

Credit Unions are the way to go to refi a car loan.

atsx1313

the credit unions that are close to my proximity all says that they don't do refinance cars...

is there way to do them thru phone or mails???

I can't seems to find one... i am not going to my bank for sure...

ceb

Sheesh. Just go to bankrate.com and start emailing banks and CUs

Auto Loans Rates in Los Angeles, CA by Bankrate

fbt

2) I still have 24 months to go with the payment, then that means i'll have to pay off the rest of the finance amount right?

Are you actually leasing this car? If you really only have 2 more years, try and make extra payments on the principal and pay it off. You will be in a lot better shape financially without a car loan.

ceb

It sounds like the OP is financing the car. If so, then he is free to sell it at any time.

If he sells it privately, then he'll need to pay off the amount he owes first. If he trades it to a dealer then the dealer will pay it off for him.

Either way, the lender will get the full amount owed - either from the OP or from the dealer if traded in.

justnspace

iTrader: (1)

^you can also take over some one's payments.

my first financed vehicle was a 2002 Dodge Ram single cab.
I took over a friends payment of $5,000.
My CU did all the heavy lifting, I just had to provide documents.

ceb

You really didn't. You got a new loan under your name which paid off his loan.

Taking over payments would mean that the car remained in his name and all you did was make the payments.

Your credit union gave you a loan to buy the car and they paid off his previous loan.

ScoobyTL

wow 10%....well I guess that isn't as bad as 23%. But yes, I would refi your car if you can to get into a much lower rate. There are a few things you can do when you refi as well. Take cash out if you have equity in the car to pay off a high interest credit card or even extend the loan term to help lower your monthly payments.

ceb

If he has a 10% rate then it is unlikely that he has much equity in the car.

Flipster23

iTrader: (15)

Extend the loan.

Shit, dealers are pushing loans out for 7 years. Fug that. Give me 60 months and I'll pay it off in 44-48.

ScoobyTL

Longer loan terms aren't bad if your interest rate is low, because your monthly payment will be lower but no one is stopping you from paying more then the min. payment. Some like having their payments low, just in case if they have to splurge that extra $50 to $100 on something that one month.

Flipster23

iTrader: (15)

This is true. I guess it does depend on the IR.

atsx1313

Yes, it's financed..