Quote:
Originally Posted by newb
Someone help me attempt to understand what I just read.
1. OP was upside down on a 2 year old vehicle financed with a higher interest rate than he would qualify for today
2. Wanted to trade for a new vehicle with a lower interest rate
3. Every one said to refinance or just pay the 2 year old vehicle off faster
4. OP paid a large payment on the 2 year old vehicle to get the amount owed down to trade in value effectively removing the negative equity and solving the upside down problem but leaving him with a high interest rate.
5. Against every single piece of advice he was given from the group of people he asked for advice, OP traded away the even equity bearing vehicle for a new vehicle that immediately had negative equity the moment he left the car lot...
To summarize, he now has less of a nest egg to hedge against the unexpected, a vehicle he is upside down on, and 2 extra years of car payments... Did I miss anything?
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Yes, he traded the High Interest Jeep in, so now he has a Low Interest New Jeep that he is Upside Down on!