Am I right in my thinking?

[CassiesMan]

Ok, so I was a poli sci major. I don't know the difference between dirt and dogshit when it comes to financing or any of that stuff, never really has made any sense to me.

But I digress. Trying to get out from under the Speed3. The financing company still owns it, and because I didn't have any credit at all my rate was pretty much crap. Talked to the bank about refinancing and the rate wasn't going to be any better at all.

So I was thinking about just getting a loan from the bank in the amount I owe on the Speed3. Id buy it from the finance company, then sell it, and whatever I sell it for just turn around and give it back to the bank. That way, I should be able to pay off a good bit up front. Then I'd just get some shitbox beater or something and drive that till I completely pay off the Speed3, and by then have money saved up to go get something I really want.

That work?

[kris]

What type of loan are you looking at getting from the bank? Unsecured signature loan? Without the lack of a high credit rating, your interest rate will be significantly higher than a secured auto loan.

Leave the keys in, and park it in some shady part of town.

[CassiesMan]

Originally Posted by kris

What type of loan are you looking at getting from the bank? Unsecured signature loan? Without the lack of a high credit rating, your interest rate will be significantly higher than a secured auto loan.

Leave the keys in, and park it in some shady part of town.

See...I have no clue. I don't know why they wont just loan me the money and let me pay it back without any of the interest nonsense, lol.

[Sleepr awd]

I wouldn't sell it unless you can get immediately out from underneath the car. Cuz you know that a beater car is going to cost you money in repairs, possible from the day you drive it home.

i'll give you 5$ for the speed3

[-The Stig-]

You can always buy my G8.

It won't get you out from the Speed3, but it'll get me out from the G8.

[VR43000GT]

Nobody likes their car here.

[CassiesMan]

Originally Posted by Sleepr awd

I wouldn't sell it unless you can get immediately out from underneath the car. Cuz you know that a beater car is going to cost you money in repairs, possible from the day you drive it home.

i'll give you 5$ for the speed3

It all depends, though. I mean, my idea of a beater was like, 5 grand or so...I could pick up a 2000 Volvo S70R with under 50k miles for that much, at least locally. But I was thinking a $600 Taurus Sho would be nice, lol.

And yeah...its gonna kill me to get outa this car. I owe about 5-6k more than it is worth. Crud...

The prices of E46 M3s with low miles are down in the mid to low 20s here...damnit.

[TorchedStealth]

Im not good with all that stuff, but ill give you $2000 for the speed3!

Same offer for you stig!

[CassiesMan]

KBB private sale on my car is 15k, which is about right because a dealer offered me 13k.

[TorchedStealth]

Perfect...so ill give you the difference lol

[Sleepr awd]

I can do better, i'll give you the eclipse for the speed3

[CassiesMan]

Originally Posted by Sleepr awd

I can do better, i'll give you the eclipse for the speed3

If you take the paper on the Speed3...

Whats wrong with the Eclipse?

[Sleepr awd]

the eclipse isn't boosted :P

Can't afford car payments though, being in school sux

[BeZerK2112]

The bank wont give you that much in an signature loan. You have to have a powerful cosigner or collateral for that. If you need out of it that bad, you may consider buying a cheaper car and trading yours in for it. Sometimes you can roll a couple thousand into a car loan. They take care of paying off your old car and your sitting better off in the end.

Looks like this. 6000 car - 13000 trade in + 16000 loan = 9000 to barrow. That should put you just under 200 a month in a monthly payment.

Another option is to sell the car but get a signature loan for the remainder of your loan balance. You have to pre approve this with your bank of course.

[CassiesMan]

Originally Posted by BeZerK2112

Another option is to sell the car but get a signature loan for the remainder of your loan balance. You have to pre approve this with your bank of course.

That was pretty much the plan right there. I'd keep a small amount for a craigslist car or something, hell the guys from 0-60 found a Ford Taurus SHO for $600.

Matt (sleeper, not Stig)...I could live with the unboosted Eclipse. It was faster than my intake only E46...though when I got rid of it I woulda liked another run, lol.

I can live with a shitbox for a while, hell I lived with the Rav4 for three years.